Traditional Banks - Singapore

  • Singapore
  • In 2024, the projected Net Interest Income in the Traditional Banks market market in Singapore is expected to reach US$21.29bn.
  • The market is dominated by Traditional Retail Banking, which is projected to have a market volume of US$14.38bn in 2024.
  • Looking ahead, the Net Interest Income is forecasted to exhibit an annual growth rate (CAGR 2024-2029) of 2.71%, resulting in a market volume of US$24.34bn by 2029.
  • When compared globally, in China is anticipated to generate the highest Net Interest Income, amounting to US$3,869.0bn in 2024.
  • Traditional banks in Singapore are increasingly adopting digital banking solutions to cater to the tech-savvy population.

Key regions: Germany, United Kingdom, France, Japan, China

Region comparison

Analyst Opinion

The Traditional Banks market in Singapore has been experiencing a shift in customer preferences, driving several trends and developments in the industry.

Customer preferences:
Customers in Singapore are increasingly seeking personalized and convenient banking services, leading traditional banks to invest in digital transformation and innovation. The demand for seamless online banking experiences, mobile applications, and AI-powered customer service has been on the rise, prompting traditional banks to enhance their digital offerings to stay competitive in the market.

Trends in the market:
One prominent trend in the Traditional Banks market in Singapore is the growing popularity of digital banking solutions. With the rise of fintech companies and digital-only banks, traditional banks are facing pressure to adapt to the changing landscape by offering online account opening, digital payments, and robo-advisory services. This trend is reshaping the way traditional banks operate and interact with customers, driving a digital revolution in the industry.

Local special circumstances:
Singapore's status as a global financial hub and its tech-savvy population have contributed to the rapid adoption of digital banking services in the country. The government's push towards a Smart Nation initiative and the increasing use of e-payments have further accelerated the shift towards digital banking among consumers. These local special circumstances have created a conducive environment for traditional banks to invest in digital initiatives and cater to the evolving needs of customers.

Underlying macroeconomic factors:
The strong economic fundamentals of Singapore, including its stable political environment, robust regulatory framework, and high per capita income, have supported the growth of the Traditional Banks market in the country. Additionally, the increasing emphasis on cybersecurity and data privacy regulations has influenced the way traditional banks approach digital innovation and customer data protection. These macroeconomic factors play a crucial role in shaping the competitive landscape of the Traditional Banks market in Singapore.


Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.


In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.

Additional Notes:

The market is updated twice per year in case market dynamics change.


  • Net Interest Income
  • Analyst Opinion
  • Deposits
  • Loans
  • Credit Card Interest Income
  • ATMs & Bank Branches
  • Methodology
  • Key Market Indicators
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