Tian Tian C.’s Post

How is Singapore's #digitalbanking landscape looking? Singapore digital financial services sales may top $6 billion in 2030 as digital banks like #ANEXTBank, #GXSBank and #TrustBank enter local insurance and lending sectors via technology stacks and by leveraging networks of affiliates such as Alibaba, Grab, Singtel and StanChart. Yet high penetration by traditional lenders limits digital banks' growth opportunities. The rise of digital banks in Singapore poses only a modest threat to the profitability of the island-state's incumbent banks. #DBS, #OCBC and UOB, forced to accelerate their #digitaltransformation during the pandemic, are in a good position to defend their 65% deposit-market share and foster asset growth. Access the full notes by my colleague Sarah Jane Mahmud and I on the Bloomberg terminal here: https://lnkd.in/g2BKigfU https://lnkd.in/g39rkAZU

Global Fintech Fest 2023 ended on the high note and emerged as the World’s Premier Fintech Conference! This year’s event was spectacular and grandeur and showcased the innovation and collaboration in the fintech industry. This year's theme was ‘Global Collaboration for a Responsible Financial Ecosystem: Inclusive | Resilient | Sustainable’ Let’s delve into the highlights of GFF 2023. Reserve Bank of India (RBI) Governor Shaktikanta Das launched key products of National Payments Corporation Of India (NPCI) at the Global Fintech Fest 2023, enabling conversational payments over UPI, tap and pay, as well as a credit line in partnership with key banks. The Credit Line on UPI offers pre-sanctioned credit lines from banks, revolutionizing customer access to credit. UPI LITE X allows users to send and receive money while being completely offline, even in areas with poor connectivity. UPI Tap & Pay enhances QR code and NFC technology adoption. NPCI's Conversational Payments via Hello! UPI and BillPay Connect enable users to make voice-enabled UPI payments in Hindi and English. #fintech #digitalpayments #conversationalpayments

In a significant development for Singapore's financial sector, GXS Bank has secured a substantial capital injection amounting to S$229.5 million. The infusion comes as a joint effort from telecommunications giant Singtel and ride-hailing company Grab, who have each subscribed to 229.5 million shares at S$1 per share. This strategic investment underscores the growing convergence between technology, telecommunications, and financial services in Southeast Asia, setting the stage for GXS Bank to expand its digital banking capabilities and enhance its market position. Read More :- https://lnkd.in/gBMarHgd #GXSBank #SingtelInvests #GrabInvests #DigitalBanking #FinancialSectorGrowth #FintechInnovation #SingaporeFinance

Completed the two days international conference full of words by the prestigious and renowned personalities. Got the insights of all over the different backgrounds weather its stocks exchange , power, news or coporate world. few failures and big achievement of our country also discussed in the session . Also we honoured to hear the words from (Mr. rajiv gupta) president of pb fintech Ltd. parent company of two unicorns 1 . policy bazaar ,and 2 . paisa bazaar #conferenceexperience #businessinsights

Pei Si Lai, CEO of Malaysia’s pioneering GXBank, shared her strategy and insights on reshaping the country’s financial landscape through digital innovation, with a focus on supporting underserved communities and small businesses.  With a vision to integrate advanced technology and inclusive financial strategies, Pei-Si is steering GXBank towards becoming a beacon of digital banking, particularly for the underserved and small to medium-sized enterprises (SMEs).  A strategic alliance between tech giant Grab and telecommunications leader Singtel, GXBank was conceived with the intention of democratising banking for the masses. Pei-Si’s mission is to bridge the divide between traditional banking services and overlooked segments of society through digital solutions.   “Our foundation is built upon the dual pillars of technological advancement and comprehensive accessibility,” Pei-Si commented.  The bank’s offerings have been well received by the market. Its high-interest GX account garnered the first 100,000 depositors within the first two weeks of its launch, while the rebate-rich GX Mastercard saw an additional 100,000 cards issued in 11 days, reflecting the bank’s commitment to enhancing financial engagement and literacy. Pei-Si emphasised the importance of these products in promoting a savings culture and providing tangible benefits that align with the daily financial activities of Malaysians.  Look out for more details of this interview on theasianbanker.com Jasmine Loh, Mimi Thian, Laura Liew, Hok Min, Yan Han Y., Calvin F., KR Mooi-Rogers 梅君柔, Chelvi Krishnan, Yutian Chuah, Jet Yee Low Foo Boon Ping 胡文彬, TAB Global #malaysia #digitalbanking #financialinclusion #smallbusinesses #digitalinnovation #fintech #techpartnerships #bankingforall #financialaccess #smebanking #financialliteracy #technologyintegration #savingsculture #financialengagement #financialservices #theasianbanker #tabglobal

