Cybersecurity stalls customer adoption of fintech services in Singapore

Only 4% of customers use new payment methods in Singapore.

According to BMI Research, customer take-up of fintech services will be slowed by security concerns and credit card usage habits. Cybersecurity will be a key challenge for fintech services, with the growing number of connected devices increasing the likelihood of attacks.

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Meanwhile, even though financial inclusion in Singapore facilitates the adoption of digital financial services by account holders, take-up will be slower than in countries like China and India, where credit card usage is lower and consumers are migrating directly from cash to mobile.

According to a study by DBS, 4% of banking/financial services customers are using new payment methods in Singapore, compared with 40% in China and 20% in India. Currently in Singapore, only 2% of customers use lending, 1% use personal wealth management, and 2% insurance services.