|University||SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS)|
|Subject||technological innovations in Singapore Assignment|
technological innovations in Singapore Assignment, SUSS, Singapore: Discuss and describe the role of banking in the economy. What are the challenges that are faced by banks in the provision of financial services?
Discuss and describe the role of banking in the economy. What are the challenges that are faced by banks in the provision of financial services?
The banking sector is an essential tool in the modern economy. As the main source of credit suppliers, it makes available money for people to purchase cars, and homes and for businesses to purchase equipment, extend their operations, and ability to maintain their payrolls. (Hall, M. 2023)
With a total strength of almost US$2 trillion, Singapore’s banking sector is essential to the role of financing local and regional development in trade and infrastructure, and a reputable global private banking center. (MAS,n.d.)
Singapore has centred itself on being a major global trading and core of treasury attending to investment and risk management needs in the Asian time zone.
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