With the recent announcement that Indonesia’s Bank Jago will go fully digital, the trend of digital banking is on track to open up financial services to populations across the archipelago who have so far struggled to see benefits from traditional banks.
Southeast Asia appears open to blockchain technology and the digitization of currency despite the fact that the majority of the public remains reliant on cash.
On December 18, Singapore-based DBS bank launched the first cryptocurrency exchange in the world backed by a traditional bank.
Southeast Asian consumers unable to gain credit or access traditional banks are turning to neobanks. Conditions are ripe for these challengers to traditional financial institutions to make progress, although COVID-19 might threaten their disruptive potential.
Despite the ongoing coronavirus pandemic and its impact on Southeast Asia’s economies, banks in the region remain committed to enhancing compliance. Most institutions see artificial intelligence as vital to combating money laundering and other financial crimes.
Gendered inequalities persist despite the foundational roles many women play in economies across the region.
Companies and consumers will rely heavily on fintech products in the coming months and years as the effects of the coronavirus pandemic play out. Increased innovation and continued investments in the sector will see it go from strength to strength.
Myanmar’s cash society turns to digital financial services as COVID-19 looms large, but what does the future hold?
The rise in Sharia financial technology is transforming Indonesia’s economy, as Muslims seek banking and financing options that adhere to Islamic law.
COVID-19 is causing a different kind of pandemic in cyberspace—of phishing, malware and money laundering. In this arena, scalable and smart regulatory technologies can help neutralize many of these emerging threats.