In a commentary, SMU Sim Kee Boon Institute for Financial Economics (SKBI) Director and Professor of Quantitative Finance (Practice) David Lee commented on how Singapore banks have to harness digital technology and practise financial inclusion to grow their business. At a keynote speech at SMU SKBI’s 5th annual conference, CEO and director of the DBS Group Piyush Gupta said: “unless traditional banks adapt, innovate and harness digital technology, they would perish sooner than they could realise any threat”. Prof Lee cited examples of non-bank entities like the Alibaba Group and stated that Singapore banks should study their developments and its implications.
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