GXBank’s Post

SG digital banks can’t stop at banking - here's why 👉 Read more: https://lnkd.in/gJE6HQCz Singapore's digital banks thrive on high interest rates, but face challenges in becoming the primary choice for transactions. 🔍 Digital banks like GXS, MariBank, and Trust offer competitive rates despite current challenges in profitability. 💰 Increased deposits allow digital banks to branch into loans, marking significant growth in customer engagement and financial offerings. 📊 While relying on high interest rates, digital banks must innovate using data and AI to stand out and maintain customer loyalty. The Business Times' Benjamin Cher spoke with McKinsey & Company's associate partner Alexander Pariyskiy, GXS Bank's group chief executive Muthukrishnan Ramaswami, Boston Consulting Group (BCG)'s fintech and payment head Sumit Kumar, Trust Bank Singapore's CEO Dwaipayan Sadhu, and other experts for this story. This story was republished with permission from the BT.

SG digital banks can’t stop at banking – here’s why 👉 Read more: https://lnkd.in/gTCjB6Qj High interest rates have boosted growth for Singapore's digital banks, enabling them to offer attractive rates despite not yet being profitable. 📈 MariBank shifted from a net interest loss in 2022 to net gains in 2023, with GXS and Trust experiencing a sixfold increase. 💳 By 2024, Trust had attracted 16% of Singapore's adult population, gathering significant deposits and launching loan products. 🤖 GXS and Trust plan to leverage data and AI to enhance personalized banking solutions, aiming to be customers' primary banking choice in a competitive market. The Business Times' Benjamin Cher spoke with McKinsey & Company's associate partner Alexander Pariyskiy, GXS Bank's group chief executive Muthukrishnan Ramaswami, Boston Consulting Group (BCG)'s fintech and payment head Sumit Kumar, Trust Bank Singapore's CEO Dwaipayan Sadhu, and other experts for this story. This story was republished with permission from the BT.

🚀 ✨ Personetics joined forces with Fintech News Singapore and invited Colin Dinn, Chief Transformation Officer of Vietcombank; Nauman Bashir, Head of Digital & Customer Value Management at Standard Chartered Bank; and Mukesh Pilania, EVP, Head of Digital Banking at Techcombank (TCB) to join Dorel Blitz in a panel discussion. We took a deep dive into the world of transactional data and the different ways that it is being leveraged, as well as looking at why and how Southeast (SE) Asia is leading in successfully monetizing this data. 

🔷 While Breaking Bank Asia Pacific has been silent for quite some time, Breaking Banks are featuring South East Asia pearls of FinTech - this time Malaysia’s first digital bank, GXBank - subsidiary of joint venture between Grab and Singtel. 🔥Based on the stats, Financial Inclusion grew from 60% in 2018 to ~75% in Southeast Asia which is impressive and attributable to Digital Banking ✌️ 🔶 GXBank was able to grow to almost a million customers within a year making it one of the fastest FinTech in customer acquisition. Their mission is to support financial resilience and inclusion of all Malaysians via offering innovative and personalized solutions. 🔷 Mastercard’s cutting-edge technologies and deep fintech expertise are empowering GXBank to deliver smarter, more inclusive financial solutions. 🔶 As fintechs look to build, launch, and grow their business, Mastercard is helping to drive smarter decisions for better outcomes through strong partnerships across the payments ecosystem. Based on the stats, Kudos and good luck to Kaushik Roy Chowdhury and his team in GXBank and Malaysia!! #DigitalBanking #FinTech #SoutheastAsiaBanks

Participating in last week’s AIM Congress "Revolution of Banking: The Emergence of Neo-Banks" alongside Dr. Krunoslav Ris, PMP®, PBA® Anna Tutova Kelvin Tan Rajesh Johnny Prakash S. Dr. Abdulrahman Al-Ansari was truly insightful.   Here are my key takeaways:   📱 Customer Experience Shake-Up: Neo-banks and FinTechs are bringing in new rules in the banking industry by offering digital-first experiences and seamless onboarding 🤝 Innovation Through Collaboration: The dynamic partnership between traditional banks and FinTechs is not just creating game-changing payment solutions for tech-savvy consumers but also inspiring a new wave of innovation which will transform the entire financial ecosystem 📄 Regulation Paving The Way: In partnership with all types of financial institutions will lead to a new era of compliance and cutting-edge payment technology   It's an exhilarating time in the banking industry, particularly here in MEA, with these payment innovations reshaping the landscape.   #AIMCongress #JPMorganPayments #PaymentsInnovation #NeoBanks #FinTech Kiat-Seng Lim Sorab Khan Jason Clinton Sara Castelhano Ruya N. Valentin Remeuz

