#STACS present : “Digital Transformation for Tomorrow” series
#STACS spoke with top leaders in the FinTech industry for our new “Digital Transformation for Tomorrow” series. In this series, we discussed and asked their opinions and expertise on the topic “Digital transformation in the new normal — Blockchain developments in the industry”.
We are delighted to kickstart the series with an interview with Mr. Chia Hock Lai, the founding president of the Singapore FinTech Association (SFA). He possesses significant experience in the financial and technology industry and has worked in organisations like the Government Technology Agency of Singapore and NTUC Income. Mr. Chia Hock Lai is a Fellow of the Singapore University of Social Science, a member of the Banking & Finance and Fund Industry panel of Nanyang Polytechnic, and an advisor to start-ups.
Watch the full video to understand more about the financial market transformation in Asia and the challenges of digital transformation technology.
Mr. Chia Hock Lai shared with us what represents the barriers that can obstruct the path of the digital transformation in the industry. He identified four categories of barriers that are interlinked: CEO support, financial resources, culture strategy, and the catalyst via a successful project to show to the organization. He mentioned about the transformation: “It’s no longer a choice. The organization must transform digitally.”
He provided several cases in the financial sector that encourages the majority to remain in the digitalisation process. For instance, DBS bank shared that they gained 1 million digital customers, out of whom 30% are above 50 years old. OCBC “PayNow” digital payment increased transaction by three times and mobile banking rose 44% this year.
Mr. Chia Hock Lai highlighted that while blockchain does not represent a solution for all issues in the market, it is suitable for certain situations and industries. This technology can represent an efficient solution for certain complications like the imperative ownership provenance. In addition, he described how the STACS blockchain solution was supporting traditional financial institutions to adopt this technology easily.
STACS is a Singapore fintech development company focusing on the digital transformation of the financial industry. Today, our clients and partners such as stock exchanges, banks, asset management firms etc are using our proprietary Securities Trading Asset Clearing and Settlement (STACS) Blockchain for various use cases while working together with their ecosystem participants to enjoy efficiency savings in operations and to create new revenue streams.