ASEAN perspectives, August 2018
In August’s headlines, financial inclusion is a common concern echoed across Asean, even in emerging countries such as Myanmar and Cambodia. Governments believe that FinTech is essential and will continue to play a critical role in improving financial inclusion. In particular, adoption of new technologies will open up new possibilities in the provision of financial services. For example in the payments system, more are moving away from cash and there is a strong appetite for electronic payments which would provide significant benefits to consumers, merchants and the economy.
Customer experience is at the heart of what drives the adoption of technology. Stay tuned for the last instalment of our ASEAN insights series on driving growth through innovation in the Philippines. Much of the discussion revolved around the customer experience, and how the types of technology used should focus on enhancing and driving greater customer engagement and creating better overall interaction with financial institutions. The discussion also turned to FinTech and how traditional financial institutions (FIs) could best leverage off collaboration with these new players to augment their existing services.
This topic of discussion is also reflected in our recent white paper release where one of the key takeaways was how FIs should continue to work closely with regulators to level the playing field between FinTechs and non-FinTechs to ensure the local regulations can work for inter-operability of their offerings, which is a key element for financial inclusion. In my latest blog, I also shared my key observations on what it entails to create a sustainable and harmonious business landscape where FIs, regulators, FinTechs and non-FinTech players can co-exist.
Meanwhile, I hope you find this month’s issue insightful.
Financial Services, ASEAN