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