In-Depth Analysis: Digital Banking Strategies Across Asia

Digital banking is at a tipping point in Asia as many countries are issuing or will in the future issue virtual banking licenses to promote innovation in the financial sector. Many incumbent traditional banks are also making significant strides to try and prevent being disrupted by technology.

In developed markets with established banking services, digital banks can offer hyper-personalized value propositions such as instant-approved loans and lifestyle products through intensive data collection and analysis of purchasing behaviors. Meanwhile, in developing markets, digital banks have the opportunity to introduce the unbanked to formal financial services as the dual catalysts of smartphone and internet penetration rise over time. In both markets, digital banking can not only deliver better products to customers but is also dramatically more efficient in terms of operational costs.

In this report, we highlight major digital banking players across both developed and developing markets in Asia and identify their strategies. Four of the major digital banking strategies across Asia are 1) banking the unbanked, 2) shifting traditional banking to digital, 3) banking-as-a-service, and 4) super-app strategies.

Beyond analyzing upcoming digital banking tech companies, we also look at the strategies of some incumbent banks adapting to the coming changes. Broadly speaking, we see more opportunities for partnerships and collaboration than outright competition. While traditional banks lack technology as a core competency, innovative tech players equally need the domain expertise, regulatory cover, and well-established customer footprints of traditional financial institutions.

We’ve included our table of contents below to guide you through this report.

The Current Landscape of Digital Banking in Asia

1. Digital banking in Asian developed markets
2. Digital banking in Asian developing markets
3. Incumbent banks digitization strategy
4. Tech entering banking

Digital Banking Overview

1. What is digital banking
2. Benefits of digital banking
3. Catalysts driving adoption

Individual Country Snapshots

1. Singapore
2. Hong Kong
3. Taiwan
4. South Korea
5. Japan
6. China
7. India
8. Vietnam
9. Thailand
10. Philippines
11. Indonesia

Conclusion: Winners and Losers