From 2019 to 2023, the share of consumer finance relative to total retail lending declined in Hong Kong and South Korea, but increased significantly in the Philippines.
From 2019 to 2023, the share of consumer finance relative to total retail lending declined in Hong Kong and South Korea, but increased significantly in the Philippines.
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.