Commercial banks such as DBS Bank and traditional exchanges such as the Singapore Exchange have one thing in common: they are setting up and adding digital exchanges and platforms to their existing business lines.

While fintechs may take some market share away in specific niches, the partnerships, analytics, and value-add that leading banks are developing can keep head of the game. Banks that fail to keep up could lose a significant share of their SME business

Given that remittances are so lucrative in so many markets in Asia, and that new competitors are offering faster and cheaper services, banks will need to develop new models if they want to keep their customers.

The financial services market size in the metaverse is predicted to drop from 22% to 6% by 2030—its fall from tech wonder to half-baked idea in financial services requires differentiation in its value proposition to secure success