In 2023, the gross domestic product (GDP) of the finance and insurance industry in Singapore amounted to approximately ***** billion Singapore dollars. In that year, the GDP from services producing industries amounted to around ****** billion Singapore dollars.

In 2024, there were over a thousand of capital markets services licensees in Singapore, and 217 insurance companies. Singapore has established itself as a financial services hub in Asia.

The total assets of Singapore's banks amounted to more than 2.63 trillion U.S. dollars in 2023, indicating significant growth compared to the previous year. Over the measured period, this value has increased by about 0.8 trillion U.S. dollars since 2014. Singapore banking sector Singapore's banking sector is essential to its economy as well as its international influence. Due to its strategic location and status as one of the world's leading financial centers, Singapore aims to become Asia's primary financial services hub. The three major banks DBS, UOB, and OCBC Bank top the list of Singapore's most valuable brands. DBS, formerly known as Development Bank of Singapore Limited, is the largest bank in Southeast Asia by assets. As of 2023, the group's total assets stood at 739 billion Singapore dollars. Digital banking in Singapore Digital banking is growing in a favorable environment in Singapore, driven by extensive internet coverage and the widespread use of smartphones. This development is supported by a nationwide digitization strategy, directed by the Monetary Authority of Singapore's (MAS) vision of an innovative and connected society. This support has materialized initiatives such as PayNow and FAST, which facilitate instant money transfers through the collaboration of multiple stakeholders. Digital banking has become essential for many banks, and cashless usage has increased further since the COVID-19 pandemic, which introduced restrictions on many offline shopping activities at the time. Traditional banks are adapting to these evolutions and benefiting from the national programs, allowing DBS and OCBC to be among the highest-rated digital banks in the Asia-Pacific region.

Domestic credit provided by financial sector (% of GDP) in Singapore was reported at 137 % in 2018, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - Domestic credit provided by banking sector (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

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Open Banking Market Size 2024-2028

The open banking market size is forecast to increase by USD 57.66 billion at a CAGR of 27.2% between 2023 and 2028. The market is witnessing significant growth due to the increasing demand for advanced Financial Management Tools that offer real-time access to Financial Data from multiple Financial Institutions. Open Banking Solutions, which utilize Open Banking APIs, enable automated savings, real-time transactions, and enhanced security features. The integration of Artificial Intelligence (AI) into these services further streamlines financial management and enhances personalized customer experiences. However, the handling of sensitive personal financial data necessitates strict adherence to guidelines and regulations to ensure data security and privacy. Key market trends include the growing preference for faster and more seamless payment processing, increased focus on data security, and the potential for increased competition among Financial Institutions as they adapt to the Open Banking landscape.

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Open banking, a financial services model that enables third-party providers to access customers' financial data through APIs, is revolutionizing the payment ecosystem. This innovative approach allows for more customer-centric services, personalized financial offerings, and informed financial decisions. Broadband connectivity plays a crucial role in the open banking landscape, ensuring seamless access to real-time data for machine learning algorithms and AI applications. These technologies are integral to the open banking model, as they enable advanced data analytics and the development of innovative financial services. Security is a top priority in the market. Financial institutions are investing heavily in advanced security measures to protect sensitive customer data from online fraud. AI and machine learning algorithms are being employed to detect and prevent fraudulent activities in real-time. E-commerce and open banking are natural partners, with the former benefiting from the real-time financial data access provided by the latter.

Further, open banking APIs are the backbone of this new financial services model, allowing for seamless integration between financial institutions and third-party service providers. These APIs enable the sharing of financial data in a secure and standardized manner, facilitating the development of innovative financial services. Personalized financial services are a key benefit of open banking. By leveraging big data analytics and AI, financial institutions can offer customized offerings tailored to individual customers' financial needs and preferences. In conclusion, open banking is transforming the payment ecosystem by enabling real-time data access, advanced data analytics, and the development of innovative financial services. With a focus on security and customer-centricity, this model is poised to disrupt traditional financial services and reshape the industry landscape.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD Billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Service

  Banking and capital markets
  Payments
  Digital currencies


Deployment

  On premise
  Cloud


Geography

  North America

    Canada
    US


  Europe

    Germany
    UK


  APAC

    China


  South America



  Middle East and Africa

By Service Insights

The banking and capital markets segment is estimated to witness significant growth during the forecast period. The market is revolutionizing the banking and financial services sector in the global payment ecosystem. Through strategic collaborations and innovative service offerings, Open Banking is enhancing payment processes, expanding investment accessibility, and promoting financial inclusion. In June 2024, Euronet, a leading financial technology and payments provider, partnered with Fintech Galaxy to introduce a new Banking as a Service (BaaS) offering. This collaboration aims to deliver faster, more secure, and cost-effective account-based transactions for banks, fintechs, and merchants. Key features of this service include card as a service, real-time payment processing, and advanced fraud detection. By integrating with consumer bank accounts, this solution reduces transaction costs and promotes financial inclusion, while also driving the adoption of digital transactions in the European region.

