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.
With 12 months in operation, Paytm Payments Bank is diversifying its product scope beyond payments, aiming to rapidly scale in the merchant and consumer space
Digital-only banks pose serious challenges to the traditional financial services industry with their entirely new banking experience. However, for most of them, licensing, scale and profitability are the three key issues they must face going forward.
Kakaobank has been successful as a pure mobile bank, with a strong smart strategy, and a shareholder composition contributing core digital online capabilities to the company.
The secondary market for trade finance in Asia is undergoing a digital evolution. With institutional investors accessing this emerging asset class through new digital platforms and banks expanding their reach, it could help narrow the trade finance gap.
Edwin Bautista, chief executive officer, Union Bank of the Philippines, describes the bank’s digital transformation journey, the results of its technology achievements, and plans to accelerate its growth into a digital bank.
Hoyoung Yun, chief executive officer, KakaoBank, established the first digital bank in South Korea, which achieved a strong growth of five million customers within six months, backed by innovative services.
Anthony Thomas, chief executive officer, Mynt, was recognised for his leading the company in accelerating affordable and sustainable financial inclusion in the country, enabled by innovative features and emerging technology.
Chatbots are another example of relatively low-cost advancements in artificial intelligence adoption within the banking industry. These computer programmes are designed to conduct live chats to resolve common queries and carry out specific tasks; and they are proving to be popular among customers.
Vincent Hui, head of personal banking division, Bank of East Asia (Asia Pacific), led the bank’s digital transformation journey, making it as of one of Hong Kong’s top retail financial services providers and an internationally acclaimed innovator.
Under Nancy So’s leadership, the bank has successfully positioned itself as a one-stop shop for corporate cash management solutions in Asia. Despite personal circumstances at the bank, she has driven the cash business in times of extreme uncertainty.
John Wong, head of global liquidity and cash management, Hang SengBank, has a proven track record in delivering strong and sustainable business results, driving the growth in the bank’s transaction banking business.
David Richard Thomas, group chief risk officer, CIMB Group, was recognised for leading the bank’s successful risk management efforts
Jocelyne Chahwan, head of retail banking, BLOM Bank was recognised, for leading the bank’s digitalisation journey and successfully overseeing several developments in its retail banking business, including the acquisition and integration of the Lebanese retail banking and wealth management business of HSBC Bank Middle East.
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