Digital corporate banking is key to the frictionless movement and creation of money between financial institutions and large corporates. Starfish Digital, with support of the Open Data Institute (ODI), undertook a six-month research study, including a survey, and series of expert interviews with representatives from global as well as regional corporate banks and the heads of treasury functions of multinational corporations operating in the Association of Southeast Asian Nations (ASEAN), to pinpoint the impulses driving the adoption of digital corporate banking today. Our research represents the first landscape study of digital corporate banking in these economies.
Over 50 global and leading regional financial institutions and multinational corporations participated in the study. And it is clear that digital technologies are a critical enabler of growth. However, challenges remain owing to the plethora of banking legacy technology platforms not suitable for meeting multinational corporations demands for real-time banking data and analytics as well as intense competition for skilled IT resources.
We hope that this report can serve as a keystone to the development of the digital and data ecosystem of finance and banking. We look forward to seeing how innovative leaders in the ASEAN corporate banking sector tackle the opportunities and challenges identified in this report; and how they can deliver value through more open and trustworthy data ecosystems.
Click here to download the research paper.