Regional banks driven to step up digital services

Mr Modak says technological advantages and large customer databases were factors driving tech companies to join the banking business as they can use their technology to deliver and manage financial offerings to clients.

Banks in Thailand and elsewhere in Asia-Pacific are being pressured to improve their digital banking services in 2023, as more tech companies are expected to join the industry amid the use of cloud technology, says cloud banking platform Mambu.

Mambu's annual "Partner Predictions" report indicated tech firms are among the new players competing with traditional banks this year thanks to advanced technologies in financial services and growing demand for digital banking across the region, especially in Southeast Asia.