Banks globally are at the fulcrum of a changing world and face a dramatic need to refresh and reposition to address falling valuations whilst meeting core financial and societal needs.
As financial networks look to become increasingly interconnected within and cross borders, the imperative to ensure their seamless and stable operation grows more vital, says Penny Chai, VP of Business Development, APAC at Sumsub.
Aligning lending practices with rising sustainability expectations is gaining traction in Asia, but accelerating the green transition will require open and collaborative data ecosystems.
With the growth of DFS as a key element of the everyday lives of more users here and across the region, it is vital that the infrastructure supporting these technologies remains robust and resilient while providing strong foundations for innovation, writes AWS' Daniel Wu and Elevandi's Pat Patel.
Cracks in the financial ecosystem can erode confidence and deter foreign institutional investment. Recent occurrences, particularly the collapse of three small to mid-sized US banks in March 2023, serve as a stark reminder of the banking sector’s vulnerability and underscore the criticality of risk management and regulatory oversight. This leaves no room for complacency, even in economies such as Singapore, which has long prided itself as a bastion of economic stability.
The digital banking sector in Singapore has grown in importance over the years alongside the established banks, improving the quality of financial services, albeit in a competitive environment with one of the most stringent licensing and regulatory regimes.
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Commentary
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