How Digital Banking and the Fintech Revolution Will Affect Your Business

How Digital Banking and the Fintech Revolution Will Affect Your Business

On September 9, to over 90 registrants, AMCHAM’s Business Economics and Digital Economy Committees held the joint event How Digital Banking and the Fintech Revolution Will Affect Your Business. This event was an opportunity for listeners to learn about how the new world of Fintech-enabled services are creating easier and more efficient business services around the globe. Participants were also able to ask questions to three experts in the field: Ronit Ghose, Global Sector Head for Banks Research, Co-Head of the FinTech Group and Head of MENA Research for Citi; Niklavs Petersons, Vice President, APAC Fintech Corporate Banking of Citi; and Jirayut Srupsrisopa, Founder and Group CEO for Bitkub Capital Group Holdings Co. Ltd.

Digital Economy Committee Co-Chair, Peter Fischbach, introduced Ronit Ghose as he gave a brief presentation on the historical significance of classic banks, their digital transformation into the Fintech revolution, and how newer digital banks (“neobanks”) are working in comparison. Neobanks are growing in popularity due to their ease of use but have yet to crack the profitability side of banking that their more established counterparts have the institutional edge on. Ronit also noted that long standing banks have had the unique opportunity to better partner with other businesses in order to ease the flow of transactions online. He finished his presentation with a brief overview of Libra 2.0 and its potential impacts on that these new e-money transfers will have on the future of business. There was a brief question and answer session with Ronit where he answered questions regarding the social value and impact of digitized banking in countries like India and China.

The presentation was followed by a panel discussion was moderated by Digital Economy Committee Co-Chair, Waleeporn Sayasit, and included special guest speakers Niklavs Petersons and Jirayut Srupsrisopa. Niklavs began the panel by speaking on the broad categories that can fit into the Fintech definition and their current impacts within the banking industry. He stated that there has been a rise in e-wallets across Asia and that Thailand is primed to be the next country to further utilize this prospect for consumers. Niklavs also expects payment gateways to grow tremendously in the next few years. Jirayut commented on the arrival of the cloud services in Thailand and how the Bank of Thailand (BOT) is studying and further preparing for this sort of growth in the near future. Jirayut stated that this is “the most exciting era of the financial revolution” as he further espoused on his collaboration with government technologies. Niklavs echoed this statement saying that the future of banking will be interesting if models that are successful for other countries, ie Taiwan’s recent inclusion of LINE banking, are any indicator for the future of Thailand.

There was another question and answer session after the discussion, moderated by Peter Fischbach, where the panelists were able to speak to attendees. Questions asked involved the safety of moving these banking infostructures online, overseas remittance, and expected timelines for Thailand’s inclusion with some of these technologies. Ronit’s presentation is available on the AMCHAM Member Portal for viewing.

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