Much of its population of over 650 million are digitally savvy smartphone owners, already comfortable with ride-hailing apps like Go-Jek and Grab. Virtual banks also aren’t exempt from frustrating know-your-customer routines, which can hinder efforts to sign up cash-heavy small and medium enterprises. That means it’s unlikely to be any less time-consuming than the average 38 days it takes for a traditional bank in Hong Kong. Singapore’s DBS Group Holdings Ltd., which started a mobile-only digital bank in India in 2016, claims to be targeting SMEs with data-driven lending. (1) Eight virtual banks have won licenses, with Chinese players partnering up with incumbents or local companies in all but one case.

Source: Washington Post May 26, 2019 23:03 UTC