Virtual banking: sound execution critical to success

THE race is on to digitise banking across Asia-Pacific. A combination of regulatory infrastructure changes and technological capabilities have created an opportunity for both new entrants and traditional banks to deliver virtual banking to meet consumer expectations and further financial inclusion.

Developed markets like Singapore and Hong Kong are drawn to the concept of virtual banking to drive innovation and improve financial services for their digital and financial-savvy populations.

New entrants in these markets have either begun the virtual bank application process with local regulators or have already launched pilot trials.