Top Super App Stories This Week:

• Telegram to Launch Miniapp Store and Web3 Browser

• WeChat Claims 500 Million Monthly Users Actively Playing In-App Games

• Central Bank of Egypt Approves Launch of Nation’s First Digital Bank

• Bank Audi Launches New Digital Bank Neo in Lebanon

• Banks, Telecoms Risk Commoditisation Without Super Apps Expansion

1. Telegram To Launch Miniapp Store and Web3 Browser

Telegram, the widely-used messaging app with over 900 million monthly active users, has unveiled plans to expand its user base through the introduction of a Miniapp store and an in-app browser featuring Web3 support.

Founder Pavel Durov aims to evolve Telegram into a more diverse ecosystem, enabling users to access various services and features directly within the app. Furthermore, Miniapps will have the capability to label channels, potentially adding a decentralised layer of third-party verification within Telegram.

Telegram’s foray into Miniapps and Web3 integration marks a significant step towards a more feature-rich and versatile platform. The success of Miniapp games like Hamster Kombat underscores Telegram's potential as a breeding ground for innovative gaming experiences.

Source: Crypto Times

2. WeChat Claims 500 Million Monthly Users Actively Playing In-App Games

Over 500 million active users play games on China's super app WeChat monthly, showcasing its potential for generating advertising revenue for parent company Tencent.

According to WeChat, half of these users reside in third-tier cities and the majority are female. Mini-program games, which are quickly accessible within WeChat, now contribute 15% of the app’s total advertising revenue.

Additionally, WeChat reported that more than 80% of mini-game developers consist of small teams with fewer than 30 employees, and at least 240 in-app games have earned over RMB 10 million ($1.38 million) in quarterly revenue over the past year.

Source: Caixin (in Chinese)

3. Central Bank of Egypt Approves Launch of Nation’s First Digital Bank

The Central Bank of Egypt has given preliminary approval to Misr Digital Innovation, a subsidiary of Banque Misr, to launch the country's first digital bank, named onebank.

This digital banking service offers round-the-clock online access, allowing customers to manage their accounts anytime and anywhere while benefiting from reduced banking fees due to the absence of physical branches and infrastructure.

The establishment and licensing of digital banks in Egypt are regulated by Law No. 194 of 2020, which mandates a minimum paid-up capital of EGP 2 billion and requires the largest shareholder to be a financial institution holding at least 30% of the capital.

Source: Cairo Scene

4. Bank Audi Launches New Digital Bank Neo in Lebanon

Bank Audi, the largest bank in Lebanon, has launched a new digital banking offering called Neo by Bank Audi, touted as the country’s first digital bank.

The neobank’s products and services at launch include duel-currency bank accounts (in both US dollars and Lebanese pounds), physical and virtual debit cards, bill payment management tools, and QR code-enabled transfers.

The digital bank’s website indicates that its offering is to be expanded with the launch of a rewards-linked credit card and digital insurance products, which have both been labelled as “coming soon”.

Source: Fintech Futures

5. Banks, Telecoms Risk Commoditisation Without Super Apps Expansion

Roland Berger's latest report, "Impact of Super Apps," warns that banks and telecom companies risk becoming commoditised service providers unless they develop Super Apps. Mohit Gidwani, Partner for TMT Southeast Asia at Roland Berger, highlighted that while banks and telecom operators have apps for core services, these lack the broader functionality required for stronger customer engagement and retention.

Super Apps can integrate various services, enhancing customer interaction and providing valuable transactional data. This creates opportunities for banks and telecom companies to offer tailored benefits, thereby increasing customer loyalty and retention.

However, Gidwani also cautioned that the complexity of integrating diverse services requires careful management of partnerships with third-party providers and payment gateways to ensure a seamless customer experience. A well-designed Super App with smooth payment flows, a variety of services, and clear benefits can significantly boost user satisfaction and loyalty.

Source: Asian Business Review

That's It For This Week!

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