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Opinion

Southeast Asia's digital banks are a nascent but potent force

Incumbents must recognize need to follow consumers into online spaces

| Southeast Asia
A mobile e-payment logo for Grab at a street food stall in Ho Chi Minh City: Changes in retail banking can move slowly at first and then all at once.   © Reuters

John Mitchell is co-founder and chief executive of payments technology company Episode Six.

Singapore's opening of its market to digital-only banks has seen companies, including ride-hailing service Grab, mobile network operator Singtel and Chinese online finance provider Ant Group plunge in as investors in new platforms that have launched in recent months.

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