‘We can become the trade brain hub'

SMU Vice President for Business Development and Professor of Finance (Practice) Annie Koh was one of the panellists at The Straits Times' Roundtable discussion which focused on Singapore’s banking future. The panellists – comprising Prof Koh, two bankers, an entrepreneur, and the Straits Times’ assistant business editor - were largely positive about Singapore's ability to navigate a future in which finance is ruled even more by technology than today. Citing a blockchain example. Prof Koh noted that it is unlikely, in the global scheme of things, that Singapore will be driving blockchain protocol, but was quick to stress that we can use blockchain to completely change the way we trade, from Customs to the port, from payments to the freight forwarders, with trade and supply-chain financing leveraging on technology to reimagine trade. Referring to the National Trade Platform, an initiative in this year's Budget enabling more sharing of integrated electronic trade data between businesses and the Government, Prof Koh argued that if this can be pulled off, it could be expanded to the Asean Economic Community - whose thrust is regional economic integration - and even the Trans-Pacific Partnership.