The island nation wants to become a regional hub for technology firms with advanced data expertise, said Ravi Menon, managing director of the Monetary Authority of Singapore . Doing so would improve banking services at home and in other parts of South-east Asia, he said.
South-east Asia, where millions of people are underbanked, presents an opportunity for providers of virtual banking services, especially loans. The market for lending via digital channels is expected to more than quadruple to US$110 billion by 2025, according to a report by Bain & Co, Google and Temasek Holdings.
Singapore's traditional incumbents like DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank already provide digital services through mobile phones and other channels. Still, more can be done by technology firms, according to Mr Menon. Small and midsized firms in South-east Asia are underserved by existing banks, according to the Bain-Google-Temasek report. More than 70 per cent of adults, or about 296 million people, in the region have inadequate banking access, it found.
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