The big players in banking have been increasingly challenged by new and more agile fintechs; banks such as Monzo Starling, Atom and Revolut have brought a wave of innovation to the industry with phone applications and prepaid card for easy payment.
In China and India, Webank, Digibank, and Pockets have gained significant approval from users.
Last year, South Korea also introduced their own digital bank named K-bank with special loan package. Users can use their fingerprints and can take out a loan of over 2,500 USD. It was reported this number had been increasing in the recent years.
