,Hong Kong

Hongkongers optimistic about BaaS: study

42% said that their organisation have been deploying banking-as-a-service (BaaS) in the last 12 months.

Hongkongers are some of the most optimistic regarding banking-as-a-service (Baas), with around nine in 10 expecting to see positive impacts and 89% expecting embedded banking in the next 12 months, according to a Finastra study.

Two-fifths (42%) of those surveyed at Hong Kong financial institutions also said that their organisation has been deploying or improving BaaS in the last 12 months, second only to Singapore (47%). In addition, Hong Kong topped in embedded banking deployment and improvement (44%).

Open Banking has also become important to 97% of the businesses in the city, with 58% calling it a “must have”. Respondents said that open banking has provided a number of benefits, such as improving the customer experience (55%), delivering new services (73%) and improving internal systems (64%). 

As well as helping to attract new customers (73%), those who responded to the survey in Hong Kong also said open banking has helped to attract different types of customers (64%). 

Almost eight in ten (78%) of those surveyed in Hong Kong said that COVID-19 had accelerated the integration of new technology and innovation, the report said, which translated into higher overall investment and budgets in response to the pandemic for three quarters (74%) of respondents. Adapting to the challenges brought by the pandemic was the second biggest driver of the adoption of technology (49%), just behind cost cutting and efficiency (53%).

However, barriers to adoption still persist, with 54% indicating that the high costs of research and development as main hindrance, followed by 51% saying that decision-makers are still stuck in old ways of thinking, and 43% saying regulations are too tight.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Anju Abrol has over 30 years of banking experience.
Tse Yi-Mun will lead the bank’s north Asia branch as its managing director and group head.
Clients can now purchase SC Hong Kong’s wealth management products.
Citi plans to offer around 100 types of wealth products from the mainland.
Agents can apply for the loan through the BRILink Mobile application.
The delinquency ratio has been on the decline since May 2018.
The market is forecasted to rebound by over 15% in 2021.
The fund aims to achieve a potential monthly dividend payout of 5% per annum.
Its Vice President of Solution Consulting in Singapore discussed how to bridge the digital gap and humanise the banking experience in the new normal.
There is an increased demand for loans for home purchases and 'jeonse.’
The partnership is eyeing 16 million customers by 2025.
The U-Energy platform has nine partners that can support energy efficiency projects.
The bank expects its own climate financing in 2019-2021 to reach $17b.