Financial services firms across the world continue to demonstrate their outstanding ability to innovate and use technology to enhance the performance of their businesses. 

This first edition of the Qorus Reinvention Awards - APAC recognises top innovators in the Asia-Pacific  (APAC) region. The awards highlight some of the products and services, and the creative teams behind them, that have propelled leading innovators ahead of their competitors. The twenty-four finalists operate in a wide range of countries with diverse markets.

This year’s Qorus Reinvention Awards - APAC recognise offerings that display exceptional ingenuity in improving customer experience, distribution, ESG and operational efficiency as well as innovations that demonstrate new ways of working. The awards also recognise the region’s SME Bank of the Year and in the New & Transformed Players category acknowledge a promising new arrival or an established firm that has successfully transformed its business. The highlight of the awards is the selection of the APAC Innovator of the Year from among the finalists – an accolade that acknowledges a company’s exceptional commitment to innovation.

The winners of the awards were announced at a ceremony in Bangkok on 22 November.

The "Customer Experience" category celebrates financial institutions that have made significant enhancements in their marketing, sales, distribution, and their management of customer channels, communications, engagement, and relationships.

Gold winner
Snack by Income (Singapore)
NTUC Income has launched a multi-function lifestyle app, Snack, to strengthen its presence among digitally savvy consumers. Snack users earn insurance and investment credits by spending at affiliated merchants and service providers. They can also make small, incremental contributions to boost their investment funds and extend their insurance cover. NTUC Income reports that the Snack app has attracted more than 100,000 users. (Read the full case study)

Silver winner
Insight-led Customer Selection Engine by HSBC (Hong Kong - SAR)
HSBC Hong Kong has enhanced its personal banking by using artificial intelligence to analyse customer behaviour and recommend further products and services. Its Customer Selection Engine uses machine learning and data analytics to monitor the behaviour of more than 5.3 million retail banking customers and provides transaction breakdowns and personalised insights to users of its HSBC HK mobile banking app and Personal Finance Management tool. The enhancement has increased customer engagement and the uptake of new products. (Read the full case study)

Bronze winner
Super App by AIA (Hong Kong - SAR)
AIA has launched a comprehensive Super App, which uses artificial intelligence, gamification and links with social media platforms, to foster closer relations with customers and prospects in 18 countries. The Super App, developed as part of AIA’s comprehensive digital transformation, handles sales, service and claims enquiries and had attracted 15 million users by the end of 2022. It has increased the number of clients that engage with AIA across digital channels while improving customer satisfaction and operations efficiency. (Read the full case study)

The "Environmental, Social, and Governance (ESG)" category applauds financial institutions for their innovations that demonstrate how they have seamlessly embedded sustainability and ESG principles into their value chains.

Gold winner
Sustainability Assistance Programme (SAP) by Alliance Bank (Malaysia) 
Alliance Bank Malaysia has introduced the Sustainability Assistance Programme (SAP) to help businesses adopt ESG practices. The programme, backed by capital market regulator Bursa Malaysia, the Malaysia Green Technology Corporation and the local network of the United Nations Global Compact, helps companies establish sustainable businesses. It has already boosted the institution’s sustainable banking business and advanced its promotion of ESG in Malaysia. (Read the full case study)

Silver winner
Electric Vehicle Ecosystem by Allianz Partners (Singapore)
As part of its commitment to sustainability, Allianz Partners in Singapore is working with MG, Ather Energy, Bgauss, Tata, Hyundai and Ola to build an electric vehicle ecosystem across major urban centres in India. The ecosystem, which offers services such as portable charging stations, roadside repairs, and a 24/7 helpline, supports four-wheel and two-wheel vehicles. Allianz Partners plans to roll-out similar ecosystems in other Asia-Pacific countries. (Read the full case study)

Bronze winner
BDO Blue Bond Issuance in the Philippines by BDO Unibank (Philippines)
BDO Unibank is helping upgrade water management in the Philippines by issuing the country's first Blue Bonds. The US$100 million investment, supported by the International Finance Corporation, is funding projects in the densely populated provinces of Bulacan, Tarlac and Rizal. The projects have already improved the quality of water in homes, businesses and hospitals. (Read the full case study)

The "New & Transformed Players" category acknowledges financial institutions, start-ups, and tech firms within the banking and insurance industries for their creation and/or application of innovative technology and partnerships that enhance customer experience and develop new revenue sources for the industry.

