With DBS awareness on the trend financial services let us attend to ascertain the feature of money market may be cryptocurrency can reshape the global economy! As the world grapples with economic challenges, cryptocurrencies are emerging as a fresh avenue for change. These digital assets have the potential to address critical issues such as financial exclusion, inefficiencies in cross-border transactions, and the lack of transparency in traditional systems.
While distributed ledger technology (DLT) is most known for powering cryptocurrencies, it is evolving into something much bigger, with the potential to not just upgrade, but entirely transform the world of payments. "DLT has now taken on a new force in terms of being a payments technology for financial institutions," said Tan Su Shan, DBS Deputy CEO and Group Head of Institutional Banking. She highlighted examples of modern use cases such as purpose-bound money, cross-border transactions, securities tokenisation, self-executing smart contracts, and more. "There is a lot more understanding and practical use cases. That's what excites me," she added. DLT pushing the payments industry towards a more open, efficient, and accessible future is one of the key trends highlighted by Su Shan in a discussion around next-generation transactions and financial solutions. Su Shan was speaking at the Singapore Fintech Festival 2024, on a panel focused on leading global financial services in the Asian decade. #SFF2024 #Fintech #Banking #Technology
