Since the start of the “circuit breaker”, domestic systemically important banks (D-SIBs) such as the local banks and Citibank Singapore, have reported that 90% of trans-actions done by retail customers are digital.
SINGAPORE (June 19): It has been more than 20 years since Singapore liberalised its financial sector. In the past five years, the focus has been on financial services going digital as part of a Smart Nation initiative. Last year, the Monetary Authority of Singapore (MAS) even offered new digital-only banking licences. That trend was accelerated when the “circuit breaker” drove banking services online.
Still, bankers like Brendan Carney, Citi-bank Singapore CEO and Global Consumer Banking Asean cluster head, believe that a hybrid model — incorporating digital services for day-to-day banking transactions, and face-to-face meetings with its affluent customers who need sophisticated products — is more suitable for traditional banks like Citibank.
