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Prime Minister s Office of Singapore (via Public) / DPM Heng Swee Keat at the Asia Tech X Singapore Summit 2021

07/13/2021 | Press release | Distributed by Public on 07/12/2021 20:00 DPM Heng Swee Keat at the Asia Tech X Singapore Summit 2021 Distinguished guests, A very good morning. This inaugural Summit takes place at a critical juncture, as we seek to recover from the global fallout of the COVID-19 pandemic. The virus has taken the world by storm, in a manner that none of us could have imagined. 4 million lives have been lost. Countless livelihoods have been disrupted. The pandemic sent the global economy into a tailspin, and the world is seeking to recover from its worst recession in a century. Some are wondering if 2020 marked the end of a long period of globalisation as we know it.

What Does Singapore s Open Banking Landscape Look Like in 2021?

  Amid a rapidly changing financial landscape, incumbent banks must be open to innovation and explore opportunities to partner with non-banking partners for the benefit of their customers. One such way this can be accomplished is through the open banking system. A collaborative ecosystem between traditional banks and non-banking partners, open banking allows third-party providers to have access to consumers’ financial information held by their bank. Doing so enable banks to introduce services and products to their customers that they’ve never been able to before on their own. This is done through an application programming interface (API). A 2018 global survey by Accenture revealed that among 18 to 24-year- olds, 85% of them would trust a third party to aggregate their bank data.

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