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Liquid Group’s Jeremy Tan: “Payments is a huge industry, big platforms know the prize is worth the fight”
Liquid Group founder and CEO, Jeremy Tan, describes the current payments landscape for non-bank financial institutions and believes personalisation to be the defining feature of the next generation payment networks.

June 12, 2019 | Chris Kapfer
  •  The industry has not seen the end of more digital apps and platforms joining the fray in mobile payments.
  •  Non-bank FIs that entered payment will aim to move up quickly the financial food chain to expand into comprehensive financial services.
  •  The next generation payment networks will provide completely personalised offers for the individual consumer.


While traditional banks might have been taken back by the rapid growth of payment fintechs and how they positioned themselves around core customer needs, they are slowly coming around and fighting back. The next wave of mobile payments or rather mobile banking with payments will be driven by banks, said Jeremy Tan, founder and CEO of Liquid Group. At the same time, he also expects that the industry has not seen the end of more digital apps and platforms across different consumer sectors with large number of consumers, such as airlines, taxis, ordering platforms, may join the fray in mobile payments.

“Today, the technology cost and barrier are completely gone and 20 years from now all payments will be done on mobile,” Tan said.

In particular the cost of servicing the unbanked rural segment has gone down dramatically. Financial inclusions will take time but for the first time there is a real chance big apps and platforms can succeed what banks accomplished marginally.

“For non-bank wallets, there is still a process where people have to download the app, need to have liquidity into the apps, need to top up and then how to pay,” Tan mentioned. “There are still last mile cash point interactions which needs to be addressed, but consumers don’t need to have ATM cards, or credit cards or passbooks anymore. The approach is completely different.”

Emerging winners will be those that provide end to end financial services, regardless whether those are banks or non-bank financial institutions , Tan be...

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