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.
State enterprises form one of the largest customer segments of Krung Thai Bank. But this does not confine the bank, as it enters the nongovernment retail deposit market driven by a mix of competitive pricing and products, process innovation, and a strong branch network.
UnionBank topped the 2023 BankQuality™ Survey in the Philippines as the Most Recommended Retail Bank, achieving a score of 67%, tying with Metrobank but with varying margins across key categories
Thirty-seven banks held assets surpassing $1 trillion, distributed among 16 in Asia Pacific, 13 in Europe, and eight in North America, representing 51% of the top 1000 banks’ total assets; overall asset growth has decelerated, with the US and some European nations experiencing steep declines and countries like Egypt demonstrating resilience
Al Rajhi Bank in Saudi Arabia remains the leading global Islamic bank, with Middle Eastern counterparts surpassing Asian ones in scale and profitability, while Asian Islamic banks exhibit stronger asset quality
The majority of institutions surveyed attribute their increased Renminbi usage to China’s investments and partnerships facilitated by the Belt and Road Initiative
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A prominent player in Southeast Asia’s digital finance sector, the group saw significant growth in 2023, cutting losses by 29% despite a challenging economic environment
The top 10 digital banks saw revenue grow from $41 billion in 2022 to about $49 billion in 2023
While asset growth of world’s 1000 largest banks remained stable, loan and deposit growth slowed
North America and Asia Pacific banks maintain overall balance sheet strength over those in other regions, with the Middle East showing some improvements. Profitability among all 1000 banks improved, driven by higher interest rates, while asset quality indicators stayed stable.
The Middle East and Africa lead in bank profitability, benefiting from considerable non-interest-bearing deposits and elevated oil prices in the Middle East, along with high interest rates and foreign exchange gains in Africa, according to the TAB Global 1000 Strongest Banks Ranking.
Digital banks continue to experience rapid growth in users, assets and revenue, with Brazil’s Nubank, the retail arm of ING Group and China’s WeBank leading the sector. Profitability among digital banks has improved, with a shorter time to break even.
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