Top 5 virtual banks in Asia-Pacific | A Series


Twimbit assesses 12 countries within Asia-Pacific (APAC), working toward the goal of financial inclusion and healthy competition through virtual banking. A majority of virtual banks in Asia-Pacific are an outcome of a consortium between e-commerce, a telecom, a technology company, where these companies are utilizing their unique value proposition to build a robust virtual banking ecosystem. The unbanked population in APAC includes 73% of South-East Asian and 53% of South Asia countries.

In other words, virtual banks are trying to capture this market through innovative offerings at a low cost. Hence, low-cost innovative offering coupled with a growing internet-savvy population is the underlying fundamentals for virtual banks’ success. Additionally, many incumbent banks are developing its digital-only proposition or collaborating with the above-mentioned companies to enter the virtual banking market.

Twimbit’s 2-S Framework

In determining the top 5 virtual banks in APAC, assessment of each virtual bank is on ‘scalability’ and ‘strength’. These two factors form our “2-S framework” as defined below:

Using the above framework, there are 5 pure-play virtual banks setting examples within APAC,
while carving the future of virtual banking in the region. Consequently, we have relatively
positioned each of the 5 banks as follows:

2-S Framework Analysis

In conclusion, to understand key insights on each of the above virtual banks, click on links below:



Kakao Bank

Judo Bank

Xinja Bank


The Future of Banking

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