According to analysts of UnaFinancial, digital investment apps are used by 35.9% of Singaporeans aged 15+. The next most popular apps in the country are those designed for e-commerce and BNPL, used by 34.6% and 24.6% respectively

Analysts have revealed that the digital investment sector is developing at a rapid pace. From August 2018 to November 2023, the penetration rate of such applications increased by 14.7 times, reaching 35.9%. The experts explain: “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.”

The second most popular fintech apps are e-commerce applications (34.6%). From August 2018 to November 2023, their penetration level increased 2.2 times. The analysts comment: “Interestingly, the trend of using e-commerce apps became horizontal after the growth phase. First, there was a general increase in digitalization after the pandemic, which accelerated the introduction of online shopping. The growing demand led to an increase in supply, which was supported by the government. The third driving force was the improving technological base - in 2023, 98% of the population owned smartphones. Today, however, all three factors have almost reached their maximum potential, and to develop further, the market needs a new impetus.”

The third sector actively used by Singaporeans is Buy Now, Pay Later. BNPL app usage has increased by 3.3 times since 2018. Factors contributing to this growth include an increasing spread of e-commerce platforms and the rising popularity of this lending method throughout the region.

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 a penetration rate of 1.0% and 0.4% respectively), despite the steady growth of these segments.

The study considered the data on 66 apps in Singapore from data.ai. The analysts counted the number of active users among the population aged 15+ using 3 methodologies. The data on active users were available only for the e-commerce sector. To calculate the number of users for other sectors, the analysts based on the number of app downloads.