Commenting on the awarding of digital bank licenses in Singapore, SMU Assistant Professor of Finance (Education) and Programme Director of the Citi-SMU Financial Literacy Programme for Young Adults Aurobindo Ghosh said by bringing in China's fintech and e-commerce, Alibaba, the parent company of Ant Group, may be a catalyst for standardisation and interoperability in fintech services such as payments. Assistant Prof Ghosh said this bodes well for Singapore SMEs to tag along with not just the world's second largest economy, but one of the fastest recovering major economies since the start of the COVID-19 pandemic. He said the need for digital banks or brick-and-mortar banks with a digital presence has been deeply felt in the light of the pandemic worldwide.