Digital banking

In 1H23, scam victims have reported a loss of $334.5m.

Older Singaporeans are less likely to have a digital bank account.

In 2022, the percentage of adults who have a digital bank account climbed to 21%.

Digital wholesale banking businesses raise the count of bureau members to 36.

Default transaction limit for online fund transfers must be set to S$5,000 or lower.

The Malaysian digital bank will be led by Pei Si Lai.

Banks are asked to remove links in emails and SMS sent to customers.

The figure is equivalent to 1,510,495 adults in Singapore.

But less than half of SEA respondents are excited by the digital services currented offered.

According to Singapore’s largest bank DBS, the volume of cash deposits and withdrawals fell by an unprecedented 11% in the first 3 months of 2020, a 6% fall from where the figure had been since 2017. Coupled with extraordinary growth in the adoption of e-payments, it’s safe to say that COVID-19 has altered consumer behaviour—and fast. 

Bank Negara Malaysia is expected to issue up to five licenses by Q1 2022.

Almost four-fifths (76%) of Singaporean consumers are not satisfied with generic credit offers from their banks, with 24% willing to offer more information in exchange for better rates or lower fees, a FICO study revealed.