Many of the past nine reports have looked at the rapid growth of fintech across the region. Often, this was to the benefit of the economies in each country. China’s digital payments and e-commerce growth brought hundreds of millions of individuals into the financial ecosystem and likely added a significant amount to China’s overall GDP.
Sometimes however, things go awry, China’s P2P lending being a good example. We spoke to many of the top P2P lenders right before the industry collapsed. The hubris was notable. Pride comes before the fall.
However, despite all of these developments over the past decade, little could prepare us for the year 2020. What started off as a new decade of potential quickly spiraled into a year that most of us would like to forget. From health to employment, there were few metrics beyond stock indexes that remained in positive territory by the end of the year.
However, as 2021 started, we have seen a renewed optimism in many economies. Fintechs across Asia have weathered the storm of 2020. Those in the payments and e-commerce space even grew. Even for Kapronasia, 2020 was one of our best years, and 2021 has already started at a rapid clip.
As we enter into this new year, we are looking forward to what the 11 months have in store for not just the fintech industry but humanity as a whole. With a new administration in the United States and viable vaccines being rolled out globally, it is nearly impossible to imagine 2021 being worse than the year that we just had.
So it is with cautious optimism that we bring you our tenth annual Top-10 Asia Pacific Fintech industry trends report looking at ten key developments that we feel will impact the industry going forward.