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.
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.
It should be about offering options and putting control back in the hands of consumers so that they can decide what is best for them, says GXS' Jenn Ong.
Organisations in Singapore today understand that customers want convenience and a personal touch when interacting with them and utilising their services. This is especially true of the banking and insurance sectors.
The past few years has seen embedded finance proliferating in the APAC region, with digital technology lowering not just the costs of financial services but also their access barriers.
Bangladesh, a country with a high population density, has achieved this accomplishment thanks to the political leadership's passion and commitment to the MDGs, especially at the highest levels of the current Government. The Honorable Prime Minister of Bangladesh has received particular recognition from foreign organizations by being given awards for achieving certain MDG milestones.
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Commentary
Plotting a Roadmap to a thriving Digital Finance Ecosystem
Plotting a Roadmap to a thriving Digital Finance Ecosystem
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