25 Mar 2021

IDC Names 15 Asia/Pacific Banking and Insurance Leaders for the 2021 Financial Insights Innovation Awards

SINGAPORE, March 26, 2021 – IDC announced today the 15 best of the best Asia/Pacific banking and insurance leaders for the 2021 Financial Insights Innovation Awards. For 17 years, IDC Financial Insights Innovation Awards (FIIA) has recognized outstanding Asia/Pacific financial services sector organizations based on how well they realize business outcomes through the novel application of technology. This year’s winners have been measured based on how they have reinvented and futureproofed their organization during the pandemic – emerging as Asia’s fittest banks and insurers.

“This year, we set out to identify the financial service institutions who have proven their mettle in line with our theme of Revamp, Rebuild and Reinvest. These organizations have reported stellar results with their investment into technology, culture of innovation and demonstrated use cases of innovative technology. These solutions have come at a time when banks and insurers alike are required more than ever to adapt and support the challenging circumstances of 2020 and to do this digitally and seamlessly,” says Darshiniy Selvaratnam, Program Head for FIIA at IDC Financial Insights Asia/Pacific.

Out of the 100 flagship projects nominated by Asia’s Best Banks and Insurers, IDC identified these outstanding financial services institutions leading in accelerated technology usage in the last 18 months:

  • AIA GROUP LIMITED named as Asia’s Leader in Infrastructure Modernization (Insurer)
  • BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD. named as Best Digital Insurer in Asia
  • CHINA MERCHANTS BANK named as Asia’s Leader in Infrastructure Modernization (Bank)
  • CTBC BANK named as Asia’s Leader in Loans
  • DBS BANK LTD. named as Asia’s Most Innovative Bank
  • FWD GROUP named as Asia’s Most Innovative Insurer
  • JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM – VIETCOMBANK named as Best Bank in Vietnam
  • KASIKORNBANK PUBLIC COMPANY LIMITED named as Best Bank in Thailand
  • NEWUP BANK OF LIAONING CO., LTD. named as Asia’s Leader in Core Innovation
  • PING AN BANK CO., LTD named as Asia’s Leader in Open Banking
  • PT. BANK PEMBANGUNAN DAERAH JAMBI named as Asia’s Leader in SME Banking
  • SHANGHAI PUDONG DEVELOPMENT BANK named as Asia’s Leader in Digital Trust
  • STANDARD CHARTERED BANK named as Smartest Bank in Asia
  • TAISHIN INTERNATIONAL BANK named as Best Bank in Taiwan
  • YES BANK named as Best Fintech Partner Bank in Asia

To know more about these organizations and what made them the best of the best financial services institutions in innovation, WATCH the announcement of winners at the 17th Asian Financial Services Congress on IDC Arena.

The merits of all submissions are measured by the FIIA Assessment Panel, made up of IDC Financial Insights analysts and an independent panel of industry practitioners. The evaluation process subjects each initiative to a rigorous set of scoring metrics that considers its responsiveness to market needs, effectiveness of deployment, and market response and long-term business viability.

Michael Araneta, Head of Research and Consulting at IDC Financial Insights ends, “As we assessed the submissions this year, we observe that digital transformation journeys are becoming more and more distinct, given that these institutions have been affected differently by the conditions of the pandemic year that was 2020, and that they are focusing on different capabilities that align to their roadmap of recovery. There really is no off-the-shelf solution they can buy, or quickly deploy. Especially for those differentiating solutions for banks and insurers organizations now prefer to design their own applications and application functionality, deploy them, and bring them to market – and all at their own pace. Several institutions that we are tracking as the best – the fittest banks and insurers, have built up internal resources for application development and deployment. This ushers in a new era of innovative building in Asia/Pacific financial services.”

The FIIA 2021 provides a clear indication of how the Asia/Pacific financial services industry leverages technology as a driver of innovation and competitive differentiation. The FIIA program continues to be one of the region's most sought-after financial sector accolades.

Last year, the FIIA awards recognized seven institutions that were best in class who stood out from their peers and represented what IDC termed as the Digitally Determined organizations, or those with longer term commitment to digital transformation.

To know more about FIIA, visit HERE or contact Xiao Liu at xiliu@idc.com. For media inquiries, please contact Tessa Rago at trago@idc.com or Alvin Afuang at aafuang@idc.com.

-Ends-

About IDC Financial Insights

IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world's leading technology, media, research, and events company.

About IDC

International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading tech media, data and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC  and LinkedIn. Subscribe to the IDC Blog for industry news and insights: http://bit.ly/IDCBlog_Subscribe.

Coverage