Gupta said the green transition and technology will transform the world, but the consequence of these shifts is massive social redistribution and unrest, with lesser developed countries bearing the brunt of this transition. 

«I don't just think there's a new paradigm for how we do business. I think there's a new paradigm for how we run the world,» DBS chief executive Piyush Gupta said on Wednesday at the Bloomberg New Economy Forum in Singapore.

Apart from transitioning from fossil fuel/carbon-led world, technology, in the form of Web 3.0, AI, and 5G, will drive massive changes in the global economy, Gupta said on the panel «A New Paradigm for Global Business,» which also included NYSE president Stacey Cunningham, Pimco managing director and vice-chairman John Studzinski, and UBS chairman Axel Weber.

New Infrastructure

He noted that apart from the public and private sectors, any common good agenda needs buy-in from the «people» sector, as the capacity of the individual to have a voice, especially with social media, is growing. 

«Our current global multilateral institutions are failing us. «I can see a completely new infrastructure and architecture for managing the digital world and digital economy at a global level. A "United Nations for digital",» Gupta added.

Governments Won't Tolerate This

Weber said he was a believer in the technology behind blockchain and digital ledger technology but remained skeptical about crypto because of its anonymity.

«It will not survive. The only time you had that was in the old paradigm when you had banknotes… crypto trying to do that in digital will be jumped on by government,» Weber, who was previously the president of the German Bundesbank, said. «I love the technology and the idea of instantaneous transactions, but I think it needs to have KYC/AML procedure […] Governments will not tolerate this to become really big.»

«Regulation will definitely follow and the government will definitely get involved. The revolution that drove crypto […] if we don't address those themes of individuals not feeling part of the framework we've created, we're going to see that conflict continue,» Cunningham added.