Hey. Brady here.
A few years ago, the common “leapfrog” story was told in China, where phone-based payment channels were being used for daily transactions, a few yuan at a time.
Now, the same tale describes what’s going on in many corners of Southeast Asia. Naturally, there’s a push and pull between regulation and practice.
The OJK, Indonesia’s financial regulator, has released a blueprint for digital banking, spelling out the working principles that financial institutions should adhere to while they move their operations from the 20th century into the 21st.
These guidelines are necessary, but in a way, those who are building solutions for full-fledged digital banks are already there. After all, banks are not the same kind of animal as standalone apps that offer specific, limited services. In their case, steady buildout is key.
Khamila had the story. You can read it here.
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