The integration of Artificial Intelligence (AI) and Machine Learning (ML) in Open Banking is further fueling the growth of the market. Big data analytics is enabling financial institutions to gain valuable insights into customer behavior and preferences, leading to personalized services and improved customer experience. The use of Open Banking is

Singapore Direct Investment Abroad: Financial Services & Insurance Services data was reported at 378,102.800 SGD mn in 2016. This records an increase from the previous number of 356,756.700 SGD mn for 2015. Singapore Direct Investment Abroad: Financial Services & Insurance Services data is updated yearly, averaging 104,592.100 SGD mn from Dec 1994 (Median) to 2016, with 23 observations. The data reached an all-time high of 378,102.800 SGD mn in 2016 and a record low of 19,420.800 SGD mn in 1994. Singapore Direct Investment Abroad: Financial Services & Insurance Services data remains active status in CEIC and is reported by Department of Statistics. The data is categorized under Global Database’s Singapore – Table SG.O002: Direct Investment Abroad: By Industry.

Singapore FDEI: FI: FS: Oth Financial Services data was reported at 43,328.900 SGD mn in 2016. This records an increase from the previous number of 37,204.900 SGD mn for 2015. Singapore FDEI: FI: FS: Oth Financial Services data is updated yearly, averaging 7,280.600 SGD mn from Dec 1990 (Median) to 2016, with 27 observations. The data reached an all-time high of 43,328.900 SGD mn in 2016 and a record low of 2,112.200 SGD mn in 1991. Singapore FDEI: FI: FS: Oth Financial Services data remains active status in CEIC and is reported by Department of Statistics. The data is categorized under Global Database’s Singapore – Table SG.O007: Foreign Direct Equity Investment: By Industry.

Singapore (FDI) Foreign Direct Investment: By Industry: Financial & Insurance Services data was reported at 1,788,363.400 SGD mn in 2023. This records an increase from the previous number of 1,488,339.900 SGD mn for 2022. Singapore (FDI) Foreign Direct Investment: By Industry: Financial & Insurance Services data is updated yearly, averaging 307,809.950 SGD mn from Dec 1998 (Median) to 2023, with 26 observations. The data reached an all-time high of 1,788,363.400 SGD mn in 2023 and a record low of 53,925.700 SGD mn in 1998. Singapore (FDI) Foreign Direct Investment: By Industry: Financial & Insurance Services data remains active status in CEIC and is reported by Singapore Department of Statistics. The data is categorized under Global Database’s Singapore – Table SG.O008: Foreign Direct Investment: By Industry. Stock as at Year-End.

The Singaporean Neobanking Market Report is Segmented by Account Type (Business Account and Savings Account), by Services (Mobile-Banking, Payments and Money Transfers, Savings, Loans, and Other Services), and by Application Type (Personal, Enterprises, and Other Application Types). The Report Offers Market Size and Forecasts for the Singapore Neobanking Market in Terms of Revenue (USD) for all the Above Segments.

Contains data from the World Bank's data portal. There is also a consolidated country dataset on HDX.

An economy's financial markets are critical to its overall development. Banking systems and stock markets enhance growth, the main factor in poverty reduction. Strong financial systems provide reliable and accessible information that lowers transaction costs, which in turn bolsters resource allocation and economic growth. Indicators here include the size and liquidity of stock markets; the accessibility, stability, and efficiency of financial systems; and international migration and workers\ remittances, which affect growth and social welfare in both sending and receiving countries.

Singapore FDEI: FI: Financial Services (FS) data was reported at 560,673.300 SGD mn in 2016. This records an increase from the previous number of 503,297.600 SGD mn for 2015. Singapore FDEI: FI: Financial Services (FS) data is updated yearly, averaging 78,059.700 SGD mn from Dec 1990 (Median) to 2016, with 27 observations. The data reached an all-time high of 560,673.300 SGD mn in 2016 and a record low of 16,991.700 SGD mn in 1990. Singapore FDEI: FI: Financial Services (FS) data remains active status in CEIC and is reported by Department of Statistics. The data is categorized under Global Database’s Singapore – Table SG.O007: Foreign Direct Equity Investment: By Industry.

