Digital Banks

Joe McGuire is the founder of MyMy, a company bidding for one of five digital banking licenses that Malaysia will provide in Q1 2022.

Despite a pandemic-induced drop in overseas workers, remittances from Filipinos abroad reached USD 33.2 billion in 2020, nearly unchanged from a year earlier.

Tonik has onboarded 30,000 clients and achieved a positive balance sheet of over USD 20 million within a month of operation.

WeLab plans to bring its wealth management platform to Southeast Asia, starting with Indonesia.

Tencent’s WeBank also joins the six state-owned banks in the pilot.

Shopee is preparing the infrastructure to transform Bank BKE into a digital bank.

Ant Group’s valuation is estimated to fall by more than half after the business overhaul.

A growing presence of digital banks in Indonesia will encourage innovation and digitalization of financial services, expert say.