Report Extract
CORPORATE FINANCE
Report Extract
Governments and institutions across
APAC recognise the benefits of digitalising their economies . Not only can financial technologies support potential growth and poverty reduction by strengthening financial development , inclusion , and efficiency , but they can also make for a more secure and efficient financial system and transform the way governments operate .
Policymakers have greater access to timely and accurate data . With better information , governments can design and implement better policies , such as enhancing the efficiency of government spending and improving public service delivery . Governments can also enhance tax collection and , as a result , revenues by introducing e-filing , e-payments , and e-customs initiatives , making it easier to collect data on financial transactions .
Businesses also recognise the potential for these new financial technologies to help them to increase productivity , achieve cost efficiencies , and provide higher customer value . As such Asian businesses are pushing hard to deploy technologies such as cloud , APIs , mobile apps , resiliency , and analytics to reap the rewards of digital transformation . These initiatives are laying the groundwork for organisations to innovate their business models and to derive new revenue streams through digital products and services .
62 October 2021