1、Increased investments in digital banking channels Incumbent financial institutions are investing heavily in digital channels to strengthen competitiveness. Local banks and foreign-owned banks with local IT autonomy tend to be significantly more agile, and this will provide a key competitive advantage for those banks.

2、Embracing strategic partnerships New fintech startups and incumbent financial institutions are embracing strategic partnerships to co-create innovative solutions. 

3、Gateway and Payment Service Institutions expanding the connection options between Customers and Merchants Traditional bank networks are expanding through partnerships with gateways and PSIs, who bring their own networks and capabilities to the ecosystem.

4、Increased acceptance of digital payments The COVID-19 outbreak has accelerated the acceptance of digital paymentsfor merchants and consumers, underpinned by the rise of e-commerce, and convenience offered by contactless and QR payments.

5、Penetrating the Consumer and MSME segments Merchant acquisition through digitizing micro, small and medium enterprises (MSMEs) has become increasingly competitive.  Banks and fintech startups are partnering to offering innovative solutions to service this market segment.