In Asian Banking, Constraint is the Mother of Invention – David Simms

Nov 20 • ClarkMorgan Insights, Functional Skills Insights, Management and Leadership Insights • 7307 Views • 3 Comments on In Asian Banking, Constraint is the Mother of Invention – David Simms

THERE ARE LITERALLY HUNDREDS of online and offline payment systems in Asia today. AliPay and Tenpay in China, Nets in Singapore, and Octopus in Hong Kong are but a handful of the payment platforms that are available to Asian consumers. So why have these unknown brands suddenly sprung up? Says David Simms, Senior Global Development Manager for National Australia Bank (NAB), it is because of the unavailability of the traditional payment options, that of Mastercard and Visa, to the local markets. In short, constraint has created the market.

David has been instrumental is creating a unifying platform that has linked hundreds of Asian payment platforms, which has allowed his firm, National Australia Bank (NAB), to capture a significant slice of the international payment market.

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3 Responses to In Asian Banking, Constraint is the Mother of Invention – David Simms

  1. John H says:

    A wonderful look at how innovation in technology can be completely by accident!

  2. Michelle says:

    I had no idea that Asia wasn’t using Visa and Mastercard. I just assumed these companies were ubiquitous.

  3. Leo says:

    It is really hard to believe that technology is not yet ubiquitous across countries. This is where companies that understand these differences can really dominate. Asia is very misunderstood, and many companies think that one platform, service or product can carry over from one country to the next. It cannot. I like David’s succinct explanation of this very unknown fact.

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