E-wallets or digital banks?

E-wallets: Everyday reach and innovation. 

E-wallets such as Alipay and GCash have succeeded by focusing on seamless, daily user experiences. As Cecilia noted, “They embed day-to-day services within the wallet, becoming a super app people rely on for payments and more.” 

For e-wallets to achieve profitability, Cecilia emphasised diversification: 

• Beyond transactions: Leverage their large user bases to offer lending, investment services, loyalty programmes, and advertising.  

• Stickiness matters: “Getting users in is only the first step. You need to keep innovating so they keep coming back and your wallet becomes their default.” 

Digital banks: Structured trust and growth. 

Digital banks operate under stricter regulatory regimes, often taking longer to launch. However, this builds stronger trust and ensures well-planned market entry. 

“Trust is crucial. Digital banks must maintain and sustain that trust to succeed,” Cecilia said. 

Both models are converging, with e-wallets pursuing digital banking licences to expand, and digital banks innovating to match the agility of e-wallets. Long-term success for either requires strong compliance, governance, and a relentless focus on customer needs. 

Financial inclusion: Delivering real impact. 

For Cecilia, the priority is clear: enabling financial freedom for underserved communities. 

Effective credit scoring is key. In markets with fragmented credit histories, innovative e-wallets use social media data and microloans to build credit profiles from scratch, accelerating inclusion.  

Thredd’s role: Enabling growth and access. 

At Thredd, we empower both digital banks and e-wallets. As Cecilia shared: 

“We help fintechs launch innovative card programmes that drive customer acquisition, loyalty, and seamless spending experiences. Whether virtual cards, tokenisation, or physical cards, we’re here to accelerate their growth and unlock financial access for all.” 

In Southeast Asia’s fast-moving payments ecosystem, it’s not a matter of e-wallets versus digital banks. It’s about both working together to build a more financially free future. 

Talk to our team about powering your next e-wallet or digital banking innovation.