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.

These are the leading countries where new payment options are creating new opportunities and disrupting the incumbents

Retail banking sector has been the main growth driver for Indian banking sector during the past few years, as banks’ exposure to corporate banking sector has been reduced due to bad loans problems. Their retail lending has grown at a compound annual growth rate (CAGR) of 16.2% over the FY2013 to FY2018 period, making India's retail banking one of the biggest among emerging markets.

Increased utilisation of financial technology is setting the stage for further digitisation of the Philippine’s consumer banking industry, which is slowly transitioning into a “cash-lite” economy.

Mobile-based payment platform OPay has grown exponentially since its launch in 2018, penetrating the unbanked and underbanked population in Nigeria. It allows users to send and receive money, pay bills, and order food and groceries, with a network of thousands of agents.

The global financial industry has evolved as a result of the widespread digital transformation of traditional banks and the entrance of new digital banks. In the Middle East, the legal framework is slowly developing, which will open up the market to more digital banks.

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.

The rapid transformation of domestic and cross-border payments brings new opportunities and challenges for financial institutions.Amid shrinking payment margins, players are rethinking their business models to better monetise data insights and integrate financing options such as “buy now, pay later” (BNPL). Industry experts share their views on the impact of this changing landscape, emerging value propositions, and key technology enablers for future growth

Market development, operational challenges, and payment preferences are going to shape consumer engagement with the new instant payment platform

The inaugural BankQuality™ Consumer Survey and Rankings in the Middle East interviewed 3,000 customers in three key markets in the region on their engagement, experience and satisfaction with their main retail banks.

At the International Heads of Retail Finance Virtual Meeting on 28 August 2020, leaders from over 22 institutions in Asia Pacific, the Middle East and Africa, discussed key trends and issues impacting the industry. The rise of digital only banks, integrating lifestyle and finance through digital platforms, and improving customer experience were at the forefront of the dialogue.

The inaugural BankQuality™ Consumer Survey and Rankings interviewed 11,000 bank customers in 11 markets across the Asia Pacific region on their engagement, experience and satisfaction with their main retail banks.