1 in 3 Singaporeans use digital investment apps

There is a desire in the local population to increase private wealth, says UnaFinancial.

Over 1 in 3 Singaporeans aged 15 and above now use digital investment apps, according to a report by UnaFinancial.

Using data from 66 Singapore financial apps available in data.ai, UnaFinancial noted that 35.9% of locals used digital investment apps, more than e-commerce (34.6%) and buy now pay later (BNPL) (24.6%).

“The main driver of the sector’s growth is the desire of the local population to increase private wealth, which is due to the high living standards in the country. It is also influenced by a recent spread of robo-advisors, which has allowed decreasing the minimum investing capital amount,” analysts of fintech solutions company said in the report.

Penetration rate for the digital investment sector increased by 14.7 times between August 2018 and November 2023, UnaFinancial added.

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In comparison, the penetration level of e-commerce applications rose 2.2 times between the same period; and BNPL apps jumped 3.3 times within the five-year period.

Other popular fintech applications in Singapore include e-wallets (20.8%), digital banking (20.7%), and blockchain and cryptocurrency (20.2%). 

The least used are POS- and PDL apps (with the penetration rate of 1% and 0.4% respectively).