Sovereign wealth fund urging portfolio companies to embrace tech - or be turfed out

Singapore

IN MANY ways, it's do or die. It is why GIC is actively "encouraging" incumbents in its portfolio to seize technology - or run a real risk of becoming irrelevant.

Be they in banking or any other traditional form of business, incumbents have to wake up to the new reality that barriers to entry are coming down with technology.

Greater regulatory liberalisation in age-old industries is another factor; just last week, Singapore announced its licensing framework for digital banks.

GIC has invested in fintechs such as challenger banks N26 …