Virtual Banking
MAS Extends Digital Bank Assessment Period in View of COVID-19 Pandemic
The Monetary Authority of Singapore (MAS) announced today that it will extend the assessment period for the award of digital bank licences. Successful applicants will be informed in 2H 2020 instead of June 2020 as originally intended. In January 2020,
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Aspiring Digibank MatchMove Acquires Strategic Stake in e-Commerce Firm Shopmatic
MatchMove announced today that they have entered into an agreement with the e-commerce enabler Shopmatic to make a strategic investment into the company with immediate effect. Shopmatic is an e-commerce platform company specializing in providing turnkey solutions to small and
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In Southeast Asia’s Virtual Banking Race, Incumbents Might Have An Early-Mover Advantage
In Southeast Asia, the imminent entrance of virtual banks is set to shake up the banking industry. But despite the potential disruption these are expected to bring, incumbent banks have a lead in the digital banking race, according to a
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The Rise of Virtual Banks in Asia is Posing New Cybersecurity, Fraud Risks: Jumio
Across Asia-Pacific (APAC), regulators are opening up their markets to new entrants that promise to transform the traditional banking model. By leveraging digital platforms and cutting-edge technologies, virtual banks aim to offer more affordable and convenient banking services, and reach
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Mambu to Power Vietnam’s First Digital-Only Bank
Vietnam Maritime Commercial Joint Stock Bank (MSB), one of Vietnam’s leading commercial banks, has announced it will adopt Mambu’s cloud-native banking platform as its key technology solution to help the business undergo a radical digital transformation. MSB plans to launch
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McKinsey: Banks Need to Reinvent Themselves or They Will Eventually Disappear
In Asia, consumers’ tech-savviness, the rise of fintech, and advances in technology are requiring banks to reinvent themselves, according to a new report by McKinsey. In a paper titled Future of Asia Banking: How Asia is reinvesting banking for the
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TONIK Raises US$6 Million, Eyeing to Launch Digital Bank in Philippines by 2020
TONIK announced today that it closed a US$ 6 Million round of equity funding led by regional VC investors Insignia Ventures Partners and Credence partners. The funds raised will be used to launch its digital bank in the Philippines, targetting
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E-Commerce Firms May Be in The Forefront of South East Asia’s Digital Banking Revolution
In a new report released by S&P Global Market Intelligence earlier this month, the financial information services provider says that for both new digital banks and incumbent banks, affiliation with technology platforms serving large pools of consumers and small businesses
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Here Are The Contenders to Singapore’s Digital Banking Race
Singapore’s digital banking license was perhaps one of the most widely discussed topic in 2019 within fintech circles and we suspect 2020 will not be too different with MAS anticipated to issue licenses by mid-2020. There were many speculations as
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RCBC’s New Digital Bank to Focus on Philippines’ Underserved Markets
The Board of Directors of the Rizal Commercial Banking Corp. (RCBC) has approved the creation of cloud-based digital bank with a rural bank license as disclosed with the Philippine Stock Exchange on Tuesday. Once regulatory approvals are secured, RCBC’s virtual
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