Commentary

Bangladesh has established its position as a pioneering country to have made significant strides towards financial inclusion and its vision ‘Digital Bangladesh’. The country’s recent development in its financial sector, varied heritage in credit and microfinance, widespread adoption of digital finance and mobile financial services (MFS) are recognized at a global level. The government’s effort to consider financial services as drivers of shared prosperity and inclusive growth. Access to financial services and their usage have significantly positive impacts on the socioeconomic outcomes that are perceived by businesses and households. Moreover, this access and usage are considered as essential factors to poverty eradication.

In November, Singapore’s National AI Office (NAIO) collaborated with the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Office (SNDGO) in a programme to strengthen AI capabilities within Singapore’s financial sector by providing financing and access to government data. In fact, even before the pandemic, the financial services industry has already been witnessing an acceleration in digital transformation. 

With the second-highest engagement after the United States, Hong Kong continues to be a significant market for cryptocurrency. 

It’s no exaggeration to say that financial services are critical to Singapore’s future prosperity. The country has long punched above its weight in the global  financial services industry, serving as a strategic operational base for a huge number of major international organisations to do business throughout Asia. As a result, the sector is responsible for approximately 200,000 jobs and accounts for around 10% of Singapore’s GDP each year. 

Reaching net zero by 2050 doesn’t sound particularly ambitious. It’s thirty years away. But the reality is that reaching net zero by 2050 – as Thailand and Vietnam recently pledged to do – will be an uphill battle for both economies.

The cloud is increasingly becoming the primary location for financial institutions to store and process data: most financial institutions have moved their applications to cloud platforms, and many of those that still have their data on-premise today are planning their imminent migration to cloud.

Over the past few years, the use of data has grown exponentially as businesses adopt a digital-first approach.  

Covid-19 has driven large-scale growth in online banking, dramatically increasing the volume of sensitive customer data that’s available to steal. 

While the impact of Covid has been hard felt by the financial services industry both in Asia and globally, the resulting challenges have provided the stimulus for long-overdue innovation and digitisation when it comes to the technology banks rely upon to do business.

Climate change is the most urgent threat facing the world. It affects us all. The imminent risks are spelt out in detail in the recent IPCC Report, which was headlined around the world as “Code Red for Humanity.” The subsequent COP26 conference in Glasgow has seen world leaders agree on certain measures designed to reduce emissions and take concrete steps towards the decarbonisation of the world economy, including agreement on halting and even reversing deforestation. 

A Survey of Financial Services Firms.

Attributed to Gery Dachlan, Managing Director, South Asia and Australia, Avaloq.

Authentication and verification of consumers require flexibility, convenience, and security. But the onus has always been on the customer to prove their identity.

Increased regulatory interest in sustainability will require financial institutions to address its ESG strategy, risk management, regulatory compliance, and data challenges.

The accelerating impact of climate change is growing more evident by the day, necessitating substantial shifts in financial market structures and taxonomies in order to rapidly scale climate investments and achieve low-carbon targets. 

Buy Now Pay Later (BNPL) has seen remarkable growth in recent years and is on track to achieve a global market value of US$700b by 2023. This 90% compound annual growth rate (CAGR) reflects the growing penetration of this simple transactional instrument—consumers purchasing a product now with the agreement to pay for it later.