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Survey: Good growth ahead for retail financial services in Singapore

T.C. Seow | July 13, 2012
Opportunities exist for financial services providers to offer greater range of products online along with growth in affluence.

Prudent credit card users
The usage of credit cards in Singapore ranks amongst the highest in the world (8th position) with 62 percent of Singaporean respondents saying they use credit cards for dining, shopping and entertainment activities -- ahead of countries such as Australia (54 percent), Thailand (50 percent) and Malaysia (39 percent). The Asia Pacific and global averages are 59 percent and 52 percent respectively.

Singaporeans are also amongst the most prudent users of credit -- 80 percent of credit card users indicated they repay credit card balances for all cards in full each month, compared to the Asia Pacific average (75 percent) and the global average (68 percent). In other Asia Pacific markets, 87 percent make full repayments in Japan, while in contrast only 27 percent do so in Vietnam.

Another nine percent of Singaporean consumers repay some of their credit cards in full each month while 7 percent repay only the minimum required. Only 1 percent indicated they pay less than the minimum required.

 

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