Regional Deep Dive: Platform Business Models in APAC and EMEA Banking
Introduction
The global banking sector is undergoing a seismic transformation, with platform business models emerging as a critical lever for digital reinvention. Nowhere is this shift more dynamic—or more nuanced—than in the Asia-Pacific (APAC) and Europe, Middle East, and Africa (EMEA) regions. Banks in these markets are not only responding to the universal pressures of rising customer expectations and digital-native competition, but are also navigating unique regulatory, cultural, and technological landscapes that shape their platform journeys.
This deep dive explores how APAC and EMEA banks are adopting platform business models to drive digital transformation, highlights regional case studies, examines the impact of local fintech ecosystems, and outlines best practices for overcoming region-specific challenges.
The Platform Imperative in Banking
Platform business models—pioneered by technology giants—enable banks to move beyond traditional product silos and become orchestrators of value, connecting customers, partners, and services in a seamless digital ecosystem. For banks, this means:
- Unlocking new revenue streams beyond core banking products
- Meeting rising customer expectations for personalized, on-demand experiences
- Avoiding disintermediation by fintechs and non-banking entrants
- Leveraging data and technology to deliver holistic, customer-centric journeys
However, the path to platform adoption is far from uniform. APAC and EMEA banks face distinct opportunities and hurdles shaped by their local environments.
APAC: Innovation at Speed and Scale
Regulatory and Market Drivers
APAC’s banking landscape is characterized by rapid digital adoption, intense competition from tech giants, and progressive regulatory frameworks. Markets like Singapore and Hong Kong have introduced digital banking licenses, opening the door for neobanks and non-traditional players. In Thailand, regulators have encouraged digital transformation to boost financial inclusion and innovation.
Case Study: Siam Commercial Bank (SCB) and SCB Tech X
Siam Commercial Bank, in partnership with Publicis Sapient, launched SCB Tech X—a platform-as-a-service provider that modernizes core banking architecture and enables rapid development of new products. This ecosystem approach allows SCB to offer not just banking, but lifestyle services such as food delivery and travel, embedding financial products into customers’ daily lives. By leveraging cloud-native platforms and modular architectures, SCB can launch new offerings in weeks, not months, setting a new standard for agility in the region.
Fintech Ecosystem Impact
APAC’s vibrant fintech scene is both a catalyst and a collaborator. Banks increasingly partner with fintechs to embed capabilities like real-time payments, digital onboarding, and advanced KYC. For example, Australian banks have used the rise of Buy Now, Pay Later (BNPL) as a testbed for platform innovation, experimenting with partnerships, white-label solutions, and new tech stacks to stay ahead of digital challengers.
Best Practices
- Adopt cloud-native, composable platforms to enable rapid product launches and scalability
- Leverage ecosystem partnerships with fintechs and technology providers to accelerate innovation
- Focus on customer-centric design and hyper-personalization, using data as a strategic asset
- Align with progressive regulatory frameworks to unlock new business models and drive inclusion
EMEA: Navigating Complexity and Compliance
Regulatory and Cultural Landscape
EMEA banks operate in a highly regulated, diverse environment. The European Union’s PSD2 and Open Banking initiatives have spurred banks to open their platforms via APIs, fostering competition and innovation. However, data privacy regulations like GDPR and fragmented market conditions require careful navigation.
Case Study: OneSavings Bank (OSB) Group
In the UK, OSB Group partnered with Publicis Sapient to build a greenfield, cloud-native core banking platform powered by Mambu, Salesforce, and nCino. The result: 90% straight-through onboarding, customer onboarding times under 10 minutes, and a robust foundation for future growth. This transformation demonstrates how EMEA banks can leverage platform models to deliver operational efficiency, compliance, and superior customer experiences.
Fintech Ecosystem Impact
EMEA’s fintech ecosystem is among the world’s most mature, with London, Berlin, and Amsterdam serving as global hubs. Banks collaborate with fintechs to modernize payments, harness data intelligence, and deliver embedded finance solutions. Partnerships with providers like Form3 (cloud payments) and Snowflake (data cloud) enable banks to move critical infrastructure to the cloud and unlock real-time insights.
Best Practices
- Embrace open banking and API-first architectures to enable seamless integration and rapid innovation
- Prioritize compliance and data privacy by building secure, auditable platforms
- Foster a culture of collaboration across internal teams and external partners
- Leverage cloud and data platforms to drive hyper-personalization and operational efficiency
Overcoming Region-Specific Challenges
APAC
- Legacy Technology: Many banks are leapfrogging legacy constraints by building new, cloud-native stacks alongside existing systems.
- Regulatory Diversity: Navigating a patchwork of local regulations requires flexible, modular platforms that can adapt to different compliance requirements.
- Talent and Skills: Building partnerships with fintechs and technology providers helps bridge talent gaps and accelerates capability building.
EMEA
- Fragmented Markets: Banks must tailor platform strategies to local market conditions while maintaining a unified technology foundation.
- Data Privacy: Robust data governance and compliance frameworks are essential to meet stringent regulatory standards.
- Legacy Integration: Successful banks focus on reimagining customer journeys and operating models, not just digitizing legacy processes.
The Road Ahead: Actionable Steps for Banks
- Adopt a platform mindset: Move beyond product silos to orchestrate digital ecosystems that deliver holistic value.
- Invest in cloud-native, composable architectures: Enable rapid innovation, scalability, and integration with partners.
- Leverage ecosystem partnerships: Collaborate with fintechs, technology providers, and non-financial partners to accelerate transformation.
- Prioritize data and compliance: Use data as a strategic asset while ensuring robust governance and regulatory alignment.
- Foster agile, cross-functional teams: Empower teams to experiment, iterate, and deliver new products at speed.
Conclusion
The adoption of platform business models in APAC and EMEA banking is not a one-size-fits-all journey. Success depends on understanding and adapting to the unique regulatory, cultural, and technological factors of each region. By embracing open, collaborative, and customer-centric approaches—and by leveraging the power of ecosystem partnerships—banks can unlock new sources of growth, deliver superior experiences, and secure their place in the digital future.
Publicis Sapient stands ready to help banks in APAC and EMEA navigate this complexity, accelerate their platform transformation, and lead the next wave of digital banking innovation.