Singapura Finance: To launch digital banking in 2H22

Singapura Finance branch on Singapore's East Coast Road, with Vivid machine in background.Singapura Finance branch on Singapore's East Coast Road, with Vivid machine in background.

Singapura Finance plans to launch its digital banking services in the second half of this year, joining its Singapore banking peers by offering an app to its customers, the small finance company said in a filing to SGX Thursday to answer shareholder questions ahead of its annual general meeting (AGM). 

“We plan to roll out our internet banking app in 2022 to offer faster and more efficient payment channels and other value-added services which will benefit our customers as well as to remain relevant and connect to the younger and tech-savvy customers,” Singapura Finance had said in its annual report. 

The company said most of its banking services would become accessible via the application.

In response to the shareholder questions, Singapura Finance said it was taking steps to digitise to become more competitive. 

“The Covid-19 pandemic provided good insight into the future world where digital becomes central to almost every interaction,” Singapura Finance said. “The company is committed to accelerate the pace of digital transformation and be strategic in its digital offerings.”

The finance company said its moves have included digitizing and centralizing its back-end system, linking payment systems to other banks and automating transfers, offering e-statements to customers and reducing repetitive tasks through automation. 

Currently, Singapura Finance does offer the Vivid app, which is pre-paid wallet service.

The company said it had no plans to merge with other finance companies, saying being a small player had advantages and it had its niche market. 

In May 2021, Singapura Finance divested its 10 percent stake in MatchMove PowerBank (S) after the two failed to land a digital bank license in Singapore. 

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