After being touted as the next big thing in the financial services industry, fintech is only just beginning to revolutionize banking in a major way. The large potential opportunity in the space has kicked off a race among nations across the globe to become the world’s main fintech hub.
More than any other region, Asia’s conditions are ripe for fintech. It has large swathes of populations that are unbanked or under-banked. In addition, these populations have embraced telecommunications, and have a high and still growing penetration of inexpensive smartphone devices and mobile access. There are many factors behind the creation of a successful fintech hub. The main differentiator in order for the industry's success, activity, and growth in regulation. In fact, laws and regulatory enablement set the direction for fintech’s development and ecosystem in each country, and will determine if fintech thrives or goes the way of the dot com boom.
In this report, we take stock of what is happening across Asia in the fintech space from a regulatory perspective. We also assess the fintech readiness of key Asian economies from a policy perspective. Finally, we use our assessments to predict the next big fintech hub on the continent. We hope that you find this report as interesting to read as it was for us to research.