The Asia-Pacific neo-banking market is experiencing robust growth, driven by the increasing adoption of mobile banking, fintech innovations, and a burgeoning young population comfortable with digital financial services. The market's Compound Annual Growth Rate (CAGR) of 8.0% from 2019 to 2024 suggests a significant expansion, projected to continue through 2033. Key drivers include the region's high smartphone penetration, expanding internet access, and a preference for convenient, digitally-native financial solutions. This is particularly evident in countries like China and India, which boast massive populations and rapidly developing digital economies. The market segmentation highlights the diverse applications of neo-banking, with a strong focus on mobile banking, payments and transfers, and loans. Business and personal accounts both contribute significantly to the overall market value. While regulatory hurdles and security concerns pose some restraints, the overall market trajectory remains positive, fueled by continuous technological advancements and the increasing demand for accessible, personalized financial services. The competitive landscape is dynamic, with a mix of established players and innovative startups vying for market share. Growth will likely be concentrated in high-growth economies, with China and India expected to remain dominant players in the coming years, followed by other significant markets like Singapore, Australia, and Hong Kong. This growth is fueled by several factors including the increasing preference for personalized financial services catering to the unique needs of diverse customer segments. The integration of AI and machine learning in neo-banking platforms further enhances the customer experience, driving adoption. Moreover, strategic partnerships between neo-banks and established financial institutions are fostering innovation and expansion. This collaborative approach helps neo-banks overcome challenges like regulatory compliance and infrastructure limitations while benefiting from the established networks and customer base of traditional financial institutions. However, the market also faces challenges such as maintaining robust cybersecurity measures, addressing data privacy concerns, and navigating evolving regulatory landscapes in different countries. The continued evolution of the technological landscape and the emergence of innovative solutions such as embedded finance will significantly shape the future of the Asia-Pacific neo-banking market. This comprehensive report provides a detailed analysis of the rapidly evolving Asia-Pacific neo banking market, covering the period 2019-2033. With a base year of 2025 and an estimated year of 2025, this report offers invaluable insights into market size (in millions), growth drivers, challenges, and future trends. This study is crucial for investors, entrepreneurs, and established financial institutions seeking to understand and capitalize on opportunities within this dynamic sector. High-search-volume keywords like "Asia-Pacific neo banking market size," "digital banking Asia," "mobile banking trends," and "virtual banking growth" are integrated throughout for optimal search engine visibility. Recent developments include: In April 2022, WeLab Bank has become the first virtual bank in Hong Kong to be granted permission to provide digital wealth advising services. The Bank soft-launched its intelligent wealth solution GoWealth Digital Wealth Advisory (GoWealth) for selected customers after receiving Type 1 (Dealing in securities) and Type 4 (Advising on securities) licenses from the Hong Kong Securities and Futures Commission (HKSFC)., In December 2021, Kakao Bank announced the signing of an MOU with Kyobo Life Insurance, Kyobo Bookstore, and Kyobo Securities for data cooperation and partnerships with other financial platform firms. Financial product planning and development, as well as cooperative marketing, will arise from a business relationship with Kyobo Life Insurance and Kyobo Securities.. Notable trends are: Number of Customers for Neo Banking is Raising Significantly in the Region.

In 2023, the value of stocks of foreign direct investment in the financial and insurance services sector in Singapore was approximately **** trillion Singapore dollars. Investments in the financial and insurance services sector made up the largest share of foreign direct investment in Singapore in that year.

Abstract

Well-functioning financial systems serve a vital purpose, offering savings, credit, payment, and risk management products to people with a wide range of needs. Yet until now little had been known about the global reach of the financial sector - the extent of financial inclusion and the degree to which such groups as the poor, women, and youth are excluded from formal financial systems. Systematic indicators of the use of different financial services had been lacking for most economies.

The Global Financial Inclusion (Global Findex) database provides such indicators. This database contains the first round of Global Findex indicators, measuring how adults in more than 140 economies save, borrow, make payments, and manage risk. The data set can be used to track the effects of financial inclusion policies globally and develop a deeper and more nuanced understanding of how people around the world manage their day-to-day finances. By making it possible to identify segments of the population excluded from the formal financial sector, the data can help policy makers prioritize reforms and design new policies.

Geographic coverage

National Coverage.

Analysis unit

Individual

Universe

The target population is the civilian, non-institutionalized population 15 years and above. The sample is nationally representative.

