Mula-X’s Post

#openfinance is our best chance at collectively closing the financial gap once and for all. That was the message I tried to deliver in my keynote address last week at The Digital Banker’s Southeast Asia Tour, Philippines leg. The Philippines has made great strides in recent years to bring more of the unbanked into the fold, but millions remain without bank accounts and access to credit. The country also ranks near the bottom of surveys for financial literacy. Open Finance, where banks and other financial providers share data in a controlled environment, can help the unbanked finally build a financial profile and a transaction history. It’s one answer to the perennial problem of lack of documentation. And it can help us support #MSMEs, the backbone of the economy, better with more tailored, more timely services to help them scale up. IFC, together with the Bangko Sentral ng Pilipinas and other partners, has been working hard over the past two years to develop an enabling environment for Open Finance to flourish here. We want to set the stage for a fairer, more inclusive, more resilient financial ecosystem in the Philippines—and we invite everyone to join us. #financialinclusion #openfinance #openfinanceph

Embedded Finance Opportunity in Southeast Asia via additiv 🌏 Despite rapid wealth creation and a burgeoning middle class, there's a significant gap in the uptake of wealth management services in Southeast Asia. Surprisingly, 50% of the population in the Philippines, Indonesia, and Malaysia has not engaged with any investment services in the past 12 months. 📅 📃 The report studies the preferences of Southeast Asian consumers across 1,500 consumers in Malaysia, Indonesia and the Philippines when it comes to financial services, from the desire for professional investment advice to shifting interests in ESG and crypto assets. 🗝️ Here are key valuable insights that can shape your business strategies: ➀ Wealth inclusion is both an opportunity and a challenge ➥ Asia is a key engine for global wealth creation. However, despite the fast and sustained wealth creation, a significant portion of the population remains underserved in terms of wealth management services. ➥ There are challenges along the way, such as scaling the provision of investment advice, but the opportunity is massive. While undoubtedly well placed, banks are not necessarily in pole position to capture it. ➁ Banks are well-placed to capitalise on the opportunity but so are non-bank digital platforms ➥ Consumers are well-served for basic retail banking services and have strong engagement with these services compared to specialised financial services. On a weekly basis, 58% of consumers actively engage with their banking apps. At the same time, banks also enjoy high absolute trust (trusted by 70% of respondents). ➥ However, most popular non-bank apps enjoy a 20% point lead over banking apps in terms of engagement. Higher engagement translates not just into more opportunities for cross-selling, but also into better data. ➂ Price, reputation and peer reviews are main reasons for switching ➥ Customer loyalty among financial services provider is low and falling. More than 70% of consumers would consider switching financial services providers (up from 64% last year). ➥ However, the majority of consumers would only switch if incentivised to do so. Of the top three factors for switching, cost-service to price ratio was the primary reason. Incentives emerged as the second compelling reason, with over 60% marking it as a crucial reason for switching. Grab your own copy of the full study to gain a competitive edge in capturing the wealth management opportunities in this rapidly evolving market here ➡️: https://lnkd.in/gxGzRETT #fintech #embeddedfinance #wealthmanagement #investment #ESG #crypto #southeastasia

at APDS CONSULTING UK LTD & CrePASS we are on a mission to alleviate lack of access to basic banking services and loans in South East Asia & improve #financialinclusion rates whilst boosting #economicgrowth. Unbanked rates are high throughout the region, averaging 65% according to the World Bank, for example Vietnam's rate is 69%, The Philippines is 66%, Cambodia is 41% and Indonesia 51%. Think of all the extra customers a bank could target if they used a hybrid scoring system that combined the best of #traditionaldata #creditscoring with #alternativedata #scoring to help to assess credit applications from this population segment The problem is not just confined to SEA, it's global (see map below), with parts of #Africa having unbanked rates above 60% (Mozambique 76%, Nigeria 60%, Morocco 71%) We can help, drop us a line to expand your customer base www.apds-analytics.com

During the past seven days, I had the privilege to spend many insightful hours with my Filipino partners, clients, and friends. Sharing ideas on how to move the ecosystem forward toward an economy that is fully inclusive, and taking advantage of available - but not necessarily easy accessible technological advances, such as digital onboarding, instant payments, eKYC, alternative credit scoring, and many others. My perspective is that although there are many hurdles to overcome, the momentum is starting to shift. Many financial institutions, FinTechs, and tech providers are starting to form critical alliances to move the ecosystem forward. It is once again clear that is not about individual players, but rather the digital ecosystem that needs to work together to resolve real pain points in the financial domain, and to create trust to enable certain demographics that have always been excluded. The very people that can't afford the high unhidden costs of moving cash around. My congratulations to the Fintech Association of the Philippines, the Rural Bankers Association, and so many other role players who are working together to make financial inclusion and a digital economy a reality in the Philippines. We here at Sybrin Philippines are committed to the small role we can play by bringing world class, fit-for-purpose and cost-effective solutions to the market. We are always there to provide our knowledge and experience, gained from other markets, to our partners and friends in this amazing market. #Sybrin #Fintech #SmileAPI #RBAP #Philippines #eKYC

