Digital banking has been a transformative force across the globe, but nowhere is its impact more significant than in the Asean region. According to Deloitte, Asia-Pacific leads the world in digital payment adoption, contributing two-thirds of global digital wallet spend at US$9.8 trillion.
Beyond just facilitating simple day-to-day transactions, digital banking is a vital driver of regional connectivity, creating opportunities for greater financial inclusion, cross-border trade and economic integration.
GROWTH OF DIGITAL BANKING IN ASEAN The rapid adoption of digital banking in Asean can be attributed to several factors. First, the region's youthful population - around half of Asean's population are under 30 - is driving demand for digital-first banking experiences.
The region also has one of the highest rates of mobile phone penetration in the world at over 60 per cent. Countries such as Indonesia and the Philippines have more mobile connections than people, making mobile banking platforms a natural extension for millions of users.
Moreover, many of Asean's member countries have large unbanked or underbanked populations. According to a report by Bain & Company, Google and Temasek, over 70 per cent of consumers in South-east Asia are unbanked or underbanked, with limited access to formal financial services.
With a population of more than 675 million in South-east Asia, there is huge potential in the growing Asean digital economy, which generated more than US$100 billion in revenue in 2023.
Against this backdrop, digital banking provides an effective solution by reducing the barriers to entry for financial services, especially for segments of the Asean population who may not have easy access to traditional banks. ENHANCING FINANCIAL INCLUSION One of the most profound ways digital banking is driving regional connectivity is through enhancing financial inclusion.
This story is from the November 07, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 07, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Don't cross Culinary Class Wars star Anh Sung-jae of three-Michelin-starred Mosu
On an early episode of Netflix's hit reality cooking show Culinary Class Wars (2024), chef Anh Sung-jae stood in a warehouse filled with makeshift cooking stations and considered the plate in front of him: a rainbow palette of handmade pastas, purees and delicately cooked seafood. On top was a smattering of flower petals.
Emerald Hill to make Netflix debut
Emerald Hill looks set to be the must-watch local blockbuster series of 2025.
Refreshed museums in SG60 arts
A timely slate of refreshed spaces and new programmes at Singapore's arts and cultural institutions will be launched in 2025, wooing audiences with a different Singapore story as the nation gears up to mark 60 years of independence.
Going casual to woo fickle diners
Serious artwork on the wall. Bespoke crockery on cloth-covered tables. A fine wine list. Eye-watering menu prices. Just don't call it a fine-dining restaurant.
Smartwatches Make Healthcare Smarter
From tracking heart rate to steps taken to sleep quality, smartwatches and fitness trackers can generate biometric data about the people using them.
Quality, not quantity, rules the superhero game
In 2025, the big studios are rolling up their sleeves to tackle a disease plaguing the box office – superhero fatigue.
Big-name musicals to hit the stage
Soothing melodies and soaring high notes are set to fill the air, as the coming year brings along a host of musicals to the Lion City.
Celebrating design with SG60, new hotels and theme parks
Architecture and urban design take centre stage in 2025, with marquee events such as a year-long celebration of Singapore's 60th year of independence (SG60) and launches of Sentosa attractions to enhance the destination's \"islander allure\".
Travel prices likely to remain high
Low-cost carriers (LCCs) - once known solely for their no-frills, short-haul offerings - have been going through a route awakening.
More will work from the office, but hybrid is here to stay
2025 marks five years since Covid-19 shattered entrenched beliefs about the nature of work.
