07 May The next 5 years of digital banking in Asia
According to TechWire Asia, an online tech news media, over 40 of the largest 100 banks in the world by asset size are Asian. They account for roughly half of the market capitalization of the top 100 banks globally.
In fact, Asia has been the world’s largest regional banking market for a decade, generating excess of US$700 Bil in pre-tax profits – Not only has Asia caught up to their western peers in banking but begun to surpass them in scale. And with the consumers’ tech-savviness, banks are seeing opportunities to deliver new innovation and take this leap ahead.
McKinsey has shared that as incomes continue to increase for Asian households, personal financial assets in the region will total US$69 Trillion by 2025, representing approximately three quarters of the global total.
Asia has proven to be a fertile ground for the development of digital banking, with numerous companies making the transition from a technology platform to a digital bank.
At NAOS International, we have been actively recruiting for clients in the Fintech industry in Asia. Reach out to our Senior Consultants in Asia on how you can grow your team too.