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.

WeBank of China, Ally Bank in the US, and the retail arm of ING Group, topped The Asian Banker's the inaugural global ranking of leading digital banks.

While fintechs may take some market share away in specific niches, the partnerships, analytics, and value-add that leading banks are developing can keep head of the game. Banks that fail to keep up could lose a significant share of their SME business

Despite economic headwinds, banks leveraged advanced technologies and a customer-centric approaches to drive balanced growth, with customer engagement, financial inclusion, and ecosystem development emerging as key strategies

Hong Kong consumers voted Citibank as the Most Recommended Retail Bank with a BankQuality™ Score of 19%, Airstar Bank as the Most Recommended Digital-Only Bank with 12%, and Octopus as the Most Recommended Platform with 14%.