mobile payment services

Rise of cashless payments keeps Singapore's banking sector 'overweight'

SINGAPORE (Dec 1): UOB Kay Hian is maintaining Singapore’s banking sector on “overweight” as the recent boom in mobile payments is paving the way for Singapore to become a cashless society.

The research house’s top “buy” local banks are DBS Group Holdings and Oversea-Chinese Banking Corp with target prices of $26.10 and $12.56 respectively.

Singapore conducts huge volume of international payments due to its stature as a global financial centre, a major trade finance hub and a gateway for investments into Asia.

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