Kind of data

Sample survey data [ssd]

Sampling procedure

The Global Findex indicators are drawn from survey data collected by Gallup, Inc. over the 2011 calendar year, covering more than 150,000 adults in 148 economies and representing about 97 percent of the world's population. Since 2005, Gallup has surveyed adults annually around the world, using a uniform methodology and randomly selected, nationally representative samples. The second round of Global Findex indicators was collected in 2014 and is forthcoming in 2015. The set of indicators will be collected again in 2017.

Surveys were conducted face-to-face in economies where landline telephone penetration is less than 80 percent, or where face-to-face interviewing is customary. The first stage of sampling is the identification of primary sampling units, consisting of clusters of households. The primary sampling units are stratified by population size, geography, or both, and clustering is achieved through one or more stages of sampling. Where population information is available, sample selection is based on probabilities proportional to population size; otherwise, simple random sampling is used. Random route procedures are used to select sampled households. Unless an outright refusal occurs, interviewers make up to three attempts to survey the sampled household. If an interview cannot be obtained at the initial sampled household, a simple substitution method is used. Respondents are randomly selected within the selected households by means of the Kish grid.

Surveys were conducted by telephone in economies where landline telephone penetration is over 80 percent. The telephone surveys were conducted using random digit dialing or a nationally representative list of phone numbers. In selected countries where cell phone penetration is high, a dual sampling frame is used. Random respondent selection is achieved by using either the latest birthday or Kish grid method. At least three attempts are made to teach a person in each household, spread over different days and times of year.

The sample size in the majority of economies was 1,000 individuals.

Mode of data collection

Face-to-face [f2f]

Research instrument

The questionnaire was designed by the World Bank, in conjunction with a Technical Advisory Board composed of leading academics, practitioners, and policy makers in the field of financial inclusion. The Bill and Melinda Gates Foundation and Gallup, Inc. also provided valuable input. The questionnaire was piloted in over 20 countries using focus groups, cognitive interviews, and field testing. The questionnaire is available in 142 languages upon request.

Questions on insurance, mobile payments, and loan purposes were asked only in developing economies. The indicators on awareness and use of microfinance insitutions (MFIs) are not included in the public dataset. However, adults who report saving at an MFI are considered to have an account; this is reflected in the composite account indicator.

Sampling error estimates

Estimates of standard errors (which account for sampling error) vary by country and indicator. For country- and indicator-specific standard errors, refer to the Annex and Country Table in Demirguc-Kunt, Asli and L. Klapper. 2012. "Measuring Financial Inclusion: The Global Findex." Policy Research Working Paper 6025, World Bank, Washington, D.C.

The Singapore Fintech Market report segments the industry into By Service Proposition (Money Transfer and Payments, Savings and Investments, Digital Lending & Lending Investments, Online Insurance & Insurance Marketplaces, Other Service Propositions) and By End-User (Banking, E-Commerce, Income Tax Returns, Insurance, Securities). The report features five years of historical data and five-year market forecasts.

Singapore Assets: Financial & Insurance: Other Financial Services data was reported at 309,634.000 SGD mn in 2016. This records an increase from the previous number of 261,974.000 SGD mn for 2015. Singapore Assets: Financial & Insurance: Other Financial Services data is updated yearly, averaging 191,624.500 SGD mn from Dec 2009 (Median) to 2016, with 8 observations. The data reached an all-time high of 309,634.000 SGD mn in 2016 and a record low of 131,667.000 SGD mn in 2009. Singapore Assets: Financial & Insurance: Other Financial Services data remains active status in CEIC and is reported by Department of Statistics. The data is categorized under Global Database’s Singapore – Table SG.A068: Corporate Sector: Financial Performance: By Sector.

As of September 11, 2024, the largest company in Singapore is the DBS Group, with a market capitalization of ***** billion Singapore dollars. The largest three companies in Singapore by market capitalization were two of its largest banks, followed by consumer internet company Sea Limited. DBS, OCBC, and UOB - stalwarts of Singapore’s financial sector Singapore’s three largest banking groups – DBS Group, OCBC, and UOB, are seen as stable stock market investments. They routinely make up the top three leading companies by market capitalization and rank consistently among the most valuable brands in Singapore. Despite the global economic turmoil, these three banks were forecast to turn profits in 2023, being among the biggest beneficiaries of rising interest rates in the Asia-Pacific region. Singapore is a leading financial hub in the Asia-Pacific region, and its financial sector makes up the third-largest sector of its economy. Sea Limited and Grab - volatility of tech companies in the stock market Among the largest companies in Singapore are two of its biggest tech companies, Sea Limited and Grab Holdings. Sea Limited operates the e-commerce marketplace Shopee and online gaming company Garena, while Grab Holdings is a super-app that provides ride-hailing, food delivery, and digital payment services. Despite the popularity of their services, both companies have faced a turbulent year, with Grab Holdings seeing their share prices drop during the first day of trading. Once valued more than DBS, OCBC, and UOB combined, Sea Limited saw its valuation drop in 2022 amidst net losses of around *** billion U.S. dollars in 2021.

