Banking Uncovered Episode 27: Inside Singapore’s mass affluent: How banks can grow share of wallet
Mon Jan 12 2026
Singapore is a regional hub for banking and wealth, and one of Asia’s most developed and dynamic markets. Its affluent segment is highly attractive and increasingly complex. Affluent customers typically maintain relationships with multiple providers, creating a fragmented landscape where competition for share of wallet is increasingly intense. While domestic leaders like DBS, UOB and OCBC dominate share of wallet, international players like HSBC, Standard Chartered and Citi gain a disproportionate share of affluent consumers’ wallets.
At the same time, digital is a fast-growing channel. Affluent consumers are asset-rich and time-poor. They expect instant control over their finances through mobile, with high-quality, personalised advice from relationship managers when decisions are complex or cross-jurisdictional.
In this episode of Banking Uncovered, host Charles Green sits down with Stefano Colombu, Managing Director of Asia at RFI Global, to unpack Singapore’s mass affluent market and what is driving their share of wallet allocations. Drawing on data from RFI Global’s latest share of wallet tracker, they explore where wealth is concentrated, where it is leaking and how banks can compete more effectively across deposits, investments, cross-border flows and non-bank challengers. They explore the growing role of digital channels, AI-enabled services and the evolving balance between human and digital engagement. And much more
Topics discussed:
How banks can convert deposits into investments as interest rates fall with personalised advice, transparent outcomes and frictionless execution.
How to capture cross-border flows as Singaporeans increasingly bank offshore and inbound wealth deepens from Asian corridors and global giants.
Why domestic banks lead in total wallet share, but international banks outperform among mass affluent segments.
How relationship managers and a digital-first experience should interlock – quick, proactive digital moments for everyday tasks, with expert guidance for sophisticated needs.
The rise of digital-only providers like MariBank and Trust Bank, and what their growing momentum means for incumbents.
Key insights:
Around 70% of affluent assets in Singapore sit in deposits today, representing a significant opportunity for banks to migrate wealth into investment products as rates ease.
About 39% of investment value is held with non-banks, with some domestic players showing notable leakage, underlining the need for integrated investment platforms and innovative features to reclaim AUM.
Cross-border wealth is a defining feature of the segment, with around 45% of mass affluent assets held offshore. Singapore benefits from strong inbound flows from Asian markets, while outbound corridors to Malaysia, the US and China remain highly significant.
Digital bank usage as a main banking relationship is behind other markets in Singapore (15-16%) in terms of main bank usage, compared to the UK (25%) and the US (30%).
More
Singapore is a regional hub for banking and wealth, and one of Asia’s most developed and dynamic markets. Its affluent segment is highly attractive and increasingly complex. Affluent customers typically maintain relationships with multiple providers, creating a fragmented landscape where competition for share of wallet is increasingly intense. While domestic leaders like DBS, UOB and OCBC dominate share of wallet, international players like HSBC, Standard Chartered and Citi gain a disproportionate share of affluent consumers’ wallets. At the same time, digital is a fast-growing channel. Affluent consumers are asset-rich and time-poor. They expect instant control over their finances through mobile, with high-quality, personalised advice from relationship managers when decisions are complex or cross-jurisdictional. In this episode of Banking Uncovered, host Charles Green sits down with Stefano Colombu, Managing Director of Asia at RFI Global, to unpack Singapore’s mass affluent market and what is driving their share of wallet allocations. Drawing on data from RFI Global’s latest share of wallet tracker, they explore where wealth is concentrated, where it is leaking and how banks can compete more effectively across deposits, investments, cross-border flows and non-bank challengers. They explore the growing role of digital channels, AI-enabled services and the evolving balance between human and digital engagement. And much more Topics discussed: How banks can convert deposits into investments as interest rates fall with personalised advice, transparent outcomes and frictionless execution. How to capture cross-border flows as Singaporeans increasingly bank offshore and inbound wealth deepens from Asian corridors and global giants. Why domestic banks lead in total wallet share, but international banks outperform among mass affluent segments. How relationship managers and a digital-first experience should interlock – quick, proactive digital moments for everyday tasks, with expert guidance for sophisticated needs. The rise of digital-only providers like MariBank and Trust Bank, and what their growing momentum means for incumbents. Key insights: Around 70% of affluent assets in Singapore sit in deposits today, representing a significant opportunity for banks to migrate wealth into investment products as rates ease. About 39% of investment value is held with non-banks, with some domestic players showing notable leakage, underlining the need for integrated investment platforms and innovative features to reclaim AUM. Cross-border wealth is a defining feature of the segment, with around 45% of mass affluent assets held offshore. Singapore benefits from strong inbound flows from Asian markets, while outbound corridors to Malaysia, the US and China remain highly significant. Digital bank usage as a main banking relationship is behind other markets in Singapore (15-16%) in terms of main bank usage, compared to the UK (25%) and the US (30%).