No wonder the race for digital banking licenses intensifies...


Digital banking is at a tipping point in the Asia-Pacific region and the financial services industry needs to be prepared for a transformative year ahead.

Banks and financial institutions need to be proactive in their response to the looming digital revolution if they’re going to effectively capitalise on this new era in banking.

One of the biggest mistakes any bank can make right now is to do nothing; it is imperative that banks and financial institutions evaluate their existing strategies and look at how they can evolve with the times rather than remaining stagnant.

We know that a digital transformation is inevitable in the APAC financial services industry, but what we’re seeing is that many established institutions are in urgent need of a cultural transformation before they can embrace this brand-new world.

Banks are now realising that they can’t continue to think and operate the way they always have because the industry is undergoing constant transformation. They really need to start thinking and operating like fintech’s if they’re going to thrive in this new era – technology needs to underpin the entire business model.

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