FinTech in Asia Pacific received a total of US$14.8bn in investments last year, with China and India continuing to dominate as the largest FinTech ecosystems of the region. The two countries earned this ranking based on investments and number of startup., Another contender, however, Singapore, continues to position itself as a clear leader in the Southeast Asian region especially given its supportive startup and FinTech ecosystem.
The State of FinTech report published by Startupbootcamp FinTech in collaboration with PwC explores the topics mentioned below.
Global Tech Trends
These three Global Tech trends are becoming prevalent in daily life, and companies have been gradually building their business models around AI and Machine Learning. Established MNCs are likewise opening up their systems to external partners to produce unique security systems. Furthermore, there has been widespread adoption of mobile wallets by consumers.
Global Fintech Trends
Global FinTech Trends complement and coincide with the above mentioned Global Tech Trends. For example, Big Data is growing in regard to investments in Infrastructure and Analytics, as aided by Machine Learning. China is slowly but surely becoming the hub of FinTech, with the 4 biggest FinTech Unicorns in the world based in China. India has turned to digital transactions through the use of individually unique mobile wallets, especially following the country’s largest ever demonetization exercise in November 2016.
Global FinTech Funding
The increasing amount of funding has played a huge part in the burgeoning of this industry. In 2016, a total of USD $23.5bn was invested in FinTech worldwide, with Asia Pacific receiving more than half of the funding. This amount is expected to further increase in 2017, scaling the progress of these FinTech startups.
What’s next for FinTech APAC
Here at Startupbootcamp FinTech and PwC, we expect the future of FinTech in APAC to reside within the following fields: Financial Inclusion, Wealth Management, RegTech and InsurTech. These expectations are engendered due to the disparity between demand and supply in each field. There have been big steps taken by Governments, Financial Institutions and Consumers to bridge this gap, but we expect much more to come.
Startupbootcamp FinTech Singapore engaged with over 2,500 FinTech startups across the world for the 2017 FinTech Accelerator programme – where insights were gathered for this report, Tracxn provided funding data, while insights from the Financial Services sector were provided by PwC, strategic sponsor of Startupbootcamp FinTech.
From the 2,500 startups – 11 were selected to form the 2017 cohort. This Cohort will put it all on show during Asia first demo tour – apply for your ticket here.