Singapore wants innovation, says Florian Hoppe, a partner with Bain & Company, but fears its profitable incumbents will be destabilised if tech newcomers burn cash to grab market share.

A recent report by Bain, Google and Temasek found that over 70 percent of adults in South-East Asia are underbanked. The report also says that revenues from digital finance could grow from $11bn today to $60bn by 2025.