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FinTech big challenge to traditional banks in Asia Pacific
- Tuesday | 16th April, 2019
Among the new Hong Kong digital banking licensees is a joint venture between StanChart, Chinese holiday booking giant Ctrip and local telco PCCW. The online-only banks in Hong Kong plan to start-off by offering services such as savings accounts, credit cards, personal loans and travel insurance. Such trends were forged by Alibaba and Tencent in China where the two upended financial services and drove a revolution in the cashless economy with their digital payment applications. HONG KONG (Reuters) – Asia’s internet firms are challenging the region’s traditional banks for consumer finances, tapping their massive user networks for business and following a trail blazed in China by tech giants Alibaba and Tencent. Asia’s tech entrants see their advantage in the way they can seamlessly integrate banking services with their users’ regular online activities and the efficiency that comes from their technology.
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