Digital technology transforms banking

Remittances among services improved in pandemic, aiding nations, forum told

The coronavirus pandemic has spurred advances in financial services, and the benefits of such innovation are being felt in the Pacific island nation of Tonga.

For Leta Kami, CEO of the Tonga Development Bank, digital banking service has provided huge support for Tongans working overseas during the pandemic.

"The Kingdom of Tonga is highly dependent on remittances," Kami told a panel on the second day of the Asian Financial Forum, on Tuesday. Tonga is one of the world's most remittance-dependent nations. They make up about 38 percent of its GDP.