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Hello there,
Are you excited about the upcoming digital banks in your country?
If you’re in Singapore, you might be able to bank with Grab-Singtel and Sea’s new digital banks by early 2022.
Malaysia’s central bank is considering its list of 29 digital bank-hopefuls, while in Indonesia, OJK’s laissez-faire approach – with no cap set on the number of awardees – is drawing plenty of contenders, including those backed by Gojek and Shopee.
Much of the attention has been centered on new outfits run by tech companies, but incumbents like United Overseas Bank (UOB) and DBS have had a head start in their digital efforts. For instance, UOB has been operating a digital bank in Thailand since 2019.
In this week’s story on TMRW (pronounced “tomorrow”), UOB’s digital bank in Indonesia and Thailand, Simon Huang explores its ambitious target of growing its customer base by 10x to 3-5 million customers in the next four years, and how it plans to stand up against Sea’s and Gojek’s digital banks.
With competition intensifying – particularly in Indonesia – it’s not going to be an easy feat.
— Melissa
THE BIG STORY
UOB battles Sea, Gojek in Indonesia with TMRW digital bank
Image credit: Timmy Loen
TMRW has an ambitious plan to grow its user base by 10x by 2025, but it’s facing heated competition in its key markets.
TRENDING NEWS
Check out Tech in Asia’s coverage of Asia’s fintech scene here.
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STARTUP WATCH
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