Singapore shows most trust in fintech in Southeast Asia: report

Over 90% in the city-state placed high trust on technology’s transparency, security, and regulation.

Consumers in Singapore showed the most trust in financial technology (fintech) services in Southeast Asia as 91.8% reported high confidence in the technology, UraFinancial said.

Singapore showed the highest trust level, with 69.1% saying they are somewhat trusting, whilst 22.1% report high trust. The remaining 8.8% are neutral. Singapore is followed by the Philippines with 88.1%.

The main drivers of trust in the city-state are transparency of fees and terms (60.3%), security of financial data (58.8%), brand reputation (57.4%), regulatory oversight (55.4%), and ease of use (54.4%), it added.

Meanwhile, 35.3% of respondents tend to trust fintech services as recommended by family and friends, whilst only 28% rely on their own past experience.

Eight in ten respondents (84.3%) in the four Southeast Asian countries that also included Vietnam and Indonesia said they either highly trust (29.3%) or somewhat trust (55%) fintech platforms.

Only 15.0% are neutral and fewer than 1% report low or no trust, UraFinancial said.

In Vietnam and Indonesia, 37.2% and 29.4%, respectively, highly trust fintech. 

In the Philippines, brand reputation is influential as 73.8% of respondents said it affects their trust, the group observed.

Security and fee transparency are close behind (both 69.1%), followed by user experience (66.7%), it added.