The Singapore fintech market size reached USD 911.3 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 2,527.0 Million by 2033, exhibiting a growth rate (CAGR) of 12% during 2025-2033. The robust government support, increasing consumer demand for digital financial services, strong investment inflows, advanced digital infrastructure, and a highly skilled workforce are some of the major factors propelling the growth of the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on deployment mode, technology, application, and end user.

In 2022, there were approximately *** thousand vacancies in the financial services sector in Singapore. This was the highest number of vacancies in a decade. The job market had started to show signs of recovery in 2021, as the COVID-19 pandemic started to come under control.

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Real Time Payments Market Size 2025-2029

The real time payments market size is forecast to increase by USD 188.14 billion at a CAGR of 46.7% between 2024 and 2029.

The Real Time Payments (RTP) market is experiencing significant growth, driven by the increasing adoption of smartphones and access to high-speed Internet. The digitalization of payments is accelerating, with consumers and businesses seeking faster and more convenient transaction processing. However, this rapid growth comes with challenges. Security concerns, particularly the rise in data breaches, are a major challenge for the RTP market. As more money transactions move online, ensuring the security and privacy of sensitive financial information becomes increasingly important. Companies must invest in robust security measures to mitigate these risks and build trust with their customers.
Additionally, regulatory compliance and interoperability between different payment systems are also key challenges. Despite these hurdles, the RTP market presents significant opportunities for innovation and growth. Companies that can effectively address security concerns and navigate regulatory complexities will be well-positioned to capitalize on the market's momentum and meet the evolving needs of digital consumers and businesses.

What will be the Size of the Real Time Payments Market during the forecast period?

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Payment service providers play a crucial role in the dynamic payment market, offering various solutions such as payment user interfaces, payment processors, virtual cards payment, and payment facilitators. Embedded finance is a growing trend, integrating financial services into non-financial industries through these providers. Mobile banking and digital identity are key components of this evolving payment ecosystem. Payment processors ensure seamless transactions, while payment orchestration optimizes the use of multiple processors. Payment fraud detection and risk management are essential for maintaining security standards, including PCI DSS. Faster payments, such as real-time risk assessment and account-to-account transactions, are driving the market.
Distributed ledger technology and digital banking innovations, like request to pay and push payments, are transforming the payment landscape. Payment transaction costs, processing time, and user experience are critical factors influencing consumer preferences. Payment gateway aggregation and network connectivity enhance payment network interoperability, enabling SWIFT gpi and frictionless payments. Payment transaction volume and success rate are essential metrics for businesses, with pull payments and payment rejection rate impacting approval rates. Payment network interoperability and seamless payments contribute to a better user experience. Payment data analytics provide valuable insights, improving overall payment processing efficiency.

How is this Real Time Payments Industry segmented?

The real time payments industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Component

  Solutions
  Services


Deployment

  On-premises
  Cloud


Sector

  Large enterprises
  SMEs


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa



  APAC

    China
    India
    Singapore
    Thailand


  South America



  Rest of World (ROW)

By Component Insights

The solutions segment is estimated to witness significant growth during the forecast period.

In the dynamic realm of financial transactions, advanced payment solutions have become integral components of modern business operations. These solutions encompass payment gateway systems, wallet solutions, and point-of-sale systems. Payment gateways serve as secure and real-time digital payment acceptance platforms, enabling seamless transactions between merchants, shoppers, and financial institutions. The proliferation of the Internet and its decreasing costs have fueled the digital and technological shift in various sectors, including retail, education, agriculture, logistics, finance, and healthcare. This transformation has led to a significant surge in digital payments across multiple industries worldwide. Payment wallet solutions, consisting of mobile wallets and peer-to-peer (P2P) payments, have gained immense popularity due to their convenience and accessibility.

The integration of cloud computing, application programming interfaces (APIs), and API integration has streamlined payment processing and authentication, enhancing the overall customer experience. Biometric authentication, two-factor authentication, and fraud prevention measures ensure the security of these transactions. Moreo