SEPTEMBER 2019CIOAPPLICATIONS.COM8IN MY Viewsia Pacific (APAC) is the world's most populous continent, and it is also home to the largest percentage of unbanked population, according to the World Bank's Global Findex report. This is going to change. The emergence of a large digital population in the region is driving demand for new ways of banking--notably, mobile banking.Singapore is at the heart of it. Already known as the financial hub of Southeast Asia, mobile banking has overtaken branch banking by popularity, with a 15% jump from July 2017 to July 2018. The unparalleled convenience and immediacy of mobile banking provide financial technology (Fintech) companies with the ideal platform to deliver new services and grow their business.Seizing this opportunity to build the nation's Fintech capabilities, the Singapore government has been pushing out new Fintech initiatives such as opening its real-time and round-the-clock payment system (better known as FAST) to broaden access to various payment players.It is only a matter of time before Singapore clinches the title of APAC's Fintech hub.Innovation moving too fast too furiousBut with every opportunity comes risk. While the Singapore government is encouraging Financial Services institutions (FSIs) to deliver new ways of banking, this inevitably captures the attention of threat actors. The proliferation of smart devices also means a rise in access points--be it Wi-Fi, RFID, and NFC--that are vulnerable to threat actors. To make matters worse, some of these devices have historically been shipped with outdated software.At the same time, regulations and governance are not moving rapidly enough to stay ahead of evolving end-user needs. The fast-moving technology landscape dictates that success is synonymous to agility and leanness. Likewise, the ability to adapt quickly to changing consumer demands determines the winner--that is why the traditional FSI industry struggles to retain customers who turn to other more agile providers, like Fintech startups, that can offer an alternative type of services at a higher level of convenience.Despite the business landscape's need for speed, regulations naturally often take years to shape and require significant resources to Walking the Fine Line Between Seamless and Unsafe BankingGeorge LeeGEORGE LEE, VICE PRESIDENT, ASIA PACIFIC & JAPAN, RSAA
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