Singapore bank to modernize services

SINGAPORE: The international relocation leaders have supported the Singapore bank UOB in its move to modernise their service to customers. The move is one that does much to highlight the island-nation's continued progression.

UOB has 20,000 banking merchants across the region, with all of them expected to oversee the transition to the new system. The bank believes that this will have occurred within the next three years. Experts predict that many of the other leading banks will also follow suit in an effort to compete with UOB.

As they are the driving force in the banking field in Singapore, contactless payments will soon become commonplace. They were the first bank to provide the service over seven years ago and have seen a steady incline in that period.

The move is a result of careful monitoring of statistics, which show the use of contactless payments to have tripled compared to this time last year. The whole look of Singapore's consumer landscape is expected to change dramatically thanks to the development.

Contactless payment is a feature seen by many in both the banking and the retail industries as one of the most innovative developments in recent years. It is expected to be the leading method of transaction within the next five years. For residents, this means transactions that will become more secure.

A spokesperson for Interdean has said ‘the move to revolutionise consumerism in Singapore shows how seriously the country's development must be taken. ‘For these changes to be implemented all the way to street level, it has taken years of investment into their infrastructure. Singapore is proving itself to be one of the go-to destinations for expats from around the world.'