Singapore’s financial sector must resist risk aversion, be bolder to stay at cutting edge: former DBS chief Piyush Gupta
Success in building Singapore’s financial system makes it easy to ‘focus too much on stability’
Former DBS chief Piyush Gupta has urged the Singapore financial sector to resist risk aversion and embrace boldness to remain at the forefront of innovation, according to a report. Speaking at the launch of his book on the financial sector's evolution and future, Gupta emphasized that Singapore's success in building a strong financial system often leads to a focus on stability, which could be detrimental in the rapidly changing global landscape.
He stressed the need to be as bold as Singapore was in the 1960s and 70s, highlighting the importance of trust in the industry. Singapore has done an excellent job balancing innovation and stability, but must continue to do so to maintain its position as a global financial hub. Minister for National Development Chee Hong Tat agreed, stressing the need to take calculated risks and accept failures to explore new opportunities.
Gupta recommends that Singapore explore launching a Singapore dollar-backed stablecoin to stay ahead in the global race to build the next generation of financial infrastructure.
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