Asia Banking Research
Thailand’s financial landscape is headed for further changes and disruptions with the recent announcement that the Bank of Thailand (BOT) has given the green light to three consortia to launch virtual banking services. The BOT came to its decision following a selection process that ran from March to September 2024, during which five consortium-led applicants vied for the coveted licenses. The three approved applicants were evaluated based on their financial strength, business model and readiness to meet regulatory requirements for operating a digital bank.
This is the fourth and final blog in our series on Digital Asset Custody, in partnership with Ripple. The first blog in the series highlighted the rise of digital assets in Asia Pacific, exploring the opportunities and challenges for custodian banks in this growing space. The second blog explored how strategic partnerships with established technology providers enable custodian banks to efficiently and securely navigate the complexities of digital asset custody. The third blog looked at tokenization use cases and how these are transforming traditional financial assets.
MariBank is the first digital bank in Singapore to offer remittances to both retail and SME customers
In the ever-evolving digital banking space, innovation is not just about sleek apps or cashback cards, it is about anticipating real-world needs and closing the gaps traditional banks often leave wide open. MariBank, a digital bank backed by tech giant Sea Group, has just done exactly that by becoming the first digital bank in Singapore to offer remittance services to both retail and SME customers. With this move, it is not only breaking new ground, it is redefining the role digital banks can play in cross-border finance.
The digital banking landscape in Asia has undergone a remarkable transformation, with leading institutions setting new benchmarks in innovation, customer experience, and financial inclusion. The Banker’s 2025 ranking of top digital banks in Asia highlights key players that are redefining the region’s banking sector through cutting-edge technology, strategic partnerships, and a customer-centric approach.
Competition in digital banking in Southeast Asia presents opportunities for infrastructure service providers
Competition remains fierce in Southeast Asia’s digital banking market, especially among major brands linked to super-apps such as ride-hailing app Grab (GXS Bank) and Sea Limited (SeaBank and Maribank), which operates the Shopee eCommerce platform and gaming platform Garena. While Revolut and Chime can generally be regarded as the digital banking leaders in Europe and America, respectively, the race for supremacy in digital banking is still hotly contested in Southeast Asia as regulators continue to hand out digital banking licenses to both neobanks and traditional incumbent banks.
In March 2025, Singapore-based fintech company Chocolate Finance found itself at the center of a storm after a poorly planned promotion led to a significant backlash from customers. The incident, which began with the abrupt suspension of instant withdrawals and the imposition of a spending cap on its debit card, has raised important questions about crisis management, customer trust, and the sustainability of loyalty programs in the fintech industry.
Bank of Korea rules out Bitcoin as a reserve asset
The Bank of Korea (BOK) has officially ruled out Bitcoin as a reserve asset, citing concerns over its extreme volatility, high transaction costs, and non-compliance with International Monetary Fund (IMF) guidelines. This decision places South Korea in alignment with several other financial authorities worldwide but also highlights a growing divide in global perspectives on cryptocurrency adoption in national reserves.
This is the third blog in our series on Digital Asset Custody, in partnership with Ripple. The first blog in the series highlighted the rise of digital assets in Asia Pacific, exploring the opportunities and challenges for custodian banks in this growing space. The second blog explored how strategic partnerships with established technology providers enable custodian banks to efficiently and securely navigate the complexities of digital asset custody.
Tyme Group raises US$250 million in Series D funding round
Tyme Group, which operates digital banks in South Africa and the Philippines, has raised US$250 million in its Series D funding round, valuing it at US$1.5 billion. The new capital injection will support Tyme’s expansion into new markets, including Vietnam and Indonesia. In Vietnam, where it only has merchant lending operations, Tyme plans to roll out core transaction banking products later in 2025. In Indonesia, meanwhile, the digital bank also plans to launch merchant cash advance and is looking for a banking license, according to Reuters.
This is the second blog in our series on Digital Asset Custody, in partnership with Ripple. The first blog in the series highlighted the rise of digital assets in Asia Pacific, exploring the opportunities and challenges for custodian banks in this growing space.
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The Philippines is leaning towards allowing more digital banks
In early December, BSP Deputy Governor Chuchi Fonacier told reporters that there is a “possibility” the Philippine central bank would allow four new digital banks in 2025. The regulator highlighted key factors that would be considered in determining the winners, which were mostly boilerplate – a unique value proposition, an innovative business model not yet offered by existing market players, and so on. The capitalization requirements, meanwhile, are modest, at 1 billion Philippine pesos (US$17,300,000).
Why is Viva Republica leaning towards an IPO in the U.S.?
It was not long ago that Viva Republica CEO Lee Seung-gun praised South Korea’s fintech market and financial regulators. “Korea is a market where fintech companies can build their foundational strength for overseas expansion,” he said in September at Korea Investment Week in Seoul. “There is no country where the government leads financial innovation as much as Korea,” he added. And yet Viva Republica seems to have decided against an IPO on the Korea Stock Exchange (KRX). Instead, it is likely to go public in the United States, according to several Korean media reports.
Siam Commercial Bank accelerates digital finance push
Thailand’s Siam Commercial Bank (SCB) is among the most proactive lenders in Southeast Asia when it comes to digital finance. It recently has started on work on a Thai baht stablecoin project and is setting up a digital bank in Thailand together with South Korea’s Kakao Bank.
Assessing the K Bank-Upbit relationship
South Korea’s K Bank had a strong third quarter during which its net income surged almost 181% annually to 37 billion won (US$26.3 million). Through September, the online lender had accrued profits of 122.4 billion won, up 220% from the first nine months of 2023. K Bank’s customer numbers are rising steadily as well, reaching 12 million by the end of September, thanks to strong demand for high-interest rate deposits, cashback programs and mortgage loans. There was really no bad news in K Bank’s earnings report, but the lender still faces significant challenges due to its close ties with the cryptocurrency exchange Upbit and its general high reliance on digital assets to fuel growth.