Fintech News discusses ASEAN’s push to drive digital banking innovation

How partnerships between established Financial Institutions and Fintechs leads to faster innovation

The open banking revolution is upon us and countries around the world are doing everything they can do be at the forefront of innovation and transformation. ASEAN in particular, with their ever-increasing population of digitally connected millennials, has been no exception.

In their recent article, Fintech News details city-state Singapore and the initiatives it has taken to remain at the top of the innovation food chain.

In June last year, the Monetary Authority of Singapore (MAS) announced that it would issue two digital full bank licenses and three digital wholesale bank licenses in a bid to spur innovation by opening up the market to new players.

With this bid to spur innovation, there has been a move by financial institutions to partner with agile fintechs to increase their chances in attaining a license. By joining forces, banks will provide an established customer base and fintechs bring focused technological advancements.

Undeniably, a strong tech infrastructure and robust expertise in applying cutting-edge technologies including artificial intelligence (AI) and big data, will be key for firms and financial services companies alike to tap into Southeast Asia’s nascent digital banking landscape.

Meniga receives an honourable mention as being a financial software company with offices in Singapore. Having already established partnerships with companies in the region such as UOB, Visa and Microrsoft, Meniga remains primed to help financial institutions in ASEAN transform their digital bank.

Having opened its 7th international office in Singapore last summer, “an exciting place to be right now, with clear and huge demand for digital banking and financial innovation,” according to Meniga CEO and co-founder Georg Ludviksson.

The licenses are to be issued sometime mid-2020 and it will be interesting to see who pulls ahead. But whoever the winners, in the end, the customer who has access to a digital bank full of features designed to improve financial health will be the ones who truly benefit from this push.

Read the full article here.

About Fintech News

Fintechnews.sg provides a source of timely, deep insights and the latest local and global news about FinTech. Launched in 2015, the FinTech News Network team works very hard to deliver fintech-centric content in various content forms to an audience looking for updates on fintech events, stunning opinions about fintech from highly-reputable digital finance innovators, analysis on fintech applications from active insiders, breaking news on fintech topics and fintech market alerts. Fintechnews.sg is part of the Fintech News Network.

FinTechnews has 3 channels covering FinTech news around the world. Fintechnews Switzerland includes FinTech articles and FinTech events in Switzerland and Europe, Fintechnews Hong Kong covers content in Hong Kong, and Fintechnews Singapore includes content in Singapore and Southeast Asia.