As elsewhere, Asia-Pacific is beginning to witness the emergence of digital “challenger” banks – new-build “greenfield” propositions unburdened by legacy people, processes, and technology in Money20/20 Asia. Taking learnings from other markets, and inspired by the success of “TechFin” in China, APAC challengers are sure to be among the most innovative globally.
In Hong Kong, for example, an evolving regulatory stance has opened the door for non-traditional players to be licensed as full retail banks. Applicants have ranged from well-established techfins to growth-stage fintechs , from incumbent banks to non-FS distribution players – as well as strategic joint-ventures leveraging the complementary strengths of multiple parties.
The most advanced of such digital challengers seek to create and participate in partner ecosystems extending beyond the financial sector – enabling deep integration with other aspects of their customers lives, such as retail, transportation, travel, and telecommunications. These in turn allow for the development of more contextual andpersonalised offerings.
Shifting regulatory, technology, and ecosystem landscapes have created a period of immense competitive change – providing new market entrants with the tools to leapfrog incumbents and fundamentally redevelop the retail banking sector.
This March in Singapore, discover the strategies involved in the Challenger Bank Playbook, with James Lloyd and leaders from WeBank, Revolut, Transferwise, BigPay, AirAsia, KakaoBank, WeChat Pay, Standard Chartered, Citi, DBS andSpeedinvest joining the Money20/20 Asia stage.
Website: Money20/20 Asia