Fintech is surging in Asia and with Lendo trademarked in Singapore it is well positioned to make the most of this massive consumer market.
A recent EY Global FinTech Adoption Index 2019 shows that in just two years fintech adoption among Singapore consumers has almost tripled.
The statistics show that Singapore’s adoption rate jumped from 23% to 67% from 2017 to 2019. This leap positions Singapore as a leader across Asia-Pacific, though the region’s overall adoption rate is hugely significant, sitting at 64% in 2019, up from 33% in 2017.
Naturally, simply because of population numbers, China and India are the outright winners in terms of consumer fintech adoption and stand at a level of around 87%.
Fintech News Singapore says, “Globally, an average 89% of consumers are aware of the existence of in-store mobile phone payment platforms and 82% are aware of peer-to-peer payment systems and non-bank money transfers. Availability of these FinTech services is even more accentuated in Mainland China with 99.5% of consumers aware of money transfer and mobile payment services.”
This would seem to indicate that there is a very high level of consumer awareness about payment and other fintech services. The stats also show that 75% of consumers globally have used a money transfer and payments fintech service, which is a healthy conversion rate.
And as consumers move towards using fintech services, the businesses they interact with need to do the same. Therefore, traditional banks, insurers and wealth managers are “disrupting their own propositions by offering digitally accessible and technology-forward services,” Fintech News reports. It also adds, “Because adopters cast a wider net when seeking advice, fintech providers have the opportunity to reach them through more touchpoints. Fintech adopters turn most often to business advisors, such as lawyers and accountants, for advice, while non-adopters tend to rely more often on their professional network and industry contacts. “