Asia seemed to have caught the digital banking bug following Hong Kong’s issuance of the 8 virtual banking license. With Singapore positioning itself as a fintech hub in Asia and beyond, Monetary Authority of Singapore’s (MAS) announcement that it is issuing 5 licenses by 2020 should come as no surprise to anyone. Digital technologies disrupting industries are a tale as old as time and the financial services sector is not any different. How Will it Affect Singapore’s Incumbents? For the most part, we don’t expect Singapore’s larger local banks like DBS, OCBC and UOB to be significantly affected. These banks…
Author: Chia Tek Yew
Author
Chia Tek Yew
Tek Yew is Head of KPMG in Singapore’s Financial Services Advisory practice, where he leads engagements with clients on areas such as digital transformation and customer growth strategies. Prior to KPMG, Tek Yew set up a venture accelerator programme which incubated technology start-ups during the dotcom era, and headed the financial services practice across Greater China and South East Asia for another Big 4 firm. He also held roles of Vice President / Head of Hewlett Packard’s (HP) Consulting & Integration business across Asia Pacific, where he was responsible for HP’s innovation center in Singapore.