Crowded road ahead for PH digital banks

In this issue: PH's crowded digital banking market, an SG-based robotics startup's quest for human-like hands, and why First Dibs is worth your time.

Read from your browser Daily Newsletter Welcome to Tech in Asia's daily newsletter, your essential dose of Asia's tech and startup buzz. Not yet a subscriber? Register here. Got a story tip? Send it to editors@techinasia.com. IN FOCUS 3 more digital banks, 0 breathing room: what's next for PH's existing players Teaching robots to feel: Sharpa's high-stakes bet on hand dexterity Vietnam's newest data centers will be backed by the Middle East Hello Betamax, Last week, I spoke to a couple from the Philippines who, after years of keeping their combined savings in a traditional bank account, gradually moved their money into three digital banks. At one point, they said, one of those banks was offering a double-digit savings rate, far higher than the roughly 3% typically offered by traditional banks in the country. Since entering the market in 2021, the six digital banking license holders in the Philippines built a combined deposit base of more than 100 billion pesos (US$1.7 billion) as of 2025. Only two of them are profitable despite this growth, as most players struggle to scale their lending business. The couple I spoke with, for instance, use digital banks only to save, but not to borrow. For today's first top story, I wrote about the challenges these digital banks face in growing their lending businesses in the country. With the expected entry of three new digital banks in the market, the existing players' road to profitability is about to get rockier. Meanwhile, my colleague Scott has another interesting story. He details Singapore-based Sharpa's quest to nail robotic hand dexterity. There's limited data to train robots to have human-like hand movements. But the startup is trying a "glove-based capture" tech that could help robots determine the amount of force humans exert when carrying out certain tasks. We're also rolling out a new feature called First Dibs. It highlights our latest reporting, from scoops to new funding rounds. In its first edition, you'll get an early look at a premium story on Singdata, which will be published later today, and why this under-the-radar firm could become the Databricks of Asia. Elyssa Lopez, journalist TOP STORIES 1️⃣ PH digital banks chase profits as regulator ups the stakes An open finance framework that would require all banks - whether digital or traditional - to share key customer data with one another could be a game-changer for digital banking players. But the Philippine central bank's efforts to get banks to participate have been slow. As a result, digital banks are looking for alternative ways to refine their credit underwriting capabilities. 2️⃣ Robots still struggle with touch. Sharpa wants to fix that Can YouTube videos help create the world's first robot with superb hand dexterity? Sharpa thinks so. The startup has come to rely on YouTube videos - on top of the proprietary data it generates from its "glove-based capture" tech - to train its robots' hands well enough that they're sensitive even to the soft touch of a feather. FROM OUR ARCHIVES Why SaaS is dying and service as software is rising If your SaaS startup offers only a dashboard, you are a mere commodity. That demands a change in strategy in the AI era, as discussed in this piece by Indelible Ventures Partner Kevin Brockland. He says investors are seeking startups that promise outcomes for clients more than flashy features on their platforms. Take, for example, Indonesia-based bookkeeping startup Ledgerowl, which recently raised a seed round. Instead of merely offering a platform that could automate financial reports, the firm ensures that a professional accountant checks each output before it's sent to a client. TRENDING NEWS 1️⃣ Vietnam partners with UAE's G42 on $1b sovereign AI initiative Vietnam's largest IT services firm, FPT, and consumer retail giant Viet Thai Group have signed a framework agreement with cloud computing company G42 to build data centers in three key locations across Vietnam. The deal reportedly helps the three firms advance the country's goal toward AI sovereignty. 2️⃣ Waymo confirms use of response agents in Philippines Mauricio Peña, chief safety officer at the autonomous driving tech company, made the revelation during a recent US Senate hearing. He said Philippines-based remote assistance workers provide guidance when a Waymo vehicle encounters uncertain situations but stressed that these workers don't control the vehicle's movements. 3️⃣ India extends deeptech startup benefits, raises revenue cap The country has updated its startup framework to reflect the longer gestation period of deeptech companies. Its startup recognition has been extended from 10 to 20 years, and the revenue threshold increased from 1 billion rupees (US$11 million) to 3 billion rupees (US$33 million), allowing deeptech firms to access tax incentives and grants for longer. 4️⃣ PhonePe plans to list IPO in April 2026 The Indian payments giant is reportedly seeking to go public by selling the shares of Walmart, Microsoft, and Tiger Global with no new shares issued. The fresh funds will be used for the company's expansion in India. 5️⃣ Naver to roll out AI shopping agent to boost ecommerce The South Korean tech giant posted record earnings in 2025 as its revenue reached US$8.4 billion, about 30% of which came from ecommerce. It's now doubling down on the segment, with plans to launch an AI shopping agent this month and roll out an AI-powered search and recommendation engine. SUCCESS ISN'T ACCIDENTAL. YOU TRAIN FOR IT. Why the "drills" phase is where potential turns into performance A strong foundation is only the beginning. Once you have laid down the habits of excellence during the warm-up stage, you must cultivate them. Technical skill might get you in the room, but mental conditioning and disciplined rituals will keep you there. At the HSBC Women's World Championship Business Forum, we move from the arena of theory to the practical gym of leadership in the "drills" phase. We're going behind the scenes with leaders who don't just talk about discipline but live it. Learn directly from Grace Park and Cole Sirucek, co-founders of DocDoc, who have built a patient-empowerment engine that spans multiple markets and has partnered with global giants like AXA and Aon. This husband-and-wife duo will discuss the work behind the wins, examining how high-performing partners create enduring systems for leadership, decision-making, and resilience. As AI reshapes execution, we can no longer rely on instinct to achieve leadership excellence. This shifts the focus from doing to deciding, and leaders have to train for relevance. Rob Bier, who has helped scale over 40 growth companies, will be facilitating an interactive workshop that explores how top leaders can develop judgment, culture, and discipline in decision-making alongside intelligent machines. Join us for this exclusive event! Secure your access today - limited seats available. 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