Asia Pacific Banking Outlook 2023: Finding new drivers of growth and staying resilient for the upturn

In this RadioFinance session, we will discuss the 2023 outlook for the banking industry of the Asia Pacific region, the dominant trends and challenges to watch, and the direct effect of inflationary pressures on the different markets in the region.

Global economic activity is experiencing a broad-based and sharper-than-expected slowdown, with inflation higher than seen in several decades. The cost-of-living crisis, tightening financial conditions in most regions, Russia’s invasion of Ukraine, and the lingering COVID-19 pandemic all weigh heavily on the immediate outlook for the banking industry in Asia Pacific. According to International Monetary Fund’s (IMF) data, global growth is forecasted to slow from 6.0% in 2021 to 3.2% in 2022 and 2.7% in 2023. This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic.

In Asia Pacific, the banking industry has shown resilience, effectively managed downside risks, and accelerated digital adoption and branch consolidation. The push towards digitalisation saw increased traction for the adoption of central bank digital currencies (CBDCs). China has begun trials of its CBDC, with other markets such as Hong Kong, Singapore, Thailand and Japan already implementing CBDC-related projects. Following in the footsteps of Australia, Hong Kong and Singapore, central banks in the region have started issuing digital banking licences, which are set to boost associated services, such as e-wallets and cross-border payments.

However, banks will still need to pursue new sources of value beyond product, industry or business model boundaries by responding to market shifts and devising new competitive strategies while partnering with non-traditional players to future-proof themselves. From decentralised to sustainable finance and open banking and application programming interfaces (APIs) to adopting blockchain and cloud, banks have to take into account these emerging trends and developments as customers’ digital experiences are reshaping traditional banking services and relationships.

In this RadioFinance session, we will discuss the 2023 outlook for the banking industry of the Asia Pacific region, the dominant trends and challenges to watch, and the direct effect of inflationary pressures on the different markets in the region.

The key discussion will be around the following areas:

  • Impact of inflation and geopolitics on the global economy and financial system
  • Recovery of the banking industry as we moved from pandemic to endemic
  • How will bank business models and working modalities change due to digitalisation and competition from non-bank financial institutions?
  • Will the impact of inflationary pressures on monetary policies and bank credit persist?
  • How will digitalisation shape the banking industry in the coming years?
  • What key transformative trends and risks should major industry players watch?

Guests include:

  • John Gong, Vice President, Research and Strategy, University of International Business and Economics - Israel
  • Radhika Rao, Executive Director & Senior Economist, DBS Bank
  • Steven Cochrane, Chief APAC Economist, Moody’s Analytics
  • Selena Ling, Chief Economist and Head of Treasury Research & Strategy, Global Treasury Division, OCBC Bank
  • Matthew Oostveen, Chief Technology Officer, Asia Pacific & Japan, Pure Storage
Guests include:
John Gong

Vice President,
Research and Strategy,
University of International Business and Economics - Israel

Radhika Rao

Executive Director & Senior Economist,
DBS Bank

Steven Cochrane

Chief APAC Economist,
Moody’s Analytics

Selena Ling

Chief Economist and Head of Treasury Research & Strategy,
Global Treasury Division, OCBC Bank

Matthew Oostveen

Chief Technology Officer,
Asia Pacific & Japan
Pure Storage


Session Host:
Foo Boon Ping

President and
Managing Editor,
The Asian Banker

Supported by:


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About The Asian Banker RadioFinance:

The Asian Banker RadioFinance aims to enhance understanding of the finance industry globally by bringing together thought leaders, industry experts, practitioners and futurists to examine current, critical issues through discussions facilitated by visual and web-based platforms. Through the use of interactive technology, participants do not have to take time out from their busy schedules or leave the comfort of their own desks.

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