But who will last?
It is expected that four years from now, more than half the people in Southeast Asia will have switched to neobanks or challenger digital banks. We are rolling headlong fast in this digital-first banking evolution and the unfolding pandemic has only sped things up.
The region has always been a digital banking hotbed, even pre-pandemic. Since 2010, 200 digital challenger banks have been set up globally. Of these, 46 are in Asia Pacific. No doubt by 2025, there will be more players on the scene, including the four that were granted digital banking licenses in 2020 in Singapore.
