“Sparking the Next Generation of Future-Ready Solutions for Businesses Today” - Powered by DBS Bank
Sriram Muthukrishnan of DBS Bank discusses the growing importance of the platform economy in today's business landscape. He highlights how businesses are increasingly leveraging digital platforms for cash management and trade finance.
Key highlights
The rise of the platform economy
- The onset of ""Platformisation of Businesses"" leading the shift towards a digital ecosystem.
- McKinsey's projection of $60 trillion in revenue being mediated by digital platforms by 2025.
Challenges in the platform economy
- Mundane activities such as making sure that two partners with the same name have unique identifiers.
- Customer data segregation: how to make sure confidential data can be separated from other datasets and reconciled at will?
- Complexities such as regulatory hurdles when making payments that come with international transactions (for e.g. a small merchant in India selling to a small SME in Singapore)
DBS Platform Services solution
- To address these issues, DBS introduced 'Platform Services', a comprehensive solution for managing transactional complexities, regulatory compliance, and customer data.
- Across India, China, and other locations, DBS is working with fintech, financial providers and other intermediaries who are enabling e-commerce to happen.
- Sriram provides real-world examples, such as DCS Innov and investment brokerages like Webull and Tiger Brokers, benefiting from DBS's services.
Conclusion
When customers want to grow the business, they get caught up in the complexities of managing these mundane tasks. If they don't manage them well, they are going to run afoul of regulators and lose the trust of customers and counterparties. That is why they need a comprehensive platform services solution that can seamlessly integrate with the services they are offering.
Watch Full Session
Speaker:
- Sriram Muthukrishnan, Group Head of Product Management, Global Transaction Services, DBS Bank