Author: Wissam Khoury, Finastra

A survey launched this week by Finastra revealed that close to 100% of financial institutions in Singapore and Hong Kong think Open Banking is important, with two thirds in Singapore calling it a “must have”. Open Banking has not only taken root, banks are already seeing the green shoots of progress. In fact, Finastra’s survey found that 95% of banks in Hong Kong have already found collaboration to be a key driver of success, while nine out of 10 in Singapore said it has already made their business more efficient. So what does this tell us? In short, it highlights…

The past couple of decades have seen a complete upheaval in where we buy things and how we pay for them. New technologies have led to huge shifts in consumer behavior and expectation, while businesses have benefitted from faster and more efficient processes. Today, with physical businesses closed and much of the world’s population still being asked to stay at home, we find ourselves in an unprecedented situation. As a result, the growing acceptance and adoption of digital payments – a trend which was already strong in APAC – has seen years of progression in a matter of months. As…

Over the years, banks have been creating exponentially growing mountains of data – much of it with huge potential value. However, despite their ability to create it, banks have not always been good at making the best use of it. Now, as pressure mounts from digitally native challengers – many of which are backed by tech companies for whom data is second nature – banks need to find ways to turn potential value into something meaningful. This issue is particularly acute in Asia Pacific’s payments space. Demand for fast payments combined with great user experience is being driven by a…

Shifts in consumer behaviour towards digital services are resulting in monumental changes for the banking industry. Highly anticipated digital banking licenses will be awarded in Singapore and Malaysia this year, while the first of the winners of Hong Kong’s new digital licenses has come to market. The pressure is on for incumbents to adapt to the new world by offering the digital experience that customers are starting to expect. This trend has been accelerated by the dramatic start to this decade, with everyone facing the need to prioritise digital over physical. This new environment could drive a greater adoption of…