Digital banking hits South-East Asia

A NEW breed of digital-only banks are hitting South-East Asia. They are following the success of European digital pursuits by banking giants such as BNP Paribas in France and Virgin Money in the United Kingdom, which have invested heavily in technology to take on traditional high-street banks.

In this part of the world, CIMB Group Holdings Bhd is marking a crucial milestone by launching its first full-digital bank this year. It will start in Vietnam in the first half of the year, followed by the Philippines by the end of this year.