Why Malaysian Banks Will Never Build A Superapp

It is unlikely that there will ever be a banking superapp, as consumers have no issue switching between apps to accommodate their financial and non-financial needs.

“Consumers have no qualms using many apps that are [the] best fit for their specific needs and will choose a financial service provider based on convenience at the point of transaction,” Ryan Teoh, group chief strategy and innovation officer at RHB Bank Berhad, told attendees of the Kuala Lumpur leg of the 2023 Asian Banking & Finance Forum held at the Impiana KLCC on 24 May.

Teoh presented a compelling slide illustrating how jam-packed Malaysia’s “Digitally Disrupted” banking landscape is: one that spans all 124 payment brands present in the country as well as the 14 sectors — some beyond banking and finance — in which they are active.