Open source – the key to Asia’s unbanked opportunity?

October 1th, 2020 – Southeast Asia’s internet economy is booming. A recent Google report indicated it had already surpassed the US$100 billion mark and is set to hit US$300 billion by 2025.

Digitization had already rocketed across the region before the pandemic accelerated things, not least the digital transformation of the banking and payments sector and the rising popularity of digital banking and fintech, which has been driven by a rising need for contactless payment methods, physical branch closures, and rising demands from customers.

Meanwhile, Bain research shows that over seven out of 10 adults in Southeast Asia are still either “underbanked” or are “unbanked,” without a basic bank account at all. In addition, millions of Southeast Asia’s small and midsize enterprises (SMEs) face large funding gaps, and these have given rise to alternative lending fintechs in societies like Indonesia and the Philippines.

Faced with these changing market dynamics, established banks are now shifting their customer services online and investing heavily in front-end IT infrastructure. And after years of mistrust, classical banking is finally ready to embrace open source technology to make it happen.

More…https://techwireasia.com/2020/10/open-source-the-key-to-asias-unbanked-opportunity/

Written by Techwire Asia

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