What a lower-than-average fintech adoption level means for Singapore

SINGAPORE (July 18): Singapore’s financial technology (fintech) adoption grew to 23% this year from 15% in 2015, according to study findings by assurance, tax, transaction and advisory services firm EY.  

The latest EY Fintech Adoption Index is based on 22,000 online interviews with digitally active consumers across 20 markets, and evaluates services offered by fintech organisations under five broad categories: money transfers & payment services, financial planning, savings & investments, borrowing, and insurance.

This year’s edition of the index reflects a surge in global levels of fintech adoption over the past 18 months, with an average of 33% digital active consumers surveyed indicating that they now use fintech.

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