Technological advancement is revolutionising financial services, and in the next few years even more profound change is likely to happen. Blockchain – or distributed ledger technology – is one technological advance in particular that offers immense potential to completely transform areas of transaction banking, if not the entire financial industry, says Lim Soon Chong, group head of global transaction services at DBS.

Sriram Muthukrishnan, group head of product management, global transaction services, DBS, explains how digitisation is accelerating the sustainability agenda.

Covid-19 has exposed gaps in global trade ecosystems, but there is no better time than now for industries and businesses to transform, says Daniel Lit, executive director for trade product management, global transaction services, DBS Bank

Since 2014, DBS’s transformation has been nothing short of impressive. Nearly every aspect of the way it operates and how it interacts with customers has been digitalized.

Supply chain finance is on the cusp of a revolution in Asia, shaken up by the increasing use of technology in transaction services. The potential growth in the region is huge — and DBS is well positioned to make the most of the opportunities offered by the market.

Global technology companies have changed many industries and banking has not been immune from this digital onslaught. But banks themselves have maintained their central role in a world increasingly dominated by tech companies. The key advantages banks have over technology companies include the solidity of branches, brand loyalty, and national purpose. Banks also have zero tolerance towards failure. Tech companies do many things well, and banks need to learn from them if they are to maintain their central position.