Brankas today released a new report analyzing the state of open banking readiness in Southeast Asia, focusing on Thailand, the Philippines, and Indonesia.
BANGKOK, Oct. 1, 2024 /PRNewswire/ -- Brankas today released a new report analyzing the state of open banking readiness in Southeast Asia, focusing on Thailand, the Philippines, and Indonesia. The report, based on interviews with senior banking and financial services executives in the region, provides a detailed assessment of the open banking progress made in each country, how customer needs are understood and addressed, and which regulator approaches have worked to incentivize open banking adoption — from the banks' perspective.
Across all three jurisdictions, it was agreed that the adoption of open banking will require significant investments from traditional banks both in API development and other supporting infrastructure. Southeast Asian banks are still early in the transition today.
The emergence of new business models was mentioned as a driving force as different banks look at markets differently to drive their own strategies and meet the demands of their customer bases. Many banks have begun to engage markets in new ways, particularly through bilateral partnerships with innovative players to expand their service offerings. However, there is a continued emphasis for banks to control customer data to maintain competitive advantage.
To download a copy of the report, please visit the download page here. Watch a summary from August 2024 of another financial services executive video interview series by Brankas at Techsauce Global Summit 2024 in Bangkok.
About Brankas
Brankas is a leading global open finance technology provider. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their open finance compliance solution, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas' secure open banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.
Media Enquiries:
Yiyang Teo
yiyang.teo@brank.as
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
"Significant API Investments from Banks needed" says Southeast Asia Banking Executives in new Open Banking Readiness Report by Brankas
KUALA LUMPUR, Malaysia, Oct. 1, 2024 /PRNewswire/ -- Hager Group, an independent family-owned company that manufactures and provides safe and simple products, solutions, software, and services for electrical installations in residential, commercial, and industrial buildings, is pleased to announce the appointment of Joyce Yee as the ASEAN Regional Managing Director, effective October 1, 2024.
As Hager Group expands globally, the Southeast Asia region plays a crucial role in its growth strategy, demonstrating both dynamism and attractiveness. Now part of the International Sales (ISA), Hager ASEAN is building on a decade of solid revenue and market share growth across Malaysia, Singapore, Indonesia, and export markets.
"With Joyce's leadership and the dedication of the Hager ASEAN team, we are confident in achieving our Group's strategic goals and in the ASEAN region's tangible contribution to this success. This collaboration will further strengthen Hager's presence in the region, delivering innovative solutions that meet the evolving needs of our customers while keeping our employees at the center," said Johannes Thomé, VP of Hager International Sales (ISA).
This new structure underscores Hager Group's commitment to developing leadership talent and supporting key market strategies. With over 25 years of industry experience and a proven track record of driving sales growth in Malaysia, Yee and her teams aim to double its revenue of €34 million within the next 3-5 years, reflecting its confidence in the region's growth potential.
"I am honored to take on this expanded role and continue contributing to Hager Group's success in Southeast Asia. We aim to build on the strong foundation we have established, delivering sustainable growth while maintaining our focus on our talents, innovation, and customer satisfaction. I look forward to working with our talented team to drive Hager Group's business forward in the coming years," said Joyce Yee, Regional Managing Director, Hager ASEAN.
Hager's growth plan in Southeast Asia focuses on three key strategies:
"Southeast Asia is one of the fastest-growing regions globally, and we are proud to contribute to its future with our world-class electrical solutions. With the new Hager ASEAN structure, we are better positioned to serve our customers and build stronger relationships with key industry players," Yee added.
These business ambitions align with the Group's sustainability agenda, which Yee and her teams are committed to advancing under the Blue Planet Commitment. In April this year, Hager Group obtained the Gold certification from ECOVADIS, recognizing the Group's global sustainability efforts.
For the latest updates on Hager ASEAN, connect with us on LinkedIn: Hager ASEAN.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Hager Group's New Setup in Southeast Asia to Drive Growth and Appoints Joyce Yee as Regional Managing Director
