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China’s tech giants have upended the country’s payments system and promise to shake up its consumer-banking sector. The rest of the region won’t be so easy.
Asia is quickly becoming the next battlefront for Alibaba Group Holding Ltd.’s Ant Financial and Tencent Holdings Ltd.’s WeChat Pay, after both secured licenses to set up online-only banks in Hong Kong earlier this month. Singapore’s welcoming regulatory environment makes the city-state an obvious entry point to Southeast Asia.
The article goes on to state the following:
The region’s huge market could offer some easy wins. Much of its population of over 650 million are digitally savvy smartphone owners, already comfortable with ride-hailing apps like Go-Jek and Grab. Meanwhile, inefficient bank branches, low interest rates and poor professional investment advice is trumping privacy concerns: 62% of people in developing Asian countries don’t mind sharing personal data to get customized products, compared with just 23% in wealthier Asian nations, according to a 2017 survey by McKinsey & Co.
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