Gold winner
10Life Insurance Product Decoder by 10Life (Hong Kong - SAR)
10Life has built an online platform that enables consumers to compare insurance products. The 10Life Insurance Product Decoder uses data analytics together with assessments from its team of actuaries and insurance specialists to evaluate around 1,000 products, including medical insurance, critical illness cover, savings and annuities, from more than 50 companies. Around two million consumers used the platform to connect with insurers last year. (Read the full case study)

Silver winner
Trust Bank Digital Bank by Sun Trust (Singapore)
Trust Bank is a new digital bank backed by Standard Chartered Bank and the FairPrice retail group. Integrated with FairPrice’s ecommerce ecosystem and rewards programme, Trust Bank offers customers a savings account, a numberless credit card and personal accident insurance. It plans to launch further products soon. Its ties with FairPrice helped Trust Bank secure 600,000 customers in its first year. (Read the full case study)

Bronze winner
Portfolio Geospatial Tool by Digital Agriculture Services (DAS) (Australia)
Digital Agriculture Services (DAS) has developed a geospatial tool that enables insurers to accurately assess agricultural land and associated assets. The Portfolio system draws on data from sources such as climate science, geospatial analysis, earth observation, remote sensing and machine learning to determine the value, productivity and related risks of land more comprehensively than conventional mapping services. It enables insurers and other businesses to better manage their agricultural portfolios. (Read the full case study)

The "New Ways of Working" category is all about recognizing trailblazers who are redefining the future of work. This encompasses those who are pioneering remote work strategies, exploring creative ways to foster a culture of collaboration, and implementing groundbreaking productivity techniques. In this category, we celebrate innovative approaches that are transforming the traditional work landscape and shaping the way we work in today's rapidly evolving world.

Gold winner
SkillSity – BAGIC’s Universe of Learning by Bajaj Allianz (India)
To encourage continuous learning among its employees and improve the effectiveness of its instruction, Bajaj Allianz has developed a sophisticated digital learning platform. Its SkillSity platform uses artificial intelligence to deliver personalised, flexible and intuitive instruction that addresses a wide range of subjects. Users can access the platform using a variety of communications channels. It gives them access to extensive internal and external knowledge repositories. (Read the full case study)

Silver winner
Cathay Digital Bar by Cathay Financial Holdings (Taiwan)
Cathay Financial Holdings has developed an in-house digital platform that gives employees an enhanced “customer experience” no matter where they are working. The Cathay Digital Bar provides users with communications, workflow and collaboration services and will soon offer access to the company’s employee service, engagement and technology hubs. It has improved digital literacy within Cathay’s workforce and encouraged employees to collaborate more. (Read the ful case study)

Bronze winner
Future Ready Workforce by DBS Group (Singapore)
DBS is equipping its operations staff to adapt to the changing needs of its customers and the ongoing shifts within the banking industry. Its Future Ready Workforce (FRW) programme encourages employees to continuously upgrade their skills and advance their careers within the organisation. The FRW programme has strengthened the bank’s resilience and increased the technology skills of its workforce. (Read the full case study)

The "Operational Efficiency" category commends financial institutions for implementing scalable processes that drive improved efficiency, supporting a faster pace of growth for the bank's revenue stream and asset base compared to its overhead costs.

Gold winner
Quick Response Code Indonesian Standard by Bank Indonesia (Indonesia)
Bank Indonesia, the country’s central bank, has improved the efficiency of cross-border transactions with the introduction of a QR code digital payments channel. The Quick Response Code Indonesian Standard (QRIS) payments facility enables fast, efficient and secure transfers between organisations in Indonesia and their counterparts in other countries. Developed with the Indonesian Payment System Association, local companies and various other central banks, the QRIS channel is expected to boost trade and bolster Indonesia’s economy. (Read the full case study)

Silver winner
Advanced Cash-in-Transit Planning Application by UOB (Singapore)
Banking group, United Overseas Bank (UOB) is using artificial intelligence and machine learning to improve the efficiency of cash deliveries to its ATMs. UOB’s Advanced Cash-in-Transit Planning Application uses these advanced technologies to monitor withdrawals and deposits across the company’s network of self-service banking machines and then identifies the best routes and times for cash deliveries. The application has reduced UOB’s ATM downtime, improved customer service and in the past year cut costs by more than US$1 million. (Read the full case study)

