Singapore Financial Sector Innovation Needs Calculated Risk-Taking, Says Gupta

Singapore financial sector innovation will require greater willingness to take calculated risks if the city-state is to retain its competitive edge as technology transforms global financial infrastructure, former DBS chief executive Piyush Gupta said.

Speaking at the launch of his book on Singapore’s financial sector, Gupta warned that the country’s reputation for stability could encourage excessive caution.

He argued that policymakers should preserve trust while remaining willing to test new financial technologies and market structures.

Gupta suggested exploring a Singapore dollar-backed stablecoin, noting that Hong Kong had moved ahead with fiat-backed digital currencies.

Monetary Authority of Singapore deputy chairman Chee Hong Tat supported the case for measured risk-taking.

He cited the Global Listing Board and the SGD6.5bn (USD5.1bn) Equity Market Development Programme as initiatives designed to strengthen Singapore’s capital markets and maintain international competitiveness.