Singapore

Approximately 55-80% of customers are considering opening an account in a digital-only bank.

The region has attracted more fintech investments than North America and Europe.

It helps that digital banking penetration in the lion city is high at 97%. Nearly 8 in 10 banking customers in Singapore admitted that they would consider opening an account with a branchless, digital-only banks, according to a report from management consultancy firm McKinsey. Of this number, Singaporeans are willing to migrate more than a third or approximately 35% of the assets in their accounts to a digital wallet.

Mobile banking has grown at least twofold in Emerging Asia to outpace other e-banking types. Smartphone banking is on the rise in Asia as it has outpaced all other e-banking types with digital penetration expanding in both scope and scale particularly in Emerging Asian markets, according to a report from management consultancy firm McKinsey. Digital banking penetration has expanded from 1.5 times to as much as threefold in various Emerging Asian economies since 2014, giving rise to a larger percentage of digitally active customers, accounting for a fourth (25%) of the population in markets like China, India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Taiwan, and Thailand and 85% of the population in Developed Asia. The median for e-banking penetration is at almost thorough at 97 for Developed Asia and more than half at 52 for Emerging Asia. “For banks, these changes represent both a challenge and an opportunity,” said McKinsey & Company partner and head of Asia Pacific digital banking practice Vinayak HV. “What’s clear is that they cannot rely on their existing business models and need to consciously invest to change their businesses in line with rapid changes in consumer sentiment and behaviour.” Major banking players need to fine-tune their digital strategies in an effort to tap the increasingly online audience or risk losing patronage to mobile wallets who are quickly snapping up market share in India and Hong Kong.

Aggregate NPL ratio of local banking groups rose from 0.4% to 1.6% in 2017.

It accounted for more than a fourth (26%) of the group’s global profits.

Customers can make purchases at Apple Pay merchants within minutes of credit application.

Property owners and developers are the initial target clientele.

The joint venture will have a capital of up to $10m.

The assets of top Chinese onshore private banks grew 25.5% whilst Asia rose by a mere 7.4% in 2013-2017.

The world’s wealthy are increasingly turning to Asia.

SmartSend allows money transfers to Australia, Hong Kong, India, Indonesia, Malaysia, Philippines, the UK, and the US.

The central bank is taking a more organic approach, enabling banks to share data on their own.

It will be available for customers in Southeast Asia and Oceania by 2019.

Seven in 10 banks intend to utilise AI to streamline bill payments.

Almost half believe non-banks provide better assistance than traditional banks.