Asia Fintech giants — the revolution starts in the East
Fintech is everywhere — You may not realize this, but financial technology has progressed so fast that it has quickly become part of our daily lives. From managing your online bank account to buying a coffee at your local coffee shop, Fintech is all around us. Its massive growth helps so many businesses, particularly startups to provide better services to their clients.
What is Fintech? It is a technology used by companies to give financial services via the internet, mobile devices, software or cloud services. PayPal is of the biggest Fintech companies in the world.
With over 2 billion people worldwide who don’t have bank accounts, PayPal provides a number of attainable options for anyone to manage their finances and transactions in a very simple way.
Who are the major players? Fintech is one of the fastest-growing markets in the world with an estimated increase between $70 to $100 billion by 2020 — and Asia is leading the pack. The top 3 Fintech countries in Asia are:
China - Home of the 4 biggest Fintech Unicorns. The world’s top Fintech deals such as the $14 billion raised by Ant Financial’s Alipay, $4.3 billion raised by Baidu spinoff Du Xiaoman Financial, and $1.3 billion raised by Lufax, were all made in China.
India — The home of 500 million internet users and 150 medium sized enterprises, India is a magnet of investors from around the world. With an overall transaction estimated at $66+ billion by PwC in 2019, another report said that India actually surpassed China in the number of Fintech deals in Q2.
Singapore — The major Fintech industry player in Asia raised a record US$735 million (S$1 billion) only for the first 9 months of 2019. This record is a staggering 69% increase from US$435 million compared to the same period in 2018.
The largest and most populous continent in the world, Asia is a vast market to international investors, business corporations and startup businesses. It offers a good balance on social, economic and technological atmosphere to facilitate startup companies to grow and revolutionise here. Many of these startups use digital technology to innovate, develop and change how business was being done in the past. The fast growth of ecommerce is the perfect example of how it can change the mass consumer habits even in rural areas with average income much lower than the big cities. Fintech plays a very big role in e-commerce industry.
It is no doubt that the financial service industry in Asia is on a rapid transition to move forward, and it shows no sign of slowing down.
What is the next big trend and when is it going to be?
What are the hypes, what are the real deals?
On November 1–3, 2019, join me and other key industry players and Fintech gurus for a 36-hour Fintech Hackathon., https://hackathon.whub.io/
Read more also on WHub’s whitepaper here
