Article: The Future of Finance: How to Cope With Open Banking In Emerging Asia

Money, Open Governance

The Future of Finance: How to Cope With Open Banking In Emerging Asia

For more than a decade, Asia has been the largest regional banking market and as the continent’s massive middle class continues to grow, McKinsey expects personal financial assets in the region to reach US$69 trillion by 2025, or 75% of the global total.

However, in recent years, traditional banks have been disrupted or have faced stiff competition from fintech startups — be they pure-play digital banks or e-commerce platforms offering quasi-banking services. These players have catered to largely ignored, low-margin, high-risk customer bases, namely those in rural areas of emerging markets.

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