Market Share of Singapore Payments Industry
The Singapore Payments Market is moderately competitive in the presence of market players such as DBS PayLah, GrabPay, Paypal, Fave Pay, and Alipay. Companies operating in the market are taking a variety of steps to extend their presence, which contributes to market growth. In addition, the government's promising initiatives to promote digital payments are expected to boost market competition in the coming years.
- October 2021 - Grab Financial Group (GFG), one of the leading Southeast Asian fintech platforms, announced the expansion of its 'Grow with Grab' suite of products and features to help small and medium businesses (SMBs) across Southeast Asia take advantage of the region's e-commerce market opportunity, which is expected to be worth USD 172 billion by 2025. This aligns with Grab Financial Group's strategy of being more merchant-centric in its solutions and supporting its merchants' regional business growth.
- August 2021 - PayPal expanded its Singapore workforce by over 25% because of a partnership with the Infocomm Media Development Authority of Singapore (IMDA) and helped from Digital Industry Singapore (DISG). PayPal's expansion will open up a slew of new job opportunities for Singaporeans as the business strives to use technology to make financial services and commerce more convenient, affordable, and safe.
Singapore Payments Market Leaders
DBS Bank Ltd
PayPal Holdings, Inc.
Grab
Fave
Apple Inc.
*Disclaimer: Major Players sorted in no particular order