What an incredible experience it was to participate in the Global Fintech Fest 2023!🎉 Our Co-Founder, Vishal Lal , was a part of an esteemed panel of experts in a Discussion on 'Conversational Payment: Disrupting Through Voice Banking.' Vishal shared the stage with industry luminaries like Nitin Chugh - Dep MD & Head of Digital Banking & Transformation, SBI, Akhil Handa - Chief Digital Officer, Bank of Baroda, Kumar Abhishek - Founder, Tone Tag, and the adept host, Sourabh Tomar - Head UPI IMPS, National Payments Corporation of India. Together, they explored what the future of Conversational Payments looked like.🙌 But that's not all! The National Payments Corporation Of India (NPCI) made waves by unveiling two groundbreaking conversational payment initiatives at GFF 2023. These initiatives promise to revolutionize the user experience and accessibility of UPI. Watch Vishal as he sheds light on how voice payments, especially in regional languages, are poised for significant growth thanks to the robust UPI platform.💯 👏 A big shoutout to Reserve Bank of India (RBI) and for these incredible strides of innovation paving the way for global recognition! #gff2023 #globalfintechfest2023 #voicepayment #conversationalpayments #npci #upi #ubona

The Global Fintech Fest 2023 which was held earlier this month, is the largest fintech conference which was jointly organized by the Reserve Bank of India (RBI) & National Payments Corporation of India (NPCI). The event briefly discussed the evolution of the Indian Fintech Ecosystem and the key factors driving growth for the same. India is now the third largest ecosystem globally only behind United States & United Kingdom, home to over 1500 FinTech’s across lending, digital payments, neo banking and more! Over the past decade, India’s FinTech Market has grown tremendously with major breakthroughs such as Mobile Banking, UPI Launch, Entry of Fintech startups and a massive shift to digital payments. Government Initiatives, Consumer Digitization and Evolution in Digital Finance have been the three pivotal pillars in the growth of India’s Fintech Ecosystem. Businesses are following a ‘Digital First’ approach to offer differentiated financial services to customers with the use of cutting-edge technology with various regulations and innovations to evolve and scale on a global level. #globalfintechfest2023 #rbi #npci #mobilebanking #digitalfinance #digitalpayments #credilio

Looking forward to join the panel discussion organised Asian Banking and finance on Transforming digital bank towards profitability. Having clear path to profitability is key for Digital banks as it underpins their ability to grow, gain customer confidence ,innovate, manage risks, maintain a strong position and establish as trusted players in the financial industry. #ABFSummit2023 #AsianBankingandFinance #MoxBankLimited #UNOAsia #MayaBank #TrustBank #unodigitalbank

💻 The adoption of Fintech sped up when the pandemic hit nationwide in 2020 due to movement restrictions. This pushed the BFSI sector to move their businesses digitally and forced customers to use a digital platform. This allowed the BFSI to expand its digital products and services. In April 2022, five digital bank licenses were awarded to eligible applicants. This marked a significant milestone in Fintech history.  Looking ahead, Malaysia is poised to continue its journey towards becoming a leading fintech hub in the region, driven by ongoing digitalization efforts and a supportive regulatory environment. Read the full article here: https://lnkd.in/gB_uPSc3 #Fintech #Trisilco #Technology #BFSI

Charles Wong, CEO of GXS Bank, believes the path to profitability in a fiercely competitive market lies in its ability to uncover the unmet needs of underserved customer segments, and find creative and sustainable ways to serve them. The demographic here includes gig and platform workers, early jobbers, entrepreneurs, small and micro business owners, along with everyday consumers who want more out of their banking experience.   GXS addresses financial needs across various life stages, from consumer financing to long-term savings and insurance plans for the future, thereby fostering enduring customer relationships. Additionally, the bank seeks to serve the micro, small and medium-sized enterprise (MSME) sector, leveraging big data from its parent companies Grab and Singtel, both market leaders in the sectors they serve.   Wong sees untapped potential in this diverse ecosystem where its partners dominate, namely Grab’s gig economy consumers and entrepreneurs, early-jobbers and micro businesses, and the vast number of Singtel’s SMEs.     He believes that with this scope of expansion within easy reach, GXS occupies a unique space in Singapore’s digital banking sector, saying: “As a digital bank that is not hindered by legacy systems, we have the ability to scale relatively quickly without taking on too many risks or running up huge costs.”    Tinghui Ng, Natasha Rahmat, Ju Han L., varun kocher, Wei Bo Iu, Jessica Goh, David Hong, Rajat Malhotra, Charles Wong, Megha Rastogi Foo Boon Ping 胡文彬, TAB Global #GXSBank #digitalbanking #financialinclusion #customersegmentation #fintech #microfinance #msme #financialservices #singaporebanking #digitaltransformation #gigeconomy #singtel #grab #financialneeds #bankingexperience #customerrelationships #entrepreneurs #underservedsegments #financialinnovation #digitalinnovation #bankingsector #profitability #customerneeds #theasianbanker #tabglobal