Cloud is the gamechanger for the financial sector in 2023 - TechNode Global

In 2023, the financial sector is predicted to experience massive changes as traditional financial institutions (FIs) compete with Fintechs and digital services for supremacy. The launch of new digital banks like Maribank, Boost Holdings, and Sea Ltd has utilized technology and data to deliver innovative and personalized financial services to draw new customers in Singapore and Malaysia. In Singapore, Deputy Prime Minister and Minister for Finance Lawrence Wong emphasized the potential for digital technologies to create streamlined and efficient financial operations. Amplifying this point, the Monetary Authority of Singapore (MAS) and the Ministry of Finance (MOF) collaborated with FIs to provide digital solutions that reduce processing time for government guarantees and insurance bonds. Digital transformation will be key to altering the way financial institutions deliver positive customer engagement in 2023.