Managing Director, Strategic Alliance & Fintech. Group Channels & Digitalisation, United Overseas Bank
Giao Pik HO is Managing Director at United Overseas Bank and leads with Strategic Alliance and Fintech for the Group. In her current capacity, Giao Pik brings her strong banking experience to Government fintech initiatives, builds ecosystem partnerships and identifies digital capabilities to drive growth in customer segments through innovative fintech and digital platform solutions.
Prior to that, Giao Pik had overall business responsibilities for Banks and Non-Bank Financial Institutions clients in South & South East Asia as well as leading with Bank client relationships for the Group with a mandate to deliver on total client relationship value across Capital Markets, Global Markets and Transaction Banking. Giao Pik also held various senior business leadership roles in ANZ and started out her career with Standard Chartered Bank.
Giao Pik is passionate about diverse leadership, perspectives and inclusion in the wider community and serves on BoardAgender Management Committee, a Singapore Council of Women’s Organisations (SCWO) initiative. She is also a champion and mentor with Financial Women’s Association.
Roundtable Room 1, Sands Expo & Convention Centre, Level 4
Invite-Only
Currently, several new forms of digital money are invented through tokenization. Banks are exploring tokenized deposits, or Commercial Bank Money Tokens (CBMT), as a way to modernise their offerings. However, much of this innovation is happening outside their direct control, often spearheaded by fintech players and driven by clients demanding solutions like stablecoins for cross-border payments. Additionally, central banks and regulators are beginning to enforce support for digital currencies such as retail Central Bank Digital Currencies (CBDCs), as seen with MAS on the pilot use of wholesale CBDCs in Singapore and the European Central Bank’s initiatives in Europe.
As of September 2024, three countries have successfully launched retail Central Bank Digital Currencies (CBDCs), while 35 countries are currently in the pilot phase of their CBDC projects. Additionally, 12 countries are engaged in research to explore the feasibility and implications of CBDCs, and 13 countries are actively developing their digital currencies.
Emerging tokenized forms of money, especially those running on blockchain, operate fundamentally differently from traditional currencies. We have seen new forms of digital fiat money being invented through tokenization running on chain, including central bank money, commercial bank money, regulated stablecoins, and money market funds. These new kinds of money will technically be managed on different flavours of distributed ledgers instead of centralised databases. As a result, banks and other financial institutions must modernise their systems to ensure they can manage and transact with tokenized money effectively. This transformation will impact the IT infrastructure, core processes, and even strategic operations.
In this roundtable, we will explore the key considerations FI players need to address as they prepare for this shift, including technical, regulatory systems, and operational challenges.
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