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Finance

Singapore banks grapple with digitization as disrupters beckon

Incumbent lenders pour billions into technology before new players arrive

UOB, DBS, OCBC, three of Singapore's biggest legacy banks, face a growing challenge from fintech players.   © Reuters

SINGAPORE -- The trio of banks that dominate Singapore's financial sector are preparing their defenses against an influx of digital lenders, as the city-state puts itself at the forefront of the fintech revolution in Southeast Asia.

DBS Group Holdings, Oversea-Chinese Banking Corp. and United Overseas Bank are intimately connected to Singapore's stellar growth following its independence in 1965 and their acronyms are familiar to generations of customers.

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