Singapore

And JPMorgan is the latest bank to expand to Paris after Brexit.

In the past 12 months, we witnessed a range of companies racing to qualify for a spot among Singapore’s first digital banks, mirroring what happened with Hong Kong’s virtual bank licenses the year before. The sense of urgency is understandable - the nature of what it means to be a bank is changing, and this shift is opening a gap in which newer operators can assert themselves. The importance of this is underscored by the fact that the Asia Pacific region has an astonishing share of the world's digitally native population; in markets like India, Vietnam and Thailand, it’s common to become "digitally banked" without having had a credit card – or even a bank account. While Asia Pacific is diverse in its financial systems, there are some unifying factors which are going to change the face of banking across the region.

Singapore poses as a hard-ground for virtual entrants.

Suppliers will have the option of instantly enhancing credit terms for each invoice.

The bank’s record 2019 profit was partly anchored by its wealth business.

The lender has set aside as much as 20% of its FY19 operating expenses on tech.

Krista Baetens was chief risk officer for ING Belgium before taking the role.

Siok Kuan Tham succeeded Tuan Huynh last 8 January. Deutsche Bank Wealth Management has appointed Siok Kuan Tham as head of wealth discretionary for emerging markets, according to a news release. Effective 8 January, Siok Kuan replaced Tuan Huynh, who was named as chief investment officer for Europe several months ago. Siok Kuan was the former head of fixed income at the bank’s asset management operations in Singapore. She also chaired the Asian Fixed Income Portfolio Commission Committee in the Lion City.  

Heavy investments in technology will mean nothing without investing in manpower, according to experts.

But more than half won’t bank with an institution that doesn’t offer a digital experience.

This represents a CAGR of 133.1%.

And Wells Fargo’s new CEO sets $1.5b for legal costs of sales scandal.

A 40% increase in daily forex trading volume was noted over the last decade.

They launched mobile wallet KBZPay, banking on the country's high smartphone penetration to improve financial connectivity.

Eight publicly known applicants want to focus on the country’s underbanked segment.

Incumbents are building up capabilities and forging partnerships with former foes to stay competitive.