The Asian story of growth and more growth is alive and well, despite a turbulent summer that saw stock markets around the region plunge to new lows, according to a speaker at Sibos 2015.
Piyush Gupta, CEO of DBS Group, who spoke during the opening plenary session at Sibos 2015, said that, despite the setbacks of recent months, the conference’s location in Asia is “timely and appropriate”.
Many of the biggest changes in the financial services industry have been happening more acutely in Asia, he said, with particular activity seen in China.
He put this success partly down to the population in Asia, saying: “People count for a lot.” With so many people, and a relatively young population, people are becoming wealthier, and Asia is no longer the factory of the world, but the “marketplace of the world”, said Gupta.
He also referenced the “digital natives” of Asia. According to Gupta, 50 percent of the world’s internet usage is in Asia, and China alone has more smartphone users than there are people living in the US.
He suggested that the most profound technological changes have been in the payments space, and again, this has been most evident in China.
Gupta stressed that growth in China is not just a “flash in the pan”, pointing out that the country’s economy is still growing, only at a rate of 4 to 5 percent, rather than in double-digit figures.
Ultimately, growth and development in China is “good for the region and, frankly, good for the world”.
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