Why Card Issuance Still Matters in a Wallet-First, API-Driven World

Card issuance in Asia Pacific is entering a decisive phase. Wallets, real-time payment schemes and alternative rails are expanding quickly, yet cards continue to play a central role in everyday spending, lending and business flows. The shift is not away from cards, but towards new models of how they are issued, activated, embedded and monetised. The question financial institutions now face is not whether cards still matter, but how to redesign issuing so it remains relevant in a digital, platform-based financial system.

Financial institutions across the region are rebuilding their issuing capabilities as customers expect instant activation, tokenised credentials, in-app controls and seamless usage across physical and virtual channels. At the same time, issuers are under pressure to modernise legacy stacks, support embedded-finance partnerships and maintain brand ownership when cards live inside super-apps and third-party ecosystems. The business case is no longer driven by interchange alone. It is shaped by data, lifecycle orchestration, time to first use and the ability to support both consumer and commercial payment needs.

Programmable issuance is emerging as the next competitive frontier. API-first and cloud-based architectures allow banks to launch new products faster, customise credentials by segment, integrate with wallet providers and open issuing to partners without compromising security or compliance. Those who treat issuing as a static product risk margin compression. Those who evolve it into a modular platform have the opportunity to unlock new revenue, deepen customer control and scale into embedded-finance models.

In this RadioFinance session, co-hosted by FIS, senior industry leaders will discuss why cards still matter in a wallet-first world, how issuing strategies are being rebuilt for programmable and ecosystem-driven distribution, and what banks must do — both technically and strategically — to position card issuance as a growth engine in 2026 and beyond.

Key Discussion Points:

  • How wallet proliferation and instant payments are reshaping the economics and relevance of card issuance
  • The shift from digital to programmable issuing and the rise of embedded, partner-led distribution models
  • What a modern issuing stack requires in an API-driven environment including lifecycle control, tokenisation and cloud architecture
  • Balancing innovation, risk and regulation in a world of tokenisation and real-time credentials
  • How banks can reposition card issuance as a growth engine for both retail and corporate clients
Panelists:
Andrew-murray
Andrew Murray

VP, International Banking & Payments
FIS

Host:
Foo Boon Ping

Managing Editor
The Asian Banker

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Co-hosted by:

Keywords: Cross-Border Payments, Digital Journeys, Compliance, Trust, APIs, Fintech, Predictability
Institutions: TAB Global, Visa
Country: Malaysia
Region: ASEAN, Southeast Asia, Africa

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