Traditional Commercial Banking - Singapore

  • Singapore
  • In Singapore, the Traditional Commercial Banking market market is estimated to achieve a Net Interest Income of US$6.91bn in 2024.
  • Looking ahead, this sector is projected to experience a Compound Annual Growth Rate (CAGR 2024-2029) of 2.66%, leading to a market volume of US$7.88bn by 2029.
  • When compared to other countries, China is expected to generate the highest Net Interest Income, amounting to US$1,444.0bn in 2024.
  • Singapore's Traditional Commercial Banking sector remains resilient amidst global economic uncertainties, driven by its robust regulatory framework and strong emphasis on financial stability.

Key regions: China, France, Brazil, Singapore, India

Region comparison

Analyst Opinion

The Traditional Commercial Banking market in Singapore is experiencing a shift in customer preferences, driven by technological advancements and changing consumer behaviors.

Customer preferences:
Customers in Singapore are increasingly seeking convenience and efficiency in their banking services. This has led to a growing demand for digital banking solutions, such as mobile banking apps and online account management platforms. With the rise of fintech companies offering innovative financial products, traditional banks are facing pressure to enhance their digital offerings to meet customer expectations.

Trends in the market:
One of the prominent trends in the Traditional Commercial Banking market in Singapore is the focus on personalized customer experiences. Banks are leveraging data analytics and artificial intelligence to better understand customer needs and offer tailored solutions. Additionally, there is a growing emphasis on sustainable banking practices, with banks in Singapore incorporating environmental, social, and governance (ESG) criteria into their decision-making processes.

Local special circumstances:
Singapore's position as a global financial hub has influenced the development of its Traditional Commercial Banking market. The presence of multinational corporations and high-net-worth individuals has created a demand for sophisticated banking services, including wealth management and cross-border transactions. Moreover, the regulatory environment in Singapore is known for its stability and transparency, which has contributed to the growth of the banking sector.

Underlying macroeconomic factors:
The macroeconomic landscape in Singapore, characterized by steady economic growth and low inflation, has provided a conducive environment for the Traditional Commercial Banking market to thrive. The government's initiatives to promote digitalization and innovation in the financial sector have also played a significant role in shaping the market dynamics. As Singapore continues to position itself as a leading financial center in the region, traditional banks are adapting to new challenges and opportunities in the evolving market landscape.


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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