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Experts predict they will face an uphill struggle to capture share in one of the planet’s most sophisticated financial industries, but the bigger prize could be unlocking access to fast-growing markets elsewhere in the region.
The obstacles for digital-only banks in Singapore look manageable compared to those in Hong Kong, another Asian financial hub opening up to virtual lenders. That city is mired in its worst political crisis in decades and the anti-Beijing sentiment fuelling local protests could impact its new digital banks, which are mostly China-backed. Long-term, entering one of Asia’s maturest banking sectors could pay off, analysts think. A report by Google, state-backed investment company Temasek and consultant Bain & Company last year showed that 40 per cent of people in Singapore have limited access to credit, investment and insurance products.
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