FROM THE EDITOR

Jeline Acabo Tessa Distor

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Fully digital banks were expected to revolutionise the banking industry and threaten the “old” incumbents. Yet, in the decade since its massive boom, particularly at the onset of the pandemic, these virtual banks, neo banks, and challenger banks, amongst a plethora of other titles, may not have lived up to the hype.

Meanwhile, the current state of wealth management services has one fatal operating flaw – managing the wealthy, not their wealth. Whilst the mass affluent market has the capacity to save money, it does not meet all the criteria to qualify for traditional wealth management services, and therefore wealth managers often have eyes on servicing high net worth and ultra-high net worth clientele.

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Women’s representation in banks has come a long way, but much work still needs to be done. Unspoken expectations and unconscious biases often weigh down on women building up a career for themselves. UOB’s Head of Group Personal Financial Services Jacquelyn Tan, shares her insights on how these stereotypes can impact women’s careers in the banking and finance industry. DBS Hong Kong’s Head of Digital & Innovation, Lareina Wang, also discusses why having women in senior leadership positions is important to foster more women to enter the industry. Read the full interviews on pages 14 and 18.

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CARDS & PAYMENTS

Most people would not remember the long string of numbers that makes up their bank accounts but many will always remember their mobile numbers. This was the idea that latched on to Globe’s decision makers when they created GCash, an SMSbased domestic remittance service.

Citi is ramping up its global wealth strategy with the launch of its very first Global Wealth Centre in Hong Kong: a curated space aimed at serving the bank’s affluent and ultra-high net worth clientele in Asia. The space is for the exclusive use of Citigold Private Client and Citi Private Bank customers.

Too much of anything is the beginning of a mess, interior designer Dorothy Draper once said, and it’s a reality that financial institutions may want to take heed when it comes to creating new banking experiences. Customers seek confidence and clarity from financial advisers.

DBS Hong Kong offers two-in-one instant loan and credit card combo

Citizens strapped for cash but unwilling to undertake the lengthy loan process or turned off by highinterest rates offered by non-bank lenders now have a new path to get their much-needed moolah. DBS HK has recently unveiled its first fully digitalised Card Loans experience.

In the past, the universal banking model had ensured that traditional banks retain their dominance in the banking sector. However, changing customer attitudes and the crumbling entry barriers for new players has vastly transformed modern-day banking.

Fintech funding hit a record number of volumes in 2021, with 5,684 fintech deals for a whopping US$210b in total investments garnered during the year–the second-highest annual total ever. Yet come a year later and the global fintech investment market is in a downward trend.

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