Financial Services Business Group Update - Q2 2016

The rise of Financial Technology, or ‘fintech’, has created growth opportunities and new technology solutions for financial products.

This article was written by Rebecca Thorpe, Financial Services Business Group Representative.

By Rebecca Thorpe, Financial Services Business Group Representative

 

The global outlook remains tilted to the downside, not to mention the fact that Singapore’s economy advanced only minimally in the first quarter of 2016 — albeit slightly above market expectations of 1.7% growth. However, in the financial services sector, not all is doom and gloom.

 

Take the banking industry, for instance. While some parts of the industry may be experiencing shrinkage, the rise of Financial Technology, or ‘fintech’, has created growth opportunities and new technology solutions for financial products. The Monetary Authority of Singapore, Singapore’s central bank and financial regulator, has responded with public declarations that it will not attempt to stifle this growth and innovation with over burdensome regulation. We will be watching with great interest to see how this balancing act is maintained.

 

At the time of writing, the result of the Brexit referendum back in the United Kingdom on 23 June remains unknown, and with it the implications for the financial services sector. If Brexit were to happen, there would likely be a shortterm dislocation in the markets and a two-year initial period of uncertainty as the boundaries of the UK’s relationship with Europe and other countries were decided. Financial services firms are part of a complex web of domestic and European policies, which means that they cannot be dismantled or amended overnight.

 

Change continues apace in the sector, and the financial services group itself has also seen changes to its membership this year. This reflects new entrants to the local market, as well as changes in the representation across financial services sectors. As a group, in addition to our Brexit focused event on 14 June, we are planning some great networking opportunities. So look out for details and please join us at one of our events.

 


 

Learn more about the Financial Services Business Group and its upcoming events of the year. 

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