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China and ASEAN Should Work Together to Meet Financial Industry Challenges | Insights

By KENNY DONGICHONGQING|Nov 25,2021

Chongqing– Sessions of the  China-Singapore (Chongqing) Connectivity Initiative Financial Summit 2021 on November 24 invited experts, entrepreneurs from the world financial field to share thoughts and experiences about the latest economic development. In forum one, also the opening ceremony of the Fintech Festival, several state-level bank officials from ASEAN and international banks managers presented online to share thoughts about trending words in the financial field – financial technology.

“We see that the real game-changer and differentiation over the next five years will be around data, artificial intelligence,” said Su Shan Tan, Group Head of Institutional Banking at DBS, “and our capacity to harness data to use it smartly and intelligently will make a huge difference.”

DBS is the first Singaporean bank to set a branch in Chongqing, according to Su Shan Tan. (iChongqing / Kenny Dong)

As she implied, although digitalization leads to vast changes in all kinds of industries, including banking and finance, it also brings challenges.

According to Le Anh Dung, Deputy Director of Payment Department of State Bank of Vietnam, there are four significant challenges faced by the regulators. First is the old law frame that lags behind the fast development of financial technology. Second is the increasing problem of protecting the users’ privacy. The third is the traditional concepts among people that always distrust the new technology. Fourth is high-tech criminality that threatens Internet security.

He then appealed that countries of ASEAN and China should work together to overcome those challenges by upgrading infrastructure for better regional connectivity, boosting business cooperation to increase the needs of new financial services, and sharing information and experiences about making laws and regulations.

Finance is one of the major cooperation fields in the China-Singapore (Chongqing) Connectivity Initiative. As one of the strongest financial centers globally, Singapore’s vibrant economic activities actively reach out to the world. There are increasingly more Singaporean banks who set branches in this Southwest China’s big metropolis.

Liangjiang New Area actively develops financial industry to promote the China-Singapore Connectivity Initiative and build Chongqing into West China’s financial center. (Photo / Ye Hong)

Being the pioneer of Singaporean banks to explore Southwest China’s market, DBS will soon celebrate its 10th anniversary to set Chongqing branch. Regarding this, Su Shan Tan promised that DBS will continue providing financial services to Chongqing’s enterprises and help Chinese and Asian enterprises march on digitalization.

The cooperation is strengthened through the Financial Summit 2021. According to the signing ceremony yesterday, Fund companies like Acclime will implement several business projects and set a base in Chongqing Liangjiang New Area.

“We will bring our experiences of managing and operating overseas assets to Chongqing, to meet the needs of Chongqing’s investor joining global assets allocation, and contribute our strength to deepen the China-Singapore Connectivity Initiative,” said Chen Peiliang, General Manager of Acclime.

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