Digital banks in Asia Pacific witnessed improving overall profitability in FY2019. Although some digital banks’ net profit in FY2020 has been affected by COVID-19 pandemic, their growth outlook remains optimistic.
Digital banks in Asia Pacific witnessed improving overall profitability in FY2019. Although some digital banks’ net profit in FY2020 has been affected by COVID-19 pandemic, their growth outlook remains optimistic.
The market for charitable giving is evolving like other forms of commerce and establishing a firm digital presence
These are the leading countries where new payment options are creating new opportunities and disrupting the incumbents
Technological disruption is reshaping the payment landscape, creating a tight mobile wallet business environment. Banks must reshape their strategies that will help enhance their competitiveness in this market.
Increased utilisation of financial technology is setting the stage for further digitisation of the Philippine’s consumer banking industry, which is slowly transitioning into a “cash-lite” economy.
Mobile-based payment platform OPay has grown exponentially since its launch in 2018, penetrating the unbanked and underbanked population in Nigeria. It allows users to send and receive money, pay bills, and order food and groceries, with a network of thousands of agents.
Global mobile phone users are projected to reach 4.8 billion by 2025, compared with 2.8 billion users in 2020. Businesses are tapping into this vast market as mobile wallets gain an increasing share of the payments market.
A year after Hong Kong issued eight digital banking licences, Mox and ZA Bank have emerged as the early leaders. Together with WeLab, the three banks account for 86% of all virtual banking deposit in Hong Kong.
Market development, operational challenges, and payment preferences are going to shape consumer engagement with the new instant payment platform
The inaugural BankQuality™ Consumer Survey and Rankings in the Middle East interviewed 3,000 customers in three key markets in the region on their engagement, experience and satisfaction with their main retail banks.
At the International Heads of Retail Finance Virtual Meeting on 28 August 2020, leaders from over 22 institutions in Asia Pacific, the Middle East and Africa, discussed key trends and issues impacting the industry. The rise of digital only banks, integrating lifestyle and finance through digital platforms, and improving customer experience were at the forefront of the dialogue.
The inaugural BankQuality™ Consumer Survey and Rankings interviewed 11,000 bank customers in 11 markets across the Asia Pacific region on their engagement, experience and satisfaction with their main retail banks.
Sharp rise in electronic payment incidents in Australia resulted in substantial customer disruption in 2018.
Indonesia is seeing exponential growth in mobile payments spurred by a robust fintech landscape, though usage remains uneven and limited
Chinese credit card industry exploded over the past two years, with growth rates being recorded in the number of credit cards issued and outstanding credit card debt, as well as the income from credit card business.
MoMo grew into the largest mobile wallet provider in Vietnam by offering a better user experience and forging early partnerships with incumbent players
The last four years have been considered the worst for Thai banks in retail banking. Despite a meagre income and loan growth, banks have been working hard to improve operating efficiencies, re-balance portfolios, and build digital platforms to support the country’s next phase in e-payments, internet financing and micro lending.
Asia Pacific markets have seen a shift towards digital banking during the past few years. Nowadays, banks are placing more effort on mobile banking, such as improving security and convenience of their applications and enhance the user experience to drive engagement in the channel.
Mobile payment apps have continued to proliferate in countries around the world, with Mercedes Pay soon likely to join the more familiar Apple Pay and Samsung Pay. Local apps in Asia, ranging from Paylah! in Singapore to Kakao in South Korea, offer mobile payments as well.
Emirates NBD’s efforts towards digitisation have enabled customers to bank with more ease through new account propositions. From Shake n’ Save to Fitness and other new mobile based applications, the bank is putting itself at the forefront of digital services.
Mobile payments are expected to surge in the next few years, driven by technology and analytics. However, banks are facing tough challenges from non-bank competitors offering more attractive services.
DBS Group’s retail and wealth business has been accelerating income generation since 2013. However, the bank continues to face an uphill struggle with some of its overseas retail markets.
Wide discontent with conventional banks have led to the emergence of mobile-only fintech banks. However, these challenger banks are struggling to expand their customer reach, putting doubts whether they can stand against bigger traditional banks.
The incumbent outlines its response to an increasingly fragmenting payments landscape offering to support old and new customers alike by helping them de-risk major technology investments with the provision of a gateway service.
The development of digital platforms that enable direct global money transfer is a nascent but fast growing business model from the remittance industry. The model does not envisage traditional banks as part of the long term plans, and competes with the largest global money operators head on.
Innovations emerging from East and West African banking hubs are enabling the sector to take a lead in reaching Africa’s unbanked population but much remains to be done.
New payment options in the market are creating new opportunities, making competition fiercer, and reducing the use of cash and cheques.
Banks are integrating new technologies into their core businesses to improve their digital banking presence and speed-to-deliver
Asia Pacific markets have seen a shift towards digital banking during the past few years. Nowadays, banks are placing more effort on mobile banking, such as improving security and convenience of their applications and enhance the user experience to drive engagement in the channel.
China Merchant Bank (CMB), Industrial and Commercial Bank of China (ICBC) and other major Chinese commercial banks have stopped robo-advisory services in response to increased regulatory scrutiny.
The current disintermediation in payments and MSME lending marks the tip of the iceberg, and retail deposits may be the next battleground
Alipay retains its top spot in this year’s ranking, while Apple Pay climbs higher with its expanded financial services ecosystem
China’s economy grew faster than expected at the start of the year but it remains to be seen if it signals a solid recovery trend as the crisis-hit property sector bears down on growth