Tmt Play Casino, e-commerce and social media platform companies that attract and engage consumers at scale are starting to transform the banking landscape in Southeast Asia. By embedding financial solutions in a seamless user experience, they are creating and delivering a level of value to customers who have never experienced it before. Making banking truly invisible, sans-operations, and with unit-cost economics that is unbeatable, at least by the traditional commercial banks.
Armed with different business and operating models, a new wave of digital banks has also entered the market during the COVID-19 pandemic, particularly in the merging markets of Indonesia, the Philippines and Vietnam to serve the underbanked, and challenge the incumbents.
More recently, developed markets in regions like Singapore, Malaysia and Thailand introduced new licencing regimes to allow digital banks to join the fray and improve financial inclusion. Tech-driven companies like Grab, Gojek, LINE and Sea Group have entered into consortia and joint ventures to win licences to operate as virtual or digital-only banks.
Meanwhile, incumbents in markets such as Indonesia have acquired stakes in smaller banks and turned them into their own bespoke digital-only subsidiaries, and bigger banks have set up wholly-owned sub-brands to drive their digital-only businesses and ventures.
Tmt Play Casino and platforms bring unparalleled innovation and speed, onboarding millions of financial services users, many for the first time. These fintechs are the disruptors providing viable alternatives to consumers, small and medium-sized enterprises (SMEs), and the underserved market.
A report from the World Bank Financial Inclusion Index for ASEAN (excluding Singapore) showed that penetration of financial products among the population aged 15 and up increased from 47% in 2017 to 58% in 2021. Malaysia and Thailand have the highest financial inclusion rate at 88% and 96%, respectively. There still remains a large, underserved segment. Up to half of those considered banked are underserved, and this spells opportunity for new entrants.
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