The DBS 2020 Digital Treasurer Survey has revealed that businesses in Singapore continue to lead in digitalisation efforts across the Asia-Pacific (APAC).
Polling around 1,700 corporate treasurers, CEOs, CFOs and business owners across the region, the survey showed that in terms of digital readiness, close to half (45%) of Singapore’s corporates have a well-defined strategy – the highest proportion in APAC, overtaking Japan’s pole position in the bank’s 2019 Digital Treasury Survey. This was followed by Hong Kong (44%) and Japan (41%). The survey also revealed that businesses in the Philippines (10%) and Vietnam (8%) were the least digitally-ready.
Comparing businesses in APAC to their global peers from the USA and UK, it seems that both of these mature markets had a significantly larger proportion of businesses with a well-defined digital strategy. For instance, almost half of businesses in the USA and UK have a well-defined strategy, as compared to two in 10 in APAC.
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Tan Su Shan, Group Head of Institutional Banking, DBS Bank, said, “The impact of technology on businesses has never been more apparent than now. Amid the storm that the pandemic has caused, digital solutions have become a lifeline for most businesses globally, regardless of size or industry. This is also where having a clearly-defined strategy will help to separate the victors from the losers in times of uncertainty. As we embark on the ‘next normal’, we must chart a new direction and stand ready to constantly change and adapt to new circumstances. With major and likely irrevocable shifts in consumption, work and travel patterns brought about by Covid-19, the coming decade will be more disruptive than the last, and businesses have to be ready for a lifelong journey of metamorphosis to survive and thrive.”
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