Is Asia the Home of Fintech Innovation?

fintech innovation asia

Asia as a hotbed for innovation and industry ingenuity — it is one of finance’s worst-kept secrets. We’ve previously discussed the massive potential for Fintech innovation in Asia, and the promise still remains.

The continent has a large foundation of predominantly mobile users, a market segment increasing year-on-year, with an estimated 1.7 billion digital consumers by 2020 according to a report published by McKinsey & Company.

This unrelenting growing digital adoption makes the underbanked region ripe for new, leading financial technology solutions that provide greater accessibility of banking services. Serving the underbanked is an enormous opportunity for fintech companies and financial institutions, as demonstrated by Revolut’s recent push to gain ground in the region. In our recent session with Revolut in Singapore, the firm took time to impress the boundless chances for financial technology across ASEAN, thanks to the region’s lack of a deeply-entrenched banking infrastructure.

Asia also holds other advantages for fintech firms. Janos Barberis, founder of Asia’s largest Fintech accelerator – SuperCharger, has mentioned the Asia Pacific, specifically Hong Kong, holds an important trifecta of characteristics for financial services:

  1. A leading financial centre.
  2. Had leading minds in finance.
  3. Held great wealth and investment opportunities.

He also noted Asia’s key differentiator: it has triple the amount of mobile wallet usage to bank branches, a lofty comparison to Europe’s roughly even split. This means there is no need to build banks traditionally in Asia, as any startup can immediately seek to exploit the mobile banking space.

In addition to these considerations, regulators across Asia are providing the Fintech sector with significant ammunition to boost industry innovation.

Singapore’s Smart Nation (a top-down governmental plan) meant to evolve the island nation’s status as a digital innovation hub; neighbouring Malaysia’s ‘Industry4WRD’, an ambitious initiative seeking to improve the productive efficiency of digital-ready local manufacturing companies; to the Philippines’ own i3s (Inclusive Industrial Strategy) programme – it is unquestionable that Asia plays a fierce role in defining the future of global fintech innovation.

At CFTE, we follow this belief in driving fintech innovation – but this requires a solid understanding of the concepts at play. And so, we deliver a learning approach that provides a clear framework of emerging technologies and their foundational concepts of Fintech. Few courses achieve this more comprehensively than Around Fintech in 8 Hours, our no-prerequisite foundation course designed for novices and professionals who want to join the flourishing Fintech scene. Join the Fintech revolution in Finance today!

Additionally, we’re running a special promotion in honour of the Year of the Pig – check out our social feeds or contact us for more details.

As always, for the latest developments and events in Fintech, feel free to subscribe to our weekly newsletters after the jump below!

Subscribe to our Weekly Newsletter

Is Asia the Home of Fintech Innovation?

fintech innovation asia

Asia as a hotbed for innovation and industry ingenuity — it is one of finance’s worst-kept secrets. We’ve previously discussed the massive potential for Fintech innovation in Asia, and the promise still remains.

The continent has a large foundation of predominantly mobile users, a market segment increasing year-on-year, with an estimated 1.7 billion digital consumers by 2020 according to a report published by McKinsey & Company.

This unrelenting growing digital adoption makes the underbanked region ripe for new, leading financial technology solutions that provide greater accessibility of banking services. Serving the underbanked is an enormous opportunity for fintech companies and financial institutions, as demonstrated by Revolut’s recent push to gain ground in the region. In our recent session with Revolut in Singapore, the firm took time to impress the boundless chances for financial technology across ASEAN, thanks to the region’s lack of a deeply-entrenched banking infrastructure.

Asia also holds other advantages for fintech firms. Janos Barberis, founder of Asia’s largest Fintech accelerator – SuperCharger, has mentioned the Asia Pacific, specifically Hong Kong, holds an important trifecta of characteristics for financial services:

  1. A leading financial centre.
  2. Had leading minds in finance.
  3. Held great wealth and investment opportunities.

He also noted Asia’s key differentiator: it has triple the amount of mobile wallet usage to bank branches, a lofty comparison to Europe’s roughly even split. This means there is no need to build banks traditionally in Asia, as any startup can immediately seek to exploit the mobile banking space.

In addition to these considerations, regulators across Asia are providing the Fintech sector with significant ammunition to boost industry innovation.

Singapore’s Smart Nation (a top-down governmental plan) meant to evolve the island nation’s status as a digital innovation hub; neighbouring Malaysia’s ‘Industry4WRD’, an ambitious initiative seeking to improve the productive efficiency of digital-ready local manufacturing companies; to the Philippines’ own i3s (Inclusive Industrial Strategy) programme – it is unquestionable that Asia plays a fierce role in defining the future of global fintech innovation.

At CFTE, we follow this belief in driving fintech innovation – but this requires a solid understanding of the concepts at play. And so, we deliver a learning approach that provides a clear framework of emerging technologies and their foundational concepts of Fintech. Few courses achieve this more comprehensively than Around Fintech in 8 Hours, our no-prerequisite foundation course designed for novices and professionals who want to join the flourishing Fintech scene. Join the Fintech revolution in Finance today!

Additionally, we’re running a special promotion in honour of the Year of the Pig – check out our social feeds or contact us for more details.

As always, for the latest developments and events in Fintech, feel free to subscribe to our weekly newsletters after the jump below!

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2019-02-13T19:36:42+00:00