A year after Hong Kong issued eight digital banking licences, Mox and ZA Bank have emerged as the early leaders. Together with WeLab, the three banks account for 86% of all virtual banking deposit in Hong Kong.

Several key themes emerged amidst the many discussions by global leaders in payments, including QR code, blockchain, credit card schemes, fintech and data consolidation

Taiwan’s Financial Supervisory Commission (FSC) is driving the country’s banks to move to digital platforms through its “Bank 3.0” vision as banks have an urgent need to differentiate themselves in the crowded retail banking market.

Credit card issuance and usage wane as digital and mobile payments increase in popularity.

China Merchants Bank and China CITIC Bank are developing their credit card businesses to stimulate retail income.

Despite current economic challenges, Vietnam’s banking sector has promising longer term potential due to its relatively young and increasingly affluent population.

The contribution of consumer finance to the overall retail loans in Asia Pacific in 2015 ranged from 2% to 56%. Its share to retail loans has increased in markets like Indonesia but has declined in Hong Kong and Thailand. The growth of consumer finance per country also varied, slowing down in Taiwan and growing faster in the Philippines.

New payment options in the market are creating new opportunities, making competition fiercer, and reducing the use of cash and cheques.

Banks are integrating new technologies into their core businesses to improve their digital banking presence and speed-to-deliver