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18 August 2021

Digital to the core

How important will technology be to continue the development of Singapore’s financial services industry?

Technology is central to how Singapore financial services are produced, distributed, and consumed. The Singapore financial sector has harnessed technology across various functions, from Risk Management, Business Analytics to Customer Services. It is now among the most tech-enabled financial centers with a vibrant Fintech ecosystem and solid digital infrastructure foundation. The banks in Singapore want to be digital to the core, embed their services in the customer journey, and nurture a start-up culture that can drive change.

The global pandemic has fundamentally changed the banking and financial services industry. As a result, many financial institutions in Singapore have repositioned their strategy to focus on developing and strengthening their digital capabilities better to address the changing needs of their employees and customers.

The government is helping to support this growth through the following bodies: The Monetary Authority of Singapore (MAS) and the Infocomm and Media Development Authority (IMDA). The below outlines how technology will play a part in the development of Singapore’s financial services industry.

Author: Andrey Yashunsky, CEO and Founder, Prytek