Buy now, pay later services are not “urgently” needed in Singapore’s financial and payments sector, according to a senior executive from UOB’s digital banking arm.
“[The] reason why we started in Indonesia is because there is a certain unbanked population in Indonesia, there is low credit card penetration, where only like 10% [use a card], whereas Singapore is a fairly mature market. ” Koh told attendees of the Asian Banking & Finance FSI Conference held virtually on 1 December, when asked whether UOB will roll out BNPL services in the Lion City.
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