News

Financial Services

Staff Reporter

, Singapore

Published:

11 months ago

544 views

Chart from UnaFinancial

What is the most popular fintech app in Singapore?

The top app is used by 35.9% of Singaporeans.

Digital investment apps emerged as the most popular fintech app in Singapore, data from UnaFinancial showed.

According to UnaFinancial, 35.9% of Singaporeans aged 15 and above use digital investment apps.

The penetration rate of digital investment apps increased by 15.7 times from August 2018 to November 2023.

“The main driver of the sector’s growth is the desire of the local population to increase private wealth, which is due to the high living standards in the country. It is also influenced by a recent spread of robo-advisors, which has allowed decreasing the minimum investing capital amount,” UnaFinancial said.

The next most popular apps in the country are those designed for e-commerce and BNPL, used by 34.6% and 24.6%, respectively.

From August 2018 to November 2023, the penetration level of e-commerce apps increased 2.2 times. Meanwhile, BNPL app usage has increased by 3.3 times since 2018.

Other popular fintech applications in Singapore include e-wallets (20.8%), digital banking (20.7%), and blockchain and cryptocurrency (20.2%). The least used are POS- and PDL apps, with a penetration rate of 1.0% and 0.4%, respectively.

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