Virtual Banking

Akulaku-Backed Bank Neo Commerce Witnessed Strong Growth in 2021

Bank Neo Commerce (BNC), an Indonesian digital bank that is a subsidiary local Buy Now, Pay Later (BNPL) player Akulaku, has witnessed strong growth last year. Previously known as Bank Yudha Bhakti, the neobank launched its services back in March

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Thailand’s Financial Regulator Lays out Plans for Payments Using Digital Assets

Thailand’s central bank and financial regulator have shared their views and positions on regulating the new, digital-powered financial landscape, outlining plans to issue virtual banking guidelines, rules on the use of digital assets for payments, as well as relaxing regulation

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Thailand Seeks to Join the Digital Bank Race in Southeast Asia

The Bank of Thailand (BOT) is looking to issue guidelines for virtual banks in the country in a bid to play catch-up with neighboring countries Malaysia and Singapore who have already set their plans in motion. In line with this,

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Indonesian Lenders Ride the Digital Banking Momentum

Indonesia’s banking industry is on the verge of a revolution as a new breed of digital banks looks to capitalize on the country’s large population of unbanked and underbanked, and use the digital momentum created by the COVID-19 pandemic to

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Indonesia’s SME-Focused Neobank KoinWorks Raises US$108 Million Series C

KoinWorks, an Indonesian neobank focused on small and medium-sized enterprises (SMEs), has secures US$108 million in a Series C funding round which consists of US$43 million in equity and US$65 million in debt capital. The round was led by MDI

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Incumbents Need to Adopt BaaS as Digital Banks Grows in Popularity

As neobanks and digital challengers continue to advance and become increasingly more popular, incumbents must modernize their architecture by embracing cloud-native digital platforms, a new article by consulting firm Bain & Company and fintech provider Mambu says. Evolving consumers habits,

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Singapore Fintech Report 2022: Fintech Reaches Critical Mass in Singapore

In Singapore, the COVID-19 pandemic has acted as a catalyst for fintech adoption, driving demand for digital payment capabilities, virtual banking experiences and buy now, pay later (BNPL) arrangements. Consumers and businesses are signing up en masse to digital banking

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UOB Indonesia Launches E-Commerce BNPL Service “TMRW Pay”

UOB’s mobile-only banking solution TMRW announced the launch of TMRW Pay, an e-commerce loan that enables consumers in Indonesia to manage their budgeting needs. TMRW Pay offers consumers deferred payment services, with zero interest for up to 90 days and instant

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Tyme Closes Series B With Additional US$70 Million From Tencent and CDC Group

Tyme, a multi-country digital banking group headquartered in Singapore, has secured investments from Tencent and CDC to complete its US$180 million Series B capital raise. The first part of Tyme’s Series B raise concluded earlier this year when it secured

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Singapore Among the Fastest Adopter of Digital Banking

In Singapore, consumer preferences are rapidly evolving, with banking customers increasingly preferring online interaction over in-person interaction. A new consumer survey by digital business transformation company Publicis Sapient found that Singaporeans are prolific users of mobile banking, with one in

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