In this issue, we share insights from the International Heads of Retail Annual Dialogue on banks reaching an inflection point of losing customer mandate to fintech and big tech players. In the Philippines, mobile wallet GCash is gaining traction by tripling its registered users within a year in a market that is dominantly cash-based. While an interview with Youngso Ko of LINE Pay Japan reveals the company’s plans to expand its networks to other Asian countries, allowing customers to make seamless cross-border transactions. In Australia, four major banks are facing huge challenges as findings from the Banking Royal Commission highlight system failures and breaches of trust. Finally, our industry data section reveals that house prices fell substantially in many large Asia Pacific capital cities. Additionally, the growth of household debt also decelerated in Australia while China posted the highest household debt in the region.
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