The Singapore banking industry has persevered through challenges in 2019 such as global growth coming under pressure due to geopolitical and trade tensions, but the COVID-19 outbreak will be a greater test to the country’s financial sector stability.
Cyber-threats have become increasingly complex, inflicting high monetary and reputational damages to institutions that, despite various measures, are forced to plan “catch up” to the advanced technology of criminals. As regulators expand advisories, the institutions now need stronger multi-layered cyber-resilient initiatives.
The Internet of Things offers potential opportunities in retail and corporate banking and will fuel the rise of new types of clients in the form of smart cities and autonomous artificial intelligence driven market agents.
In general, industry assets under management in selected Asia Pacific countries shows sustained growth trends up to 2018. However, the shares of top banks in total assets under management differ widely, wherein top banks in emerging markets have higher market shares compared to top banks in mature markets.