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Hello there,
I consider myself an average cook. If there’s one thing I learned from the home economics classes that I took in high school, though, it’s how food labels can be misleading.
For instance, describing a jar of peanut butter as having “no cholesterol” is a misnomer since cholesterol can only be found in animal-based foods.
The same goes with tech jargon, particularly when it comes to digital banks. In this week’s big story, Tian Wen maps out the most prominent players in Southeast Asia, and we worked hard to get the language right. For example, is there a difference between a neobank and a challenger bank? Aren’t they both just digital banks?
Apparently not. There are clear distinctions between these terms, but like many other tech publications, we’ve been using them interchangeably.
In the strictest sense, digital banks are digital-led outfits that are affiliated with traditional banks. Neobanks focus on specific financial functions like lending or accounting, while challenger banks offer a wider range of traditional banking services because they own the requisite banking licenses.
Whatever the labels are, one thing is clear: We’re on the cusp of a new era of banking. We hope that you find this landscape piece useful in identifying who’s who in the region’s digital banking scene.
— Melissa
THE BIG STORY
Mapping SEA’s key digital banking players
Image credit: Timmy Loen
Digital upstarts and banking stalwarts all want in, but not every market in the region is game – yet.
TRENDING NEWS
Check out Tech in Asia’s coverage of Asia’s fintech scene here.
1️⃣ Buy now, pay later loans help fuel India’s festive recovery
STARTUP WATCH
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