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Eight Indonesian digital banks made money in 2025. SeaBank is the only one with bank-like returns.
Eight of the nine listed Indonesian digital banks posted full-year net profits in 2025. The press coverage has treated this as vindication for the digital-banking model. The return on assets numbers tell a quieter story. SeaBank’s 2.3% ROA and 11.5% ROE are the only ones in the cohort that look like a conventional Indonesian retail…
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Hong Kong digital banks at year six: three at breakeven, five still losing
All eight Hong Kong digital banks are past their fifth full year of operation. The FY2025 results published in early 2026 give the first clean cohort comparison. Three operators have reached at or near breakeven: ZA Bank, WeLab Bank and Mox. Five remain loss-making: Livi, Airstar, Fusion, Ant Bank Hong Kong and PAObank. The variable…
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Issuer ROI in 2026: Consolidation, Automation, and Reducing the Tech Tax
How issuer platforms are being evaluated as banks simplify operations and speed up delivery in a tighter operating environment. A Co-branded analysis from GL Insight in collaboration with FIS Introduction: Why Issuer ROI Looks Different in 2026 Issuer modernization over the past decade has expanded capabilities across digital channels, fraud prevention, loyalty, analytics, and real-time…
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The HKMA Stablecoin License Shortlist Tells You What The HKMA Actually Wants
The HKMA received 36 first-batch issuer applications for a HKMA stablecoin license under the Stablecoins Ordinance. It awarded two. Anchorpoint Financial Limited, a joint venture of Standard Chartered Hong Kong, HKT, and Animoca Brands, received FRS01. The Hongkong and Shanghai Banking Corporation received FRS02. Both are required to issue HKD-referenced stablecoins. Both operate inside the…
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Project Pontes Is The ECB’s Quiet Rejection Of Multilateral CBDC
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The ECB joined BIS Project Nexus as a special observer and committed to launching its in-house Project Pontes pilot in Q3 2026. Read the two announcements together and the strategic position around CBDCs is clear. The ECB is hedging Nexus while building Pontes. The hedge will close. Europe is going to settle on Pontes, the…
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The National Credit Union Administration (NCUA) Just Opened A Credit Union Door For Stablecoin Issuance
The National Credit Union Administration (NCUA) published its proposed rule for permitted payment stablecoin issuers on May 15, 2026. The stablecoin policy press did not notice. They should have. The rule creates a third regulatory door for US stablecoin issuance, alongside the OCC bank pathway and the FDIC pathway for state-chartered insured depositories. The NCUA…
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Why fintech startups are raising more money in fewer deals
In the first quarter of 2026, fintech startups raised more capital in fewer deals than the same period a year earlier. According to Crunchbase, fintech startups raised US$12 billion across 751 deals in the January to March period, marking a 5% annual increase in funding but 31.5% fewer deals. This shows investor preference for large, later-stage…
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Is Revolut worth US$200 billion?
Is Revolut worth nearly as much as Citigroup or American Express? Both of those financial firms have market capitalizations that exceed US$200 billion. They also have annual revenue of US$85.2 billion and US$72.2 billion respectively. Revolut posted US$6 billion in revenue last year. Yet, the UK fintech unicorn is not letting something like modest revenue…
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Are Malaysia’s digital banks in trouble?
Malaysia decided to greenlight digital banks amid a wave of investor excitement and regulatory acquiescence in early 2020. Led by Hong Kong and Singapore, many East Asian economies sought to introduce more competition to their staid banking sectors. The backers of digital banks – venture capitalists, large tech firms, telecoms giants and even incumbent lenders…
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Why the crypto industry is unhappy about Hong Kong’s stablecoin issuance licenses
In fairness to the Hong Kong Monetary Authority (HKMA), it is rare that the digital assets industry is satisfied with regulations. Crypto firms want regulations that provide them with the legal and safety benefits enjoyed by the rest of the financial industry without slowing down their preferred breakneck speed of development or putting them at…
