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Alibaba's Singles' Day has surpassed global records for e-commerce sales, taking a total of $17.8 billion this year. However, there are concerns whether the one-day event held every 11th November can sustain its large growth in the coming years.
Increasing adoption of digital payments has resulted in stiff competition within the industry. Non-bank payment players have become more aggressive, aiming to grow into full scale financial service providers.
The development of digital platforms that enable direct global money transfer is a nascent but fast growing business model from the remittance industry. The model does not envisage traditional banks as part of the long term plans, and competes with the largest global money operators head on.