Singapore’s economy is projected to see stable growth moving forward, but inflation and global interest rates will continue to play a significant role in shaping demand for consumer credit. Inflation is expected to ease by 2025, and ongoing pressure on household purchasing power may discourage discretionary borrowing, leading to a moderate slowdown in new loan applications.
Fintechs have made borrowing more accessible through fully digital applications and flexible loan options. For instance, Trust Bank leverages AI to carry out automated credit assessments through its mobile app, enabling the delivery of instant approval for personal loans.
Meanwhile, Monetary Authority of Singapore (MAS) is expected to continue to play a critical role in ensuring that fintech innovations adhere to responsible lending practices. MAS has implemented initiatives such as a regulatory sandbox, allowing fintech companies to test new financial products in a controlled environment while ensuring compliance with regulatory standards.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Singapore with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Credit industry in Singapore, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See All of Our DefinitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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