Singapore, renowned as a financial hub and the prominent digital economy in Southeast Asia, is spearheading digital transformation in financial services, including its incumbent banks. While traditional banks have been sluggish to modernise in the past , this recent digital transformation push has been further exarcebated by the Monetary Authority of Singapore (MAS)’s endorsement of fintech startups and digital-only banks. The award of digital full bank licenses in December 2020 to GXS Bank, Sea Limited’s Mari Bank, and Trust Bank has sparked a digital revolution among Singapore’s three major banks: the Development Bank of Singapore (DBS), Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB). The digital transformation strategies of banks in Singapore, aimed at competing with emerging fintechs in the aftermath of surging digital adoption by consumers and businesses post-pandemic, are poised to serve as a blueprint for other traditional banks in Southeast Asia. In the long run, these digital transformation strategies could better equip incumbent banks outside of Singapore to address key issues plaguing their countries such as large unbanked populations, unmet customer needs, technology modernisation, and talent gaps in the digital sector. So how is the ‘Big 3’ of Singapore banks each tackling their digital transformation […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
