Singapore Neobanking Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 14.84 Billion |
| Market Size (2029) | USD 19.85 Billion |
| CAGR (2024 - 2029) | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Singapore Neobanking Market Analysis
The Singapore Neobanking Market size is estimated at USD 14.84 billion in 2024, and is expected to reach USD 19.85 billion by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).
- 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
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.
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.
Singapore Neobanking Industry Overview
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 Market Leaders
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TransferWise
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YouTrip
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DBS Digibank
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Revolut
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Aspire
*Disclaimer: Major Players sorted in no particular order
Singapore Neobanking Market News
- 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.
Singapore Neobanking Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Digital Adoption among Consumers
4.3 Market Restraints
4.3.1 Competition from Traditional Banks is Restraining the Market
4.4 Market Opportunities
4.4.1 Growing Demand for Personalized Financial Management Tools and Digital Banking Services
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on technological innovations in the Neobanking industry
4.7 Insights on Government Regulations Landscape in the Neobanking Industry
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 Account Type
5.1.1 Business Account
5.1.2 Savings Account
5.2 By Services
5.2.1 Mobile Banking
5.2.2 Payments and Money Transfers
5.2.3 Savings Account
5.2.4 Loans
5.2.5 Other Sevices
5.3 Application Type
5.3.1 Personal
5.3.2 Enterprises
5.3.3 Other Applications
6. COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.1 TransferWise
6.2.2 YouTrip
6.2.3 DBS Digi Bank
6.2.4 Revolut Ltd
6.2.5 Aspire
6.2.6 CurrencyFair
6.2.7 TransferGo
6.2.8 NeatBiz
6.2.9 Frank by OCBC
6.2.10 Go Solo*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Singapore Neobanking Industry Segmentation
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 |
Singapore Neobanking Market Research FAQs
How big is the Singapore Neobanking Market?
The Singapore Neobanking Market size is expected to reach USD 14.84 billion in 2024 and grow at a CAGR of greater than 6% to reach USD 19.85 billion by 2029.
What is the current Singapore Neobanking Market size?
In 2024, the Singapore Neobanking Market size is expected to reach USD 14.84 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 2023?
In 2023, the Singapore Neobanking Market size was estimated at USD 13.95 billion. The report covers the Singapore Neobanking Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Neobanking Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Singapore Neobanking Industry Report
Statistics for the 2024 Singapore Neobanking market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Neobanking analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
