Four key trends in Asia's banking sector in 2021

THE year 2020 was a challenging year for the banking sector in Singapore, with years of digital transformation taking place within months. In our now socially distanced world, consumers seek contactless, frictionless payment experiences, while merchants now need to prioritise digital modes of payments in order to both survive and thrive.

This transformation is putting an ever-greater emphasis on the underlying infrastructure that enables digital payments and makes money move around the world seamlessly.

The common vision across Asia is that payments should become a virtually invisible part of the overall customer journey, with industry players working hard behind the scenes to make this happen. While we can all hope that the pandemic's negative impact will diminish in early 2021, the transformative changes that it brought upon the banking industry will continue to pick up. This will be reflected in four key trends that we expect to see this year: