top of page
Singapore and London, 21 September, 2022

New Research Charts the Course of
Digital Corporate Banking in Southeast Asia.

WhatsApp Image 2022-09-21 at 3.32.34 PM.jpeg
image 40.png
Starfish_Digital Logo horizontal RGB.png
  • Research represents the first landscape study of digital corporate banking in Singapore, Thailand, Malaysia, Philippines, and Indonesia.

  • Research pinpoints opportunities to achieve real-time corporate banking connectivity.

  • Some countries still evolving, while others have all the foundations in place to make digital corporate banking a reality.

New research by Starfish Digital, supported by the Open Data Institute (ODI), reports that legacy technology platforms are in danger of holding back growth because they are unable to meet the demands of multinational corporations for real-time banking data. 

Over fifty leading global and regional financial institutions and multinational corporations operating in the Association of Southeast Nations (ASEAN) took part in the six-month research study, to understand the impulses driving the adoption of digital corporate banking today. 

The research pinpoints the underlying opportunities and challenges to achieve real-time corporate banking connectivity, and the role that financial technology (‘fintech’) companies can play. The markets researched differ widely in terms of where they are on their digital transformation journeys. Some countries, like the Philippines, are still evolving, while others such as Singapore have all the foundations in place to make digital corporate banking a reality. “Corporates want complete, accurate and real-time data to make better decisions. The transformation in retail banking markets demonstrates how connected information inspires new functionality for customers,” says Patrick Huang CEO, Starfish Digital. “Corporate banking clients have to manage multiple financial relationships and need to automate the data information flows so they can view their cash positions in real-time and make decisions at velocity.”

The corporate banking sector has only recently started to adopt the ideas that have been transformative in the retail banking sector. Corporate banking is a more complicated field than retail banking as a more sophisticated open infrastructure (including standards, APIs (Application Programming Interfaces), policies, and guidance) is required to securely improve market dynamism and transparency. 

“This report is timely and helps chart the future of the corporate banking sector across ASEAN and beyond. Notably, Starfish Digital is exploring the role that intermediaries like themselves can play in creating an open and trustworthy corporate banking ecosystem that automates corporate banking relationships,” says Josh D’Addario, Principal Consultant at the ODI. 

This report echoes the ODI’s previous research, demonstrating the significant role that data intermediaries can play in new markets, and how technology innovators can help propel regulator-led frameworks and build a more dynamic market. 

A few banks surveyed are only at the start of their transformation journey and collaboration with fintechs is critical given multinational companies demands for digital experiences. Lastly, according to the report findings, much needs to be done from the regulatory framework aspect to support the adoption of automated corporate banking products and services. 

When discussing technology choices, a CFO (Chief Financial Officer) of a global corporate strongly emphasised the need for a “complete” solution. “The payoffs from investing in digital solutions – accuracy, timeliness, minimal manual intervention – are only worth the investment in change if all bank relationship connections are digital; not even 95% is enough. ” 

It is noteworthy that an overall finding of the report was that companies look to banks to help them manage their capital more efficiently. To achieve this goal, companies prefer to partner with corporate banks that can provide digital services.  

To receive a copy of the Digital Corporate Banking in Southeast Asia report contact Starfish Digital

About Starfish Digital 

Starfish Digital is a financial connectivity platform. We digitise and deliver financial data between banks and companies. The Starfish Universal Adaptor intelligently unlocks and integrates financial data from any source to any target. Starfish Connect provides an end-to-end managed service with the security and reliability demanded of critical B2B financial infrastructure. This enables finance to make dynamic cash management decisions with accuracy and confidence. Headquartered in Singapore, we deliver globally.

The Open Data Institute (ODI)


The ODI is a non-profit with a mission to work with companies and governments to build an open, trustworthy data ecosystem. We work with a range of organisations, governments, public bodies, and civil society to create a world where data works for everyone. 

Our work includes applied research; consultancy services; training; and providing reports, tools, events and webinars. 

We focus our efforts in three broad areas: 

  • Improving the data practices of organisations so that they can build and manage adequate data infrastructure and data use. 

  • Tackling challenges so that the data ecosystem works better. 

  • Gathering and creating research, evidence and knowledge about data and benefits of open, trustworthy data access.

Media Contacts


Daniel Eastwood 

Starfish Digital 

Tel: +66817352796 


bottom of page