Market Size of Singapore Neobanking Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 28.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Singapore Neobanking Market Analysis
A neobank is a financial institution that is entirely digital and does not have physical bank branches. They often function via an internet platform such as a website, a smartphone application, or both. Unlike traditional banks, which provide a wide range of consumer banking services, neobanks focus their goods on more narrow sectors.
COVID-19 undoubtedly had an impact on the global economy, but it also accelerated the digital revolution of different industries. Among the numerous business ideas that thrived during COVID-19 were neobanks.
While banks strive to deal with the end of 'business as usual,' it is questionable whether the financial services industry, particularly the fintech sector, was adequately equipped to deal with a crisis of this magnitude. The present objective is to flatten the curve and slow the rate at which hundreds of thousands of people are dying; nevertheless, the pandemic's long-term consequences must also be addressed. Recent analogies to the financial crises of 2007 and 2008 have been found to be unending in the fintech sector.
Singapore neobanks capitalize on the current fascination with technology and convenience by offering financial products such as overseas transfers, credit lines, and payment solutions. Neobanks have completely digitized banking procedures. No longer need to wait in large lines to process payments or withdraw money. Businesses no longer have to fill out endless paperwork, visit a physical branch to create a current account, or have a loan authorized.
