| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 15.73 Billion |
| Market Size (2030) | USD 21.05 Billion |
| CAGR (2025 - 2030) | 6.00% |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Singapore Neobanking Market Analysis by Mordor Intelligence
The Singapore Neobanking Market size is estimated at USD 15.73 billion in 2025, and is expected to reach USD 21.05 billion by 2030, at a CAGR of greater than 6% during the forecast period (2025-2030).
- The neobanking market in Singapore is experiencing significant growth and disruption in the financial industry. Neobanks in Singapore are reshaping the traditional banking landscape by leveraging technology to provide innovative financial solutions. Digital-only banks, with their streamlined operations, can provide more competitive rates and fees. They focus on enhancing user experiences via mobile apps, catering to customers' on-the-go banking needs. Additionally, neobanks in Singapore are known for their emphasis on data-driven insights and personalized financial management tools, helping users make smarter financial decisions.
- The post-COVID scenario urther accelerated the growth of neobanking in Singapore. With social distancing measures and the shift towards contactless transactions, more people are turning to digital banking solutions. Neobanks, with their seamless mobile banking experiences and innovative features, are well-positioned to meet the evolving needs of customers. They provide convenient and safe alternatives to traditional banking services, making financial management easier during these challenging times.
Singapore Neobanking Market Trends and Insights
Increasing Number of Partnership Banks
- Collaborations between banks and organizations in Singapore are on the rise, driving the expansion of non-banking platforms. A notable example is YouTrip, Singapore's multi-currency mobile wallet, which, in 2021, entered a six-year partnership with Visa. This move aimed to expedite YouTrip's expansion beyond Singapore, focusing on penetrating markets like Malaysia and the Philippines in Southeast Asia.
- Similarly, in 2022, Trust Bank officially launched as a new digital bank in Singapore, backed by a partnership between Standard Chartered Bank and FairPrice Group. These collaborations aim to enhance client experiences, bolster safety, and ensure stability. With technological advancements and a notable surge in global internet usage, financial service firms are empowered to introduce cutting-edge digital solutions to their customers. Additionally, the growing popularity of digital wallets has heightened the appetite for online banking services.
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Increasing Internet Penetration is Growing Demand for Nebanking
- The banking and financial services industries are witnessing rapid evolution and expansion. Technology is empowering both major banks and fintech firms to venture into specialized sectors, like small business financing, traditionally dominated by local banks. To keep pace with this tech-driven shift, there's a growing imperative to embrace AI, Big Data, Cloud Computing, and other cutting-edge technologies.
- Moreover, this new banking paradigm emphasizes a cost-effective structure, easy accessibility, and improved services. With lower real estate and distribution costs, streamlined IT systems, and simplified operations, the model bolsters its cost efficiency. Venture capitalists and equity investors are increasingly drawn to neobanks, eyeing their market potential.
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Competitive Landscape
The Singapore Neobanking Market is fragmented, with new players in the market. Vendors are concentrating on the creation of mobile app-based banking. The larger banks have been slower to adapt to new technology and changing client requirements; nevertheless, start-up digital banks have amassed a substantial user base that actively uses their services. Furthermore, many start-ups are concentrating on creating services that can be readily incorporated into company operations. With tailored insights, cheaper costs, user-friendly interfaces, predictive intelligence, quick accessibility, and streamlined processes, neobanks are challenging the Singapore banking paradigm.
Singapore Neobanking Industry Leaders
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TransferWise
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YouTrip
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DBS Digibank
-
Revolut
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Aspire
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- October 2022: Opal, a pioneering neo-bank in Asia (Singapore), became one of the first licensed institutions of its kind in the region. Opal has established a strategic partnership with Choco Up, a prominent player in revenue-based financing in Asia.
- August 2022: Razorpay, a fintech unicorn renowned for its business-focused payment gateway-aggregator and neo banking platform, acquired Ezetap, a leading Point of Sale (PoS) company specializing in digital payments solutions. This acquisition was completed through a combination of primary and secondary deals.
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Singapore Neobanking Market Report Scope
Neobanks is a bank that operates online without having a physical presence, it is part of fintech that provides digital and mobile-first services like payments, debit cards, money transfers, lending, and more. The report provides a comprehensive market background analysis, encompassing emerging trends, key shifts in market dynamics, and an in-depth market overview. The report conducts a qualitative and quantitative assessment, drawing insights from industry analysts' data. The Singaporean neobanking market is segmented by account type which includes business account, savings account, by services include mobile-banking, payments and money transfers, savings, loans, and others, and by application type include personal, enterprises, other applications. The report offers market size and forecasts for the Singapore neobanking market in terms of revenue (USD) for all the above segments.
Account Type
| Business Account |
| Savings Account |
By Services
| Mobile Banking |
| Payments and Money Transfers |
| Savings Account |
| Loans |
| Other Sevices |
Application Type
| Personal |
| Enterprises |
| Other Applications |
| Account Type | Business Account |
| Savings Account | |
| By Services | Mobile Banking |
| Payments and Money Transfers | |
| Savings Account | |
| Loans | |
| Other Sevices | |
| Application Type | Personal |
| Enterprises | |
| Other Applications |
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Key Questions Answered in the Report
How big is the Singapore Neobanking Market?
The Singapore Neobanking Market size is expected to reach USD 15.73 billion in 2025 and grow at a CAGR of greater than 6% to reach USD 21.05 billion by 2030.
What is the current Singapore Neobanking Market size?
In 2025, the Singapore Neobanking Market size is expected to reach USD 15.73 billion.
Who are the key players in Singapore Neobanking Market?
TransferWise, YouTrip, DBS Digibank, Revolut and Aspire are the major companies operating in the Singapore Neobanking Market.
What years does this Singapore Neobanking Market cover, and what was the market size in 2024?
In 2024, the Singapore Neobanking Market size was estimated at USD 14.79 billion. The report covers the Singapore Neobanking Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Singapore Neobanking Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Singapore Neobanking Market Report
Statistics for the 2025 Singapore Neobanking market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Neobanking analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
