Asia's EMs to lead in banking innovations: IDC

COUNTRIES such as China, India, Indonesia and the Philippines will provide a greater percentage of the innovations within the financial services sector in the coming decade, as non-bank organisations from those places enter the industry to meet the needs of the unbanked.

The prognosis came from Michael Araneta, research director for IDC Financial Insights Asia-Pacific, who shared this during last week's Asian Financial Services Congress.

He noted that 40 per cent of the people in Asia-Pacific have no access to traditional banking facilities. This is likely to drop to zero by 2020 as more non-bank actors such as China's Alipay and Tenpay enter the market to offer products catering to this population group.