Bankers’ Challenge: Compete or Collaborate?

Bankers’ Challenge: Compete or Collaborate?

The fast changing SE Asia payments landscape reviewed

 

How can banks respond to new digital commerce ecosystems?

The consumer payment ecosystem is undergoing enormous and rapid change in the markets of South East Asia. The result is the displacement of cash by digital payments, and an opportunity for the unbanked to participate in a digital economy.

Paul Brisk will provide a view on what is happening in terms of the digitisation of payments in many markets across Asia: what are the drivers, why the market dynamics and demographics have created the ideal environment for this change now, and who are the key players leading the transformation, using Malaysia and Indonesia specific examples.

Arguably, we are not just witnessing the digitisation of payments but seeing the emergence of new digital commerce eco-systems. To date, the enablers of these digital commerce eco-systems have tended to be “tech-giants” and “fintech” organisations rather than banks.

Is there a risk for banks as the providers of traditional payment solutions and account services? The dilemma for banks is how to respond to the change – compete, or collaborate with the enablers of the new digital ecosystems? A possible way forward is Open Banking, providing an opportunity for banks and non-banks to cooperate for win-win scenarios.

 

Paul Brisk, Director at PT. Pembayaran Digital Indonesia, will share insights from his consulting experience in consumer and retail payments.

Don’t miss this track session during GPS day two!

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