Fintech is the new norm in Asia

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As the Lendo team surveys the fintech marketing Asia, what we are seeing is this; fintech is the new norm.

Over half of banking and financial clients in Asia are using fintech, according to the findings of a recent deVere Group survey, reported in the Asia Times.

A total of 883 people in Asia, Europe, Africa, Latin America and Australasia participated in the survey, which also revealed that 55% of those polled confirmed they “regularly use financial technology to access and manage their money.”

The results show that fintech growth has surged over the last three years and that these platforms are filling the gap left between what traditional financial services firms are offering and what customers now expect, particularly in regard to the customer experience.

As Nigel Green writing for Asia Times reports, “One of the key benefits of fintech is immediate around-the-clock access to and management of personal funds through personalized, on-demand digital services. Furthermore, this all comes at a lower cost.”

Furthermore, emerging markets across Asia, Latin America and Africa are quickly becoming the largest growth areas for fintech participation. For example, in 2016 DBS Bank in Singapore released a report in which China was declared the “undoubted centre of global fintech innovation and adoption.” Since then, nations and markets across Asia have been developing major tech ecosystems, and the finance sector is a major part of this trend.

Moreover, Green writes, “In 2016, total fintech investment in the Asia-Pacific region reached US$10.5 billion, the highest amount recorded since 2010, and now, every bank across the globe is focused on Asia, and in particular, China.”

He also points out that fintech is widely considered a major part of the so-called Fourth Industrial Revolution for three reasons:

It caters to the demand for mobile services

It accelerates financial inclusion globally

It allows companies the ability to diversify, reduce costs, meet regulatory requirements and enhance the client experience and build trust.

And that is why it is becoming the new norm.

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