Singapore's virtual bank account ownership to soar 30% by 2026

The figure is equivalent to 1,510,495 adults in Singapore.

The number of adults in Singapore with virtual bank accounts will rise to more than 1.5 million (30%) within a five-year period, a report showed.

Independent comparison platform, Finder.com, in its report, said only 18% or 900,478 adults have virtual bank accounts at present.

This number is expected to rise to 1,230,569 by 2022 and 1,510,495 by 2026.

Singapore’s projected growth rate in digital-only banking adoption — 12 percentage points —- is slightly above the global average of 11.

Finder’s global fintech editor, Elizabeth Barry, cited the local government efforts in facilitating “broader digital banking services.”

“Last year the government granted four digital banking licenses and more recently the Monetary Authority of Singapore (MAS) announced plans to integrate a fast money transfer service with the Reserve Bank of India,” Barry said.

“We’re seeing this trend spill over into other areas of the financial services industry, with the MAS announcing 15 finalists for the global competition to develop a retail central bank digital currency (CBDC),” she added.

These efforts, according to Barry, played a “large part” in the growth of virtual banking in Singapore.

Currently, Singapore ranks 13th among 30 countries worldwide in terms of virtual baking adoption rate.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

ARA LOGOS is currently on the 13th spot.
Meanwhile, the demand for petrochemical exports benefitted from this same crisis.
This is expected to speed up the electronic exchange of trade documents.
This is in support of achieving Absolute Zero Carbon by 2040.
Adults will only shop if goods are discounted by at least 48%, survey says.   About 54% of 1,001 Singaporean adults have plans to shop during the Black Friday sales but only if prices of goods are discounted by at least 48%, a survey from Finder.com showed.
This move is in line with its goal to accelerate recommerce growth in SEA.
The notes were released under its $3m Multicurrency Medium Term Note Programme.
Singtel showed the most growth.
Re-exports also saw an increase of 16.4% in the same month.
The marine company apologised to its workers at the dorm.
SG electricity demand peaked at 7,667MW in October 2021.
The two aim to accelerate the progression of AI.
It will focus on sustainable opportunities for companies in Singapore.
Cargo load factor, however, was down by 1.6% YoY to 97.3%.
Despite this, KF pegs their estimated total sales for the year at 13,000 units.