I’m happy to be back in the Philippines 🇵🇭, and like all my trips here, I'm amazed at the country's vibrance and continued economic growth – the fastest among emerging economies in Asia.    Last week, I had the opportunity to meet with some of the leading banks in the country to understand the challenges they face with digital transformation. Not surprisingly, many of the pain points are the same faced by other banks and financial institutions we have worked with worldwide.   Dealing with the technical debt imposed by legacy IT systems while simultaneously needing to add new products and services to remain competitive is hard. Rip-and-replace is costly, time-consuming and risky while adding point solutions on top of one another simply postpones the pain.   It was great to share our experience empowering financial institutions to fully utilise their existing infrastructure by wrapping it in a modern composable application platform, allowing them to add new services and new customers at scale. The opportunities are immense: McKinsey & Company says banking revenue pools may triple in the Philippines by 2030, yet 44% of the adult population remains unbanked. This trip has been fruitful for me on a personal and professional level. Special thanks to Mayank Parekh Abby H. for hosting me! I look forward to our next trip. P.S. Loved the view of Manila! #bfsi #LegacyIT #DigitalTransformation #ComposableApplications #FintechPhilippines

Boost to launch digital bank in Malaysia Watch the full conversation: https://bit.ly/3ENl5HG Boost, a regional full spectrum fintech company, led by group CEO, Anthony Sheyantha Abeykoon, that has AI-based micro-financing businesses in Malaysia and Indonesia, aims to foster financial inclusion, particularly for micro, small and medium-sized enterprises (MSME). The company is poised to launch its digital bank in Malaysia and expand regionally. Abeykoon said: “We have a model that works quite well, providing financial inclusion, fintech and various other financial products for underserved sectors, primarily the micro SME.” Boost navigated the pandemic by aiding businesses in digital invoice financing and supply chain management. Now, it assists companies in obtaining working capital for growth. As the digital bank launch approaches, plans for expansion in Cambodia are underway. While strategic investments in financing sustain growth, Boost aims to gain trust and market share by focusing on regulatory compliance and partnerships. Wisnu Saputra, Kristina P., Diana Boo 巫宝鑽, David Tay, Nachiappan Arasu, Salihah Noh, Charlene Chin, Gary Foo, Sry Khairudin, Stefanus Budiman, Amanda Loo Foo Boon Ping 胡文彬, TAB Global #Boost #financialtechnology #malaysia #indonesia #fintech #digitalbank #compliance #enterprise #partnership #capital #bank #MSME #tab #theasianbanker #tabglobal

Accessibility challenges have limited bank account ownership to roughly 35% of adults in the Philippines 💳 Through its digital payment solutions, Hitachi is tackling these obstacles, supporting the government's strategy to broaden financial accessibility and stimulate economic expansion 🌏 Learn more at https://lnkd.in/ePWHtnBD. #DigitalPayments #FinancialInclusion #Hitachi

FRIDAY 9.45am! Astro AWANI 🎥 FINANCIAL INCLUSION VIA INNOVATIVE FINTECH Did you know? Roughly 12% of Malaysia ie; 7 million Malaysians, primarily from rural areas are unbanked - meaning they cannot access ANY financial services. This is a dire need due to the growth rate in mobile banking & e-money transactions, which quadrupled to RM800 billion in 2021. Moreover, financial inclusion gaps among underserved communities such as women, gig workers, and lower-income earners requires significant attention. Niaga Spotlight speaks with Nisa Ismail, CEO, Sedania As Salam Capital Sdn Bhd about the latest in Financial Inclusion via FinTech to help close these socioeconomic gaps, especially in rural areas. #NiagaSpotlightWithTehminaKaoosji #501Awani #FinTech #FinancialInclusion #Digital #Banking #PovertyAlleviation #Malaysia

🚀 Cambodia's Leap into the Future: Embracing Digital Finance 🚀 With a blend of innovation, collaboration, and strategic foresight, Cambodia is reshaping its economic fabric for a brighter, more inclusive future. 🌐✨ Here's why everyone's talking about Cambodia's digital finance revolution: 1️⃣ 💸 $492 Billion Surge in Digital Transactions The volume of digital financial transactions in Cambodia has soared beyond $492 billion, thanks to the collaborative efforts of the National Bank of Cambodia, financial institutions, and tech companies. This monumental leap is steering Cambodia towards a cashless future, revolutionizing how transactions are made across the nation. 2️⃣ 📲 Bakong: The Digital Payment Powerhouse With 27.6 million accounts and 2.9 million merchants on board, the Bakong system is not just a platform; it's a movement. This digital payment system is changing the game, making transactions smoother, faster, and more accessible for everyone in Cambodia. 3️⃣ 🌍 Regional Connectivity Boost Cambodia is not stopping at its borders; efforts are underway to enhance payment system interoperability with neighbors like Laos, Thailand, and Vietnam. This initiative promises smoother cross-border transactions, positioning Cambodia as a pivotal player in Southeast Asia's fintech evolution. 4️⃣ 🔍 Focus on Inclusivity: Beyond Urban Reach The vision for a cashless Cambodia extends beyond the urban landscapes, aiming to bridge the digital divide. The 'Cambodia 2040' report underscores the importance of expanding digital financial services to every corner of the country, ensuring no one is left behind in this digital leap. 5️⃣ 📚 Government's Role in Accelerating Digital Adoption Strategic government policies are the backbone of Cambodia's digital transformation. By enhancing access to technology, implementing digital ID systems, and crafting supportive regulations, Cambodia is laying the groundwork for a fully integrated digital economy. #DigitalFinance #Cambodia #Fintech #Innovation #CashlessSociety Read more below! https://lnkd.in/g69cuJU9