Digital banks in Asia, now more than 40, are forecast to exceed US$1Tn in net interest income by 2029 as they create a new paradigm of mobile-first financial services. At #NGP2024, Ashish Gaurav discusses how GXBank became the fastest growing digital bank in Southeast Asia, objectives for digital banks, customer segments they aim to serve, and their expected longer term impact on digital payments and digital financial services in Asia. Join payments experts in Kuala Lumpur on 21-22 November exploring digital banking versus digital payments services. https://lnkd.in/g-EXjPwj

𝐍𝐞𝐨 𝐚𝐧𝐝 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐫 𝐁𝐚𝐧𝐤 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐆𝐥𝐨𝐛𝐚𝐥 𝐒𝐢𝐳𝐞, 𝐒𝐡𝐚𝐫𝐞, 𝐓𝐫𝐞𝐧𝐝 & 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗙𝗼𝗿 𝗦𝗮𝗺𝗽𝗹𝗲 𝗣𝗗𝗙: https://lnkd.in/gDQ6vMwc Global Neo and Challenger Bank Market is poised to exceed USD 3.35 million by 2030, growing from USD 29.97 million in 2020 at a CAGR of 48.2% from 2021 to 2030. This growth is driven by increasing mergers and acquisitions across sectors, creating global demand for Neo and Challenger banks. The rise of online commerce and high-end product sales further contributes to this market's expansion, underscoring its significant impact on the financial landscape. Neobanks represent a new wave in the financial sector, operating entirely online without physical branches, offering a full suite of banking services such as account opening, lending, transfers, and more. They can be categorized into two types: those without a banking license that partner with traditional banks, like Up bank in Australia with Bendigo Bank, and those with their own banking licenses, such as Xinja and Volt. Challenger banks, on the other hand, are established entities with full banking licenses, providing services like lending, savings accounts, and mobile banking, among others. These banks disrupt traditional banking by continually innovating and integrating new technologies into their products. 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧: ➙ 𝗕𝘆 𝗧𝘆𝗽𝗲: Neo Banks And Challenger Banks ➙ 𝗕𝘆 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Personal and Enterprises Sector 𝗞𝗲𝘆𝗣𝗹𝗮𝘆𝗲𝗿𝘀: Simple, MyBank, Monzo Bank, Webank, Tandem , Fidor Bank AG, Deutsche Bank, Agricultural Bank of China #Neobanks #ChallengerBanks #DigitalBanking #Fintech #BankingInnovation #OnlineBanking #MobileBanking #FinancialTechnology #DigitalTransformation #BankingRevolution #NeoBanking #ChallengerBank #FinancialInnovation #BankingTech #DigitalFinance #DigitalDisruption #BankingSolutions #TechInBanking #FutureOfBanking #FinanceRevolution

Asia Pacific’s banking scene is quickly evolving—are you keeping up? Traditional banks are shifting to dynamic, digital-first models. In this landscape, innovative operational solutions and smart regulatory strategies are your keys to success. Our new guide, “Digital Banking in Asia Pacific in 2024,” is your essential playbook. Perfect for both newcomers and seasoned institutions, it’s packed with guidance on how to build a profitable digital bank. Inside, you’ll discover a proof of concept Blueprint on how to deploy a native backend efficiently and cost-effectively. Don’t get left behind. Download our free guide, created in collaboration with Paymentology, today: https://lnkd.in/eTMmDZGP #banking #fintech #asiapacific #digitaltransformation 

Digital banks in Asia, now more than 40, are forecast to exceed US$1Tn in net interest income by 2029 as they create a new paradigm of mobile-first financial services. At #NGP2024, Ashish Gaurav discusses how GXBank became the fastest growing digital bank in Southeast Asia, objectives for digital banks, customer segments they aim to serve, and their expected longer term impact on digital payments and digital financial services in Asia. Join payments experts in Kuala Lumpur on 21-22 November exploring digital banking versus digital payments services. https://lnkd.in/g-EXjPwj

Mox Bank, our digital bank in Hong Kong, is more than just one of the world’s fastest-growing—it’s setting a new global benchmark for the industry. In just three years, Mox has outpaced global competitors by launching a wider range of products and services, demonstrating its unmatched speed to market. This has resonated with its customers, making the bank #1 across the board in Hong Kong’s digital banking sector for total revenue, CASA, net interest income, customer loans, top Net Promoter Score and top-rated digital banking app in Apple App Store in 2023. Trust Bank Singapore also successfully adopted Mox’s tech stack and processes, accelerating its launch as the first digital bank in Singapore. Discover how Mox’s rapid innovation is reimagining global digital banking from Hong Kong: https://lnkd.in/gdk8cMyU.