Digital banks are reshaping Singapore’s financial landscape. Here’s how traditional players are adapting.
Singapore’s banking sector is entering a new phase in 2025 as digital-first challengers like Trust Bank, Grab-Singtel Bank, and Revolut intensify competition. These banks, built entirely on digital infrastructure, are targeting younger consumers and SMEs with low-cost, high-speed services.
Major incumbents—DBS, OCBC, and UOB—are responding with aggressive tech investments. DBS has expanded AI-driven loan processing, reducing approval time from three days to just a few hours. OCBC has launched a “hybrid advisory” model that blends AI portfolio recommendations with in-person wealth advisors. UOB is focusing on regional expansion in ASEAN markets, leveraging cross-border payment solutions integrated with mobile banking.
According to data from the Monetary Authority of Singapore (MAS), digital transactions grew by 18% in Q1 2025 compared to the same period last year, while branch visits dropped by 11%. This shift underscores the urgency for banks to innovate or risk losing market share.
Industry analysts note that the next 18 months will determine whether traditional banks can maintain their dominance or cede significant ground to these agile newcomers.
The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions.