Branching out: Digital brokerages in Singapore expanding offline, legacy firms hitting heartlands
Some fintech players say face-to-face contact builds a level of trust that an app cannot replicate.
In Singapore, digital brokerages are expanding their offline presence as they seek to build trust with clients in a market dominated by traditional financial institutions. Fintech firms such as uSMART, Moomoo, and Longbridge have opened physical branches to differentiate themselves and provide face-to-face interactions that are not possible through apps alone. uSMART, the first fintech to open a physical outlet, now plans to add two more branches in Bugis and Chinatown by the end of 2026 to cater to different market segments.
Moomoo, a peer of uSMART, already has four physical storefronts, including a large store in Bugis that serves as a financial education hub. Longbridge, another fintech brokerage, operates a cafe in Tanjong Pagar where retail investors can network and learn. In contrast, legacy brokerages such as PhillipCapital have maintained a strong physical presence, with eight Investor Centres throughout Singapore managed by self-employed financial advisers.
These centres, which include community cafes and financial literacy spaces, are helping advisers build trust with clients and provide direct financial advice in heartland areas. This hybrid approach of offline and online services is helping digital brokerages compete with traditional firms in the crowded financial services market.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.