Singapore study trip showed the limitless future of FinTech

A group of undergraduate students from the GLEF and Asian Business Studies of CUHK Business School participated in a three-day study trip to Singapore from 2 - 4 November 2017. Led by Dr. Anson Au Yeung, ABS Program Co-Director, the group developed their insights into Singapore’s business environment, and its position as one of the leading business hubs of Southeast Asia through company visits and lectures.

Students first visited Otonomos, an international FinTech start-up, where they were introduced to the concepts of blockchain technology, and how the company transformed and streamlined traditional companies’ incorporation and governance processes through digitalization.

During the visit to National University of Singapore (NUS) Business School, students attended a lecture by Prof. Toh Mun Heng, where they learned how the country’s economy flourished under the leadership of Mr. Lee Kuan Yew, through the development in industries, including manufacturing, trade, business services, and finance.

The final stop of company visits took students to Citi Innovation Lab in Changi Business Park. Students were greeted by the industry experts from Citi Innovation Lab team, who shared valuable insights of how the landscape of the banking industry has transformed with the introduction of FinTech. Citi demonstrated its latest transaction banking solutions and how the Innovation Lab uses new web, mobile, supply chain and analytics technologies to engage institutional clients more innovatively and to create the most effective solutions and products for them. The experience enhanced the students’ understanding on the thriving financial technologies. Students also enjoyed an interactive workshop to gain first-hand experience of the bank’s design thinking process, and to learn how to utilize the same concepts to create their very own innovative products and services.

Ms. Angel Ng, Consumer Business Manager of Citibank Hong Kong said, “We are committed to partner with different stakeholders with an aim to cultivate next generation talents to meet the growing needs of FinTech in Hong Kong. By sharing best practice in promoting FinTech and fostering collaboration among Citi’s offices will create strong synergies in the development of FinTech talents.”

“For a business student, understanding the latest industry trend and the increasing complex global business environment is much more important than mastering textbook knowledge,” shared by Michael Guo (ABS, Year 3 [2017]). “The trip was insightful and valuable to prepare me for the challenges ahead. Exploring Singapore allows me to have a more comprehensive view of Asian business.”

Established in January 2011, Citi Innovation Lab in Singapore leverages algorithms, analytics, and interactive and visualisation technologies to engage Citi’s institutional clients and deliver innovative products that solve their strategic challenges.

Source: CUHK Business School