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Banks look beyond Covid at challenges and opportunities ahead

The Edge Singapore Published on Fri, Dec 18, 2020 / 7:00 AM GMT+8

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Against a background of digital transformation, going green and ESG (Environmental, social and corporate governance) compliance, the long shadow of Covid-19 hangs over banks, both local, regional and global. Whatever the strains, the three local banks are likely to remain well capitalised, profitable, and competitive.

But like Singapore, they cannot run away from a global economy which is suffering from third and fourth waves of Covid-19. In addition to rolling out vaccines, the big picture is one where government stimulus measures coupled with quantitative easing and ultra-low interest rates to counter the Covid economic slump have pushed global debt levels higher.

All these factors: Weak growth, economic slump, low interest rates, rising debt, defaults, and the cost of digitalisation and sustainability are likely to provide challenges and possibly opportunities for banks in the years ahead.

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Banks look beyond Covid at challenges and opportunities ahead