Where’s digital banking in Asia headed over the next 5 years?
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The West used to lead the global banking industry in innovation, but now Asia is tilting the scales
Asia banks are reinventing themselves to survive given how a generation of digital-banking customers is rising by hundreds of millions strong
Over 40 of the world’s 100 largest banks by asset size are Asian, and account for approximately half of the market capitalization of the top 100 banks globally. The continent has been the world’s largest regional banking market for a decade, generating pre-tax profits in excess of US$700 billion and accounting for 37% of global banking profit pools as of 2018. Not only has banking in Asia caught up and begun to surpass their Western peers in scale, but consumers’ tech-savviness has created opportunities for banks to deliver new innovations and take the next leap ahead.