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Hello there,
Some time ago, my friend asked for advice on choosing a digital bank. He seemed spoiled for choice because now there are many digital banks and neobanks in Indonesia.
Just a few years ago, the only digital bank that came to mind was Jenius, which was launched in 2016, and Digibank (the online bank of Singapore-headquartered DBS), which rolled out in 2017.
It was not until 2020 when a number of other digital banks such as Bank Jago, Neobank from Neo Commerce Bank, and Line Bank emerged.
However, it’s a different case in Vietnam. Compared to Indonesia and other Southeast Asian countries like the Philippines, Singapore, and Malaysia, Vietnam is considered late to the digital banking party.
In this week’s Big Story, my colleague Huong dissects the latest developments in Vietnam’s digital banking scene and whether or not it can thrive in the country. Without a separate licensing regime, aspiring digital banks have to either partner with or function as a unit of licensed incumbent banks.
Meanwhile, in this week’s Hot Take, I discuss Indonesian stock investment platform Ajaib’s entry into the crypto-trading race. Is it the right move for the company to launch the service amid the crypto winter? How does it stack up against the competition?
Read more below.
– Jofie
THE BIG STORY
Image credit: Timmy Loen
Is Vietnam late to Southeast Asia’s digital banking party?
The country doesn’t have a formal framework for digital banks, and aspirants face an uphill battle for customer adoption.
THE HOT TAKE
Ajaib joins the crypto-trading race amid crypto winter
NEWS YOU SHOULD KNOW
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