INTERVIEW
GLDB transforms Singapore MSMEs’ supply chains The bank will use AI, blockchain, and big data to support small businesses.
E
ven the smallest of ripples can transform to be the biggest waves in the ocean–and a similar mindset is driving Green Link Digital Bank (GLDB), Singapore’s newest wholesale digital-only bank, which announced its soft launch in June. “We adopt the Chinese principle of ‘勤为善小、 行无止境’ (Be kind. Be diligent. Be persistent.) as our corporate tenet, which translates to the bank’s unyielding commitment to every client, no matter its size, as even the smallest deeds can have rippling implications for the wider ecosystem,” Goh Soon Hong, executive director and CEO of GLDB, told Asian Banking & Finance in an interview. “This is the cornerstone of our corporate values.” Green Link Digital Bank’s name combines its two shareholders, Greenland Group and Linklogis. It is one of the four digital bank license winners from the 29 entities that vied for a license from the Monetary Authority of Singapore (MAS), snagging one of the only two licenses for a wholesale digital bank in the city. “The launch of the digital bank framework is the latest step in Singapore’s banking liberalisation journey that ensures that our banking sector continues to be resilient, competitive, and vibrant. We expect that the digital banks’ strong digital know-how and access to alternative data sources will bring fresh perspectives and innovative propositions that better meet the needs of underserved markets and raise the bar for delivering financial services across the industry,” a MAS spokesperson told Asian Banking & Finance. Servicing MSMEs Goh, a banking veteran with over two decades of experience in the field, said that they aim to service micro, small, and medium-sized enterprises (MSMEs) in the country by combining their parent firms’ experience in servicing MSMEs in China with Linklogis’ latest cuttingedge financial technology. This is echoed during the firm’s announcement of its soft launch, when Song Qun, the founder, chairman, and CEO of Linklogis as well as the vice chairman of Green Link Digital Bank, shared their aim of bringing cuttingedge financial technology and experience in servicing MSMEs in the Lion City. “We will continue to explore the application of advanced technologies such as AI, blockchain, cloud computing, and big data (ABCD) in supply chain finance, incorporate environmental, social, and governance (ESG) factors into our product development and growth strategies, and create a digital banking industry benchmark, contribute to the Singapore market, and
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Goh Soon Hong, executive director and CEO, Green Link Digital Bank (Photo courtesy of GLDB)
It is our hope that we can become a trusted partner for MSMEs
realise sustainable growth,” the Linklogis CEO said. Goh said that they have “a positive outlook” for neobanks to thrive in Singapore, further noting that other markets in the ASEAN region, notably Malaysia, Indonesia, and Thailand, are also now granting digital bank licenses–signalling healthy interest for digital-only banks in the ASEAN region. If anyone has the authority to say this, it would likely be Goh, who has decades of experience working with the SME sector in Singapore. Prior to his role as CEO of Green Link Digital Bank, Goh served as head of Sales & Distribution and country head of Medium Enterprise in SME Banking for DBS Bank. Under his former role, Goh grew the micro-SME and medium SME portfolio of the bank and gained extensive insights into the day-to-day concerns of SMEs in Singapore. Now Goh faces his biggest job to date: leading one of Singapore’s first-ever digital banks. Asian Banking & Finance spoke with Goh to learn more about Green Link Digital Bank. It is common knowledge that Singapore’s banking industry is amongst the most mature in the region. What made the parent firms of GLDB decide to apply for a licence and launch a digital bank in the market?
