Opinion: Banks are now like telecommunications companies more than a decade ago, facing subversion from digital competitors

According to the South China Morning Post, Paul Ulrich, senior policy manager for government and regulatory affairs at the GSM Association (GSMA), said that banks are now facing the same disruption from digital competitors as telecommunications companies more than a decade ago. Losing the payment business to Libra will put 10% to 15% of its revenue at risk, but the Libra Association, which has a retail banking license, could threaten half of the bank's turnover. This is why regulators and banks are eager to respond. Note: The Groupe Speciale Mobile Association (GSMA) was established in 1995 as an association established by mobile communication companies and related companies for the common standards, construction and promotion of GSM mobile phone systems.