Local banks in Singapore are accelerating partnerships with fintech firms to strengthen their cross-border payment networks, driven by rising regional trade and remittance flows.
Singapore’s major banks, including DBS, UOB, and OCBC, have all expanded partnerships with global fintech companies to deliver faster and cheaper cross-border payments.
DBS recently announced a collaboration with RippleNet to enhance real-time remittances across Southeast Asia, while OCBC has integrated blockchain-powered settlement systems for corporate clients. UOB, meanwhile, launched an AI-driven platform to cut transaction times by nearly 50%.
These initiatives are designed to serve both retail customers sending money abroad and multinational corporations handling large-scale settlements. With trade volumes between Singapore and neighboring markets like Malaysia, Indonesia, and Vietnam at record highs, demand for more efficient payment systems has never been greater.
According to MAS, cross-border payments could reach USD 2 trillion annually in the region by 2030. By positioning themselves early, Singaporean banks aim to capture a large share of this growing market.
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