Consumer sentiment has taken a hit as Singapore’s economy slows down with looming recession ahead. The market has been affected by the growing protectionist tensions around the world.
Personal loans contribute the most to non-card loans and debts in Singapore. These loans are usually used for weddings or leisure and remain popular.
Fintechs have been growing significantly in the financial landscape in Singapore. These firms are slowly expanding their role in capital markets whereby one would often question if fintech are a threat or complement to traditional banks.
Since cooling measures implemented in the property market in July 2018, this has continued to affect housing loans that are issued in Singapore. Housing loans have been shrinking continuously since the new measure, unsurprisingly.
Over the short-term forecast period, Singapore’s economy seems rather gloomy in terms of growth. Singapore’s weakness as an open and trade-dependent economy is especially prevalent in times of protectionism and global tensions.
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