Singapore leads banking-as-a-service adoption

Figures show that about 47% of banks in Singapore have embraced and adopted banking-as-a-service in the past year. Trends suggest that another 45% will join the train in another year.

Singapore-based Lenders are among the most optimistic about BaaS across the globe, with 87% confident that the rewards of their investment in this update will begin to show in the coming year. will saying they expect to see benefits in the coming year.

Data collated by Finastra also reveals that about 97% consider open banking to be a vital need for their operations, with 50% even referring to it as a “must-have”, owing to the other innovative new offerings that could come on its heels.

Banks in the republic also saw a 25% rise in digital banking investments, marking the highest rise in the region.