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Going digital-only is not a win-win solution





Going digital-only is not a win-win solution
DIGITAL transformation has hit countries around the globe. The Lion City is one of the world's top hotbeds for technology and innovation today. In fact, Singapore accounted for a quarter of the nearly US$6 billion in capital invested in South-east Asia's technology firms during the first half of this year. Specifically, fintech investments were found to have nearly quadrupled from a year ago to US$453 million in the first half of 2019, making Singapore the third-largest fintech market by funds in the Asia-Pacific.
 
With a huge potential such as this, fintechs need to realise the importance of connecting the digital and physical worlds, rather than disconnecting them from each other.
 
Home to a cumulative 650 million people, banking penetration remains low in South-east Asia, with only 47 per cent of the population having a bank account. This is higher in the Philippines (77 per cent), Vietnam (65 per cent) and Indonesia (52 per cent). In this context, pushing too hard and too fast towards a cashless economy is simply bad for business. If a company refuses to take cash, that leaves a lot of the world's money on the table.


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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

The cashless society from an ethical point of view









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The debate

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