Singapore is racing towards super-aged status. By 2030, one in four citizens will be 65 or older, up from just one in ten two decades ago.
Demographic decline can be a burden on economies, as a shrinking working-age population is forced to support a growing elderly population. But for some businesses, the “silver economy”—products and services catering to an aging population—can be an opportunity.
“The silver economy is a muscle we need to invest in,” says Alvin Lee, the Singapore CEO of Malaysian bank Maybank, adding that the bank’s Singapore clientele already has more “silver generation users” than the industry average.
Maybank has steadily built up its wealth services catering to Singapore’s silver generation. In 2019, it launched the Passion Plus program, which includes banking products with “preferential saving rates” to help users build their retirement savings, and lifestyle perks like massages, cheaper supplements and discounted doctor visits. Etiqa, the bank’s insurance wing, also offers a specialized accident plan catered for those aged between 40 and 75, which offers a higher reimbursement limit for medical expenses from accidents.
“Hopefully, within the short term, these products will benefit the bank financially, and also allow us to serve our customers well,” he says.
