We’re pleased to see this news from FinNews Asia reporting that Singapore’s use of fintech products and services has grown substantially in the last two years. It may lag behind China and India, but those countries have massive populations by comparison, if things come down to a numbers game.
According to EY’s Global Fintech Adoption Index 2019, the fintech adoption rate among Singapore consumers has almost tripled to 67 percent in 2019 from just 23 percent in 2017.
This is EY’s third global report and it is based on data gathered from an online survey of over 27,000 consumers in 27 markets. The index leaders are mainland China and India, which both recorded 87 percent consumer fintech adoption, followed closely by Russia and South Africa (both 82 percent).
Varun Mittal, EY Global Emerging Markets FinTech Leader, said, “Singapore has enjoyed significantly increased rates of consumer fintech adoption and we expect even higher rates in the future, due to the supportive regulatory environment. Singapore may be a relatively small business-to-consumer (B2C) market by size, but it is a hotbed for innovation and a great launchpad for startups and businesses to build their technology, test it, and then scale across Southeast Asia.”
The report claims that the increases in use are due to the increasing consumer and SME awareness and engagement with fintech products and services. It says that when the report was first published in 2015, he average global adoption rate stood at 16 percent. Now it is now 64 percent, with money transfers and payment services driving awareness worldwide.
EY also noted that maturing fintech challengers are having a growing influence on the market, and that they are actively driving non-financial organisations to develop their own fintech products and services.
It also says that consolidated platforms have an edge with 60% of consumers preferring to access services through a single platform. If you look at Lendo’s platform, you’ll see that this is exactly what we are offering consumers globally.