How tech is forcing Singapore's largest companies to adapt & evolve

SINGAPORE (Dec 22): The tech sector is now the largest in the MSCI Emerging Market and MSCI China indices. Yet, technology is posing a major challenge for many big companies, forcing them to adapt their business models in the face of disruption and venture into new fields.

The local banks DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank, for instance, are racing to work with fintech start-ups in order to stay at the forefront of innovation.  

Manoj Menon, senior partner and Asia-Pacific managing director at consultancy Frost & Sullivan, points out that the banks now have to evolve into technology companies delivering banking services. If they do not, their positions as financial intermediaries could be eroded.

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