SINGAPORE (Dec 22): The tech sector is now the largest in the MSCI Emerging Market and MSCI China indices. Yet, technology is posing a major challenge for many big companies, forcing them to adapt their business models in the face of disruption and venture into new fields.
The local banks DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank, for instance, are racing to work with fintech start-ups in order to stay at the forefront of innovation.
Manoj Menon, senior partner and Asia-Pacific managing director at consultancy Frost & Sullivan, points out that the banks now have to evolve into technology companies delivering banking services. If they do not, their positions as financial intermediaries could be eroded... (Click here to read the full story.)