Banks in Southeast Asia are in a good position to weather market disruptions from financial technology players considering that they have done well with their own digital transformation efforts, according to Moody’s Investor Service.
“Many were able to build up huge customer bases, though their service offerings are largely limited to digital payments and expansion into other financial services remains modest,” the company said.
UnionBank itself saw the number of accounts that were opened through digital means by 53 times in 2021 alone. Also, incumbent banks have applications that offer a comprehensive suite of financial products for retail customers and small and medium enterprises. On this, UnionBank has UnionBank Online, bonds.ph and UnionDigital Bank for retail as well as UnionBank SME Lending and The Portal for SMEs for small and medium enterprises .
For disruptors, among the Philippine players mentioned was GCash, which offers digital wallet and other financial services. Meanwhile, Maya also offers these in addition to pure-play digital banking operations.
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