Underserved Singapore based SMEs are Now Considering Switching to Digital Banks
Payments giant Visa recently published a study on Digital Banking and SMEs in Singapore. According to the report, 88% of Singapore’s SMEs are now considering switching over to an all-digital banking platform.
These findings of the study have been released at a time when the Monetary Authority of Singapore (MAS), the nation’s financial regulator, is working with virtual banks to support the city-state’s underserved SME sector. The MAS is reportedly planning to issue three wholesale banking licenses by the end of this year.
SMEs in Singapore are looking for better terms on corporate products and deals. They also want a more seamless banking experience. Small businesses, which are a major part of Singapore’s economy, are also interested in greater convenience, value, and the ability to easily track their digital payments. They’re looking for better cash flow management services as well.