The Impact of Technology on the Business of Banking

Since 2022, Singapore has seen the emergence of five fully digital banks. The digital banks have no physical branches and focus on the more modern payment services, particularly payment cards and electronic funds transfers (ETFs). The smart phone is probably the most significant device for accessing these services because of its comprehensive payment capability. While technology has perhaps had the most profound effect on payments, lending and financial advising have seen significant developments too. Examples include algorithmic credit scoring to assess creditworthiness and robo-advising.

In her blog post, Dr Sandra Booysen shared reflections from her chapter, ‘Banking Law’ in Simon Chesterman, Goh Yihan and Andrew Phang Boon Leong (eds), Law and Technology in Singapore (2^nd edition, Academy Publishing, 2025), where she discussed the role and effect of technology on the business of banking in Singapore, with a focus on four core retail banking services: deposit-taking, lending, payments, and financial advice.

Read the blog post here.

Related Links:

• Academic Publishing https://store.lawnet.com/law-and-technology-digital.html
• Author’s profile https://law.nus.edu.sg/cbfl/people/sandra-annette-booysen/