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03988 BANK OF CHINA
RTNominal down2.580 -0.030 (-1.149%)
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03/06/2020 14:24

Social distancing spurs digital banking in APAC - S&P

[ET Net News Agency, 3 June 2020] Social distancing in response to the COVID-19
pandemic is driving digitalization of banking in various Asia-Pacific countries, S&P
Global Ratings said today.
In three reports S&P Global Ratings published today, the credit rating agency examines
factors that affect technological disruption in retail banking for Hong Kong, Australia,
and Singapore.
The COVID-19 outbreak has accelerated Hong Kong's pace of digitalization to drive higher
traffic and volume to digital channels and contactless payment. More customers have turned
to mobile and online banking, according to the report titled, "Tech Disruption In Retail
Banking: Hong Kong's Large Banks Are Pioneering The City's Fintech Development."
With temporary changes in Hong Kong's regulations, some insurance products can be
offered on digital platforms instead of mandatory face-to-face distribution.
"We believe the incumbent banks in Hong Kong will continue to lead the city's
digitalization," said S&P's credit analyst Patrick Chan. "Not only are the banks
well-resourced to upgrade their existing platforms and use new technologies, their
dominant market share, vast financial resources, and big client networks mean any
innovation could be applied quickly."
The Hong Kong Monetary Authority's initiatives such as Open Application Programming
Interface and virtual banks could introduce mild disruption to the sector. New entrants
will likely target niche markets or customer groups that are underserved by the large
players. (KL)

Remark: Real time quote last updated: 07/08/2020 17:58
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