Banks in Asia face competition the likes of which they have never seen before.
Well-known challengers to traditional financial institutions include Alipay in China, an affiliate of online retailer Alibaba Group Holding, and Paytm in India. The new arrrivals are taking a chunk of banks' payments businesses. Alibaba and Tencent Holdings, another Internet giant, are also moving into online banking and investment -- Tencent through its affiliate WeBank, and Alibaba through MyBank and the online fund management platform Yu'e Bao.
