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
South Korea's defence ministry denies preferential treatment for BTS' V
South Korea's Ministry of National Defence has refuted claims that V, a member of K-pop boy band BTS, received preferential treatment while serving in the military.
K-actor Jung Woo-sung admits to fathering model Moon Ga-bi's child
South Korean actor Jung Woo-sung, 51, admitted on Nov 24 that he is the father of South Korean model Moon Ga-bi's child.
Chuck Woolery was the first host of Wheel Of Fortune
Chuck Woolery (right), the affable host of Love Connection, Wheel Of Fortune and other television game shows in the United States, who later criticized liberal values and the US Democratic Party as the co-host of a popular right-wing podcast, died on Nov 23 at his home in Texas. He was 83.
Sole Singaporean contestant Yang Yan eliminated
Idol survival reality show Starlight Boys
Spotlight on two female-directed movies in India
Laapataa Ladies and All We Imagine As Light might have a shot at winning Academy Awards, a rare prospect for the country
For diamond shoppers, yet another choice to make – natural or man-made?
With Thanksgiving marking the unofficial start of engagement season - late November through Valentine's Day is when marriage proposals are common - ring buying is top of mind for many couples considering marriage.
Culture and cuisine in Hanoi
Visit the Vietnamese capital's Opera House and sample offerings from Michelin-starred chefs in Senses of Capella
BUDGET TIPS FOR FAMILY TRIPS
Going abroad? Here are five money-saving hacks for the holidays with your nearest and dearest
How the late Arthur Frommer inspired travellers to 'just do it'
In the 1980s, when I planned my first trip to Europe, I cannot remember which Frommer's travel guidebook I took along.
Tension, pressure, nerve, genius: At the chess c'ship, the wait is worth it
For all the flow of action, all sport involves varied acts of waiting. We wait for the goal in football, the shooter to fire between heartbeats, a snarling Rafael Nadal to uppercut the air in delight.
