Top 5 neo-banks in Asia-Pacific


Twimbit assesses 12 countries within Asia-Pacific (APAC), working toward the goal of financial inclusion and healthy competition through virtual banking. A majority of neobanks 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 neobanking ecosystem. The unbanked population in APAC includes 73% of South-East Asian and 53% of South Asia countries.

In other words, neobanks 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 neobanks’ success. Additionally, many incumbent banks are developing its digital-only proposition or collaborating with the above-mentioned companies to enter the neobanking market.

Twimbit’s 2-S Framework

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

  • Scalability

For neobanks to build continuity in the market, they must take measures to scale their business. Scalability has a major impact on driving shifts in customer choices and achieving mass adoption of neo-banking practices. For example, WeChat, a SuperApp by Tencent adds 20 million users quarterly, building a base of 1 billion active users today that are now being offered banking services through eBank (neobank by Tencent).

  • Strength

The operability strength of a neobank is vital for its long-term survival, especially when these banks are aiming to compete with incumbent banks. For example, the Australian big 4 banks are witnessing a decline of 3.7% in operating income, largely attributed to virtual banks and foreign players entering the market.

Using the above framework, there are 5 pure-player of neobanks setting examples within APAC, while carving the future of neobanking 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 neobanks, click on links below:



Kakao Bank

Judo Bank

Xinja Bank


Neo Banking

The best financial services are based on customer behaviour.