The Banking and Finance sector has been extremely innovative over the last decade - the shift to digital and online, the growth of Fintech and an increased focus on the customer - but never has it moved so fast as it did in the last two weeks of March 2020.
When Covid came, we all had to very quickly change the way we worked, the way we communicated, how we socialised, even what we did for leisure.
Why do we need virtual banks? Is this just another barrage of buzzwords the banks are using in the hope of gaining some positive media coverage and a few speaking engagements? Or is there something of value in a virtual bank for consumers?
The virtual bank licenses in Singapore are a vital step forward for the banking industry globally. Scott Bales looks at why these licenses are key to changes in banking.