The Asia region plays host to economic powerhouses as well as emerging nations, and thus their banking systems and organisations are brilliantly varied. To celebrate our recent venture into the East, we take a look at TEN of the most dominant and innovative banks in the region, and what they invest in to drive local transformation.
SHANGHAI PUDON DEVELOPMENT BANK – CHINA
SPDB has a storied history of helping China’s economy and cultural influence grow worldwide. Such is their sway in the region that EV poster-child Tesla sought and secured funding for their “Gigafactory” in Shanghai from SPDB – to the sum of$3.5 billion USD. As for innovations, SPDB has a mind for clever collaboration and partnership, such as their agreement to develop a fintech innovation lab with Temenos, as well as their internal projects like their E-Enterprise Bank cloud service platform.
MIZUHO BANK – JAPAN
Formed by a merger of pre and post-war conglomerates, Mizuho Bank’s past dramatically reflects its drive toward future innovation. Their most transformative strategy concerns digital and cryptocurrencies. Indeed, half of Japan’s regional banks were reported to be backing Mizuho Bank’s cashless payment process – J-Coin. The system works via a smartphone app, offers a flexible range of payment services, and will link established bank accounts with digital wallets.
SHINHAN – SOUTH KOREA
Much like their Japanese neighbour, Shinhan’s history – it was the first bank in Korea! – reflects it’s scope for the future. They too are focused on internet/digital only banking, as seen in their consortium partnership with Viva Republica, the operator of mobile payment app Toss. They also invest in blockchain technologies produced by Blocko. But, touchingly, they are also interested in innovations within their staff culture. They gently promote staff to take breaks away from their computers, fully enjoy their allotted lunch-breaks, and even exercise in their company gym.
BANK DANAMON – INDONESIA
Bank Danamon survived the Asian financial crisis and remains one of the key financial institutions in the country. And judging by their award winning practises in customer service, we can see why they’ve clung on through the hard times. Bank Danamon has utilized real time data platforms to create stellar analytics and integration for IoT. This has a recorded improvement to customer service, enhanced cybersecurity, but also reduced costs in operations and R&D too.
BANK OF AYUDHYA – THAILAND
Bank of Ayudhya is leaping at the opportunity to deploy some bleeding-edge technology to improve their business. They stand to be the first bank in Thailand to incorporate facial recognition technology into their services, specifically to identify people opening up deposit accounts. As the Thai government decided on a system of national digital identification, Bank of Ayudhya innovates their product to achieve compliance, mesh with the nation’s digital transformation goals, and heighten their cybersecurity protocols at the same time.
NEAT – HONG KONG
Hong Kong sits squarely between Eastern and Western traditions, and so its governance and infrastructure has been guided by select and traditionally-minded peoples. This means unyielding compliance rules, as well as additional and steep transaction fees. But what Neat has done is look to ease the tangles in bureaucracy and monopoly by providing digital products and services. These enable international clients whilst skipping over the brutal fees often incurred – a greatly appreciated strategy for such a diverse part of the region.
UNION BANK OF THE PHILIPPINES – PHILIPPINES
Cryptocurrency and digital banking seems to be a grand trend for the Asia region, but the Union Bank of the Philippines is taking it a step further. Blending the tried and tested markets for FIAT currency, and the legitimate rise of blockchain and cryptocurrency, UnionBank is now operating ATMs that offer two-way crypto. It will allow customers to buy and sell crypto, be they burgeoning entrepreneur or ordinary civilian, which will lend agility and expanded freedom in finance for many people.
MAYBANK – MALAYSIA
Digital banking systems and e-wallets aren’t just about greasing the mechanism of efficient financing – it’s also a service that enables those who are unbanked or have circumstantial limitations that hinder opening an account. This is what Maybank’s current innovations focus on. Malaysia’s unbanked population is only 8% – but that’s 2,529,600 or so individuals who have little to no access to secure and helpful finances, which Maybank’s e-wallet seeks to cater for.
ORIENT COMMERCIAL JOINT STOCK BANK – VIETNAM
OCB won the Most Innovative Digital Bank award of 2018 for its innovations and customer centric business models. Their three-zero policy – in which customers are guaranteed no opening fees, zero annual fees and zero transfer fees – also guides customers to begin using digital channels for banking, which helps Vietnam’s population keep pace with the global trends of e-banking. It also nets them further savings in the form of online-specific interest rates. It doesn’t break the tech mould, but it pulls down the barriers between financial gatekeepers and customers looking for flexible and useful services.
YOMA BANK – MYANMAR
One of the younger banks on this list, private or otherwise, Yoma Bank is bravely pushing for innovation through digital transformation. Their SMART product looks to make digital banking smoother for businesses and civilian customers alike, which is a boon for people inexperienced or disadvantaged but looking to get a solid platform to launch a business. Yoma Bank also provides an e-wallet service which is perfectly targeted for those in remote parts of the country.
Do you feel we missed someone out? Are you working for an emerging fintech or Asia-situated bank? We’d love to hear what you think about the clash of tech and finance at info@innovatusmedia.com.au