Virtual Banking

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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Philippines Digital Bank TONIK Picks Finastra to Power Its Core Banking

Finastra announced today that TONIK, a licensed digital-only bank in Philippines, has selected Fusion Essence in the cloud to power its end-to-end core banking capabilities. According to the parties involved, the move will support TONIK as it launches its retail

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Singapore Receives 21 Applications for Digital Bank Licences

The Monetary Authority of Singapore (MAS) announced that it has received 21 applications for digital bank licences as at the close of application on 31 December 2019. This comprises 7 applications for the digital full bank (DFB) licences, and 14

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Philippines’ Lawmaker Pushes for Virtual Banking Regulation

Albay Representative Joey Salceda on Monday filed a measure providing a regulatory framework for virtual banking to boost the financial inclusion thrust pursued by the Bangko Sentral ng Pilipinas. Salceda, chairman of the House Committee on Ways and Means, filed

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