Bronze winner
Anveshak by Bajaj Allianz (India)
Bajaj Allianz has embarked on an extensive project to counter fraud and enhance customer service. The insurer’s wide-ranging Project Anveshak uses artificial intelligence, data analytics and advanced workflow systems to verify documents, spot anomalies, identify fraud and help investigators collect evidence. The project, which draws on a variety of third-party data sources and supports several fraud-awareness initiatives, has curbed operating costs, improved fraud detection and accelerated claims processing. (Read the full case study)

The "Distribution" category celebrates financial institutions that have pioneered innovative practices, reimagining distribution in response to changing customer expectations, encompassing new delivery channels, branch transformation, multi-channel integration, mobile banking, and scalable end-to-end value propositions leveraging partnerships, platforms, and the Internet of Things.

Gold winner
OCTO Loan by Bank CIMB Niaga (Indonesia)
Bank CIMB Niaga is extending financial inclusivity in Indonesia by offering a Buy-Now-Pay-Later (BNPL) product that is accepted by the country’s retailers. The banks’ OCTO loan facility allows customers to access credit when shopping at local stores. BNPL facilities in Indonesia were previously limited to online ecommerce transactions. (Read the full case study)

Silver winner
Krungsri The Coach Financial Wellness Platform by Bank of Ayudhya (Thailand)
Bank of Ayudhya (Krungsri Bank) has launched a financial wellness platform that delivers instruction and guidance to customers across a variety of online channels. Krungsri The Coach comprises a Youtube channel that provides financial education, online calculators for personal planning and goal setting and chat-based advisory services. It has attracted more than 2.6 million users, strengthened the bank’s ties with customers and increased deposits. (Read the full case study)

Bronze winner
MAE by Maybank2u App by Maybank (Malaysia)
Maybank Berhad has incorporated a digital wallet into its multi-function mobile app. The MAE by Maybank2u app, which allows users to open a bank account from their smartphone, offers customers a virtual Visa debit card, QRPay contactless payments, seamless money transfers, an incentivised savings facility and an expenses tracker.  Maybank Berhad recently added mortgage and financing facilities to the app. (Read the full case study)

The "SME Bank of the Year" award recognizes the organization that stands out by showcasing innovation and digital solutions precisely tailored to meet the unique needs of SMEs, which may include the introduction of new financial products, digital banking services, or a strong commitment to exceptional customer support. This special category is a spin-off from the SME Banking Awards 2023 by the Qorus SME Banking community.

Gold winner
Commonwealth Bank of Australia (Australia)
Commonwealth Bank of Australia (CBA) is supporting the country’s extensive SME sector by providing small businesses with a wide range of tailored products and services. The bank recently launched its PayTo facility, which allows SMEs to collect payments in real time, and introduced a cashflow dashboard to its CommBank mobile app that enables business account holders to see monthly cash movements. The bank will soon add its Daily QI business insights dashboard to the CommBank app to help SMEs improve the performance of their businesses. CBA  has also developed a range of green finance packages to encourage small businesses to invest in energy-efficient equipment. (Read the full presentation)

Silver winner
NAB (Australia)
National Bank of Australia (NAB) has transformed its Business Direct and Small Business unit to give more support to SMEs. It has made substantial investments in new products and processes that address the needs of small businesses. Innovative offerings include the Fast Track and Digital Business Lending credit products and the Easy Tap and NAB Hive merchant solutions. The company has also upskilled its 1,400 small-business specialist bankers and introduced an online assessment tool, the Small Business Explorer, to help SMEs determine their banking requirements. (Read the full presentation)

Bronze winner
Union Bank of the Philippines (Philippines)
Union Bank of the Philippines is promoting the burgeoning SME sector in the Philippines by providing small firms and entrepreneurs with digital solutions to improve the performance of their businesses. It has enhanced its BizStarter banking account with the addition of a mobile app for SMEs that enables business operators to perform functions such as rapid merchant onboarding, loan applications and accessing the GlobalLinker business platform. Union Bank of the Philippines has also worked with local digital ecosystems and payments operators to support SMEs. (Read the full presentation)

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