Innovation by financial technology companies (fintechs) has led to many banks opening their doors for collaborations. The strategic approaches, often multidimensional, vary from investments to building an ecosystem and technology partnership

Increasing adoption of digital payments has resulted in stiff competition within the industry. Non-bank payment players have become more aggressive, aiming to grow into full scale financial service providers.

Regulators in Asia Pacific such as Indonesia's OJK are actively planning for measures to promote the growth of fintech in the region.