PwC Singapore and Elevandi have released the Banking for Business Insights Report in conjunction with the Singapore Fintech Festival (SFF) 2022. The knowledge plenary session explored a few topics of discussion, which are mainly about SMEs, particularly how SMEs are seen as an important factor in the broad markets. With the rapid growth of digitalisation, more and more key players have embraced the opportunities available to SMEs. Regulators, policymakers, and industry leaders have been discussing and debating the current state of credit models, digitalisation, inclusion, and partnerships in the SME growth story.
The open dialogue also highlighted the importance of collaborative partnerships from the ecosystem to support the underserved groups in the economy. The evolution of digitalization in Africa, for example, is redefining a major FinTech opportunity with a more viable case study. It then highlighted the effectiveness and challenges of adopting AI in banking. The case study of AI adoption remains experimental and requires trust maintenance for the consumer. There were interchangeable and similar obstacles with data availability and data quality, privacy and trust, regulations, and partnership.
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