The state-led platformisation of financial services: Frictionless ecosystems and an expansive logic of "smartness" in Singapore
This article explores the role of the state in driving the platformisation of industry, and in doing so offers a counterpoint to scholarship that focusses on the exploitative effects of private sector-led platformisation. That scholarship views platformisation as the latest incarnation of neoliberal...
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| Main Authors: | , , |
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2023
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/cis_research/129 https://ink.library.smu.edu.sg/context/cis_research/article/1128/viewcontent/State_led_Platformisation_sv.pdf |
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| Institution: | Singapore Management University |
| Language: | English |
| Summary: | This article explores the role of the state in driving the platformisation of industry, and in doing so offers a counterpoint to scholarship that focusses on the exploitative effects of private sector-led platformisation. That scholarship views platformisation as the latest incarnation of neoliberal urbanism, with the profit-maximising tendencies of the private sector driving the proliferation of platforms throughout everyday life. Notwith- standing, there remains a need to consider alternative models of platformisation. Drawing on 31 interviews with architects of Singapore’s Smart Nation initiative, we consider the state-led platformisation of financial services. We argue that state-led platformisation can open up marketplaces to new forms of innovation, customer value creation, and competition through the creation of data ecosystems that are built on openness, trust and trans- parency. This flattens the distinctions between regulator and regulated, and between competitor and collabo- rator, and foregrounds the role of platforms in driving the transformation of industry. |
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