Southeast Asia is in the midst of change, with banks in the region seizing upon the opportunity to roll out new wealth management services to the growing mass affluent population. Between and alone they grew by Yet, despite this, bank deposits remain the most popular asset class, representing
In such a heterogeneous landscape, digital banking is evolving to meet two very different markets. ASEAN is home to over million inhabitants, around half of which is under 30 years of age. This factor, combined with a high internet penetration rate - one of the highest globally - and a growing middle class, is driving the adoption of digital banking services across the ASEAN markets.
It provides a platform for executive networking and benchmarking and will bring together a pan-regional audience of banking executives who are responsible for delivering profitable digital change through increased customer engagement within their institution. Elly Yates-Roberts. By Elly Yates-Roberts on 12 February
Since the palm oil sector is capital intensive and needs long-term financing, palm oil companies depend on bank loans. By investing in banks that provide loans to the palm oil industry, investors may indirectly face deforestation-related risks. Loans to a selection of companies involved in the entire palm oil supply chain were analysed. The top 10 banks financing the palm oil sector were identified.
The history of the SEACEN began in Februaryas a group of governors of some South East Asian central banks met in Bangkok, Thailand, to exchange information and ideas on matters affecting their economies and financial systems. The discussions during the initial annual meetings were focused on the exchange of information and ideas on economic and financial conditions of the individual countries. Since then the SEACEN Centre has served to promote a better understanding on financial, monetary, banking and economic development among staff of central banks and monetary authorities in the region.
Singapore-based startup YouTrip thinks consumers of Southeast Asia deserve a taste of the challenger bank revolution happening in the U. Challenger banks have sprung up in Europe in recent years. Unicorns Monzo, Revolut and N26 are among those that offer their customers a debit card linked to an app and various levels of banking services, including savings and overdrafts.
BANGKOK, June 6, — While the digital revolution has already brought many benefits to Southeast Asia, the region has a unique opportunity to achieve even faster progress by reinforcing the foundations of its growing digital economy. To realize this vision, a new World Bank report, The Digital Economy in Southeast Asia — Strengthening the Foundations for Future Growth, analyzes the opportunities and challenges facing the region to scale up digital development, and for ensuring the economic and social dividends of technology can reach everyone. To help our private sectors governments also need to transform themselves: to use technologies such as data analytics and intelligent systems, develop our digital platforms and harmonize our approaches to regulatory procedures particular for cybersecurity, digital identity, and data management.
Singaporean players nab foreign cash, while Indonesia caters to individuals. SINGAPORE -- Southeast Asian banks enjoyed a banner as greater lending and healthy asset management operations drove double-digit profit gains at seven of the region's 10 leaders by market cap. With economic growth averaging 4. Deposit and loan operations grew, helping lift bank profits across the board.
Private banking, loans and deposits drive robust profit growth. SINGAPORE -- Southeast Asia's largest banks are riding the region's rapid economic growth to higher earnings as demand for wealth management services rises and mainstay savings and lending operations expand. A number of the region's major banks by market capitalization booked double-digit net profit growth for the year ended in December, including Singapore's Oversea-Chinese Banking Corp.
Fintech continues to be among the biggest topics driving startups and investment in Southeast Asia. Beyond the most prevalent consumer brands — such as ride-hailing giants Grab and Go-Jek — and the outsiders pouring money into the region — including Tencent and Alibaba — fintech startups take a different approach to other parts of the world. Unlike Europe or the U.