30% of Singaporeans to have digital bank accounts by 2023
In 2022, the percentage of adults who have a digital bank account climbed to 21%.
The digital bank adoption rate in Singapore will continue to increase in 2023 to hit 30%, a survey from Finder.com revealed.
In 2022, Singapore’s adoption rate stood at 21.22%, the highest among Asian countries surveyed by Finder.
“Singapore has similar levels of banking adoption to Hong Kong (20%) but is well ahead of countries like Malaysia and the Philippines (13% each),” said Finder's global fintech editor, Elizabeth Barry.
“With the Monetary Authority of Singapore granting digital banking licenses to local players and with reports of brands like Ant Group bringing on more headcount, we can expect the battle for market share to heat up in Singapore,” Barry added.
By 2027, Finder said a further 5% of adults will open a digital banking account which will then push the adoption rate in Singapore to 35%.
By age group, those in the 18 to 24 (39%) and 25 to 34 brackets are the ones driving the adoption of digital banks.
By gender, Finder said men (25%) are more likely to have digital bank accounts than women (17%).