Fintech, in essence, is an umbrella term that encompasses a multitude of financial services intersecting with technology, which helps businesses increase efficiency, reduce costs, and enhance the customer experience. These services include peer-to-peer (or P2P) lending, online payments and foreign exchange services, digital wallets and e-money, automated or robo investment advice, artificial intelligence (AI), big data analytics, blockchain and crypto-currencies, and more. According to the EY Global FinTech Adoption Index, one-third of consumers utilize at least two or more fintech services and realize fintech as part of their daily lives. Whether its transferring money or managing investments, fintech enables consumers to complete all these tasks with ease without the assistance of a person. Further, fintech offers automated customer service technology utilizing chatbots and AI interfaces to assist customers. It can also be leveraged to fight fraud by analyzing payment history and flag suspicious transactions.
With financial businesses continuing to benefit from innovative service offerings, the fintech industry is enjoying rather explosive growth globally, which is no different in the APAC region. The fintech ecosystem in APAC is rapidly changing, and fintech tools have skyrocketed among consumers and small businesses. Mobile technology has a significant role in this development of fintech adoption as consumers with smartphones gain access to a range of virtual financial services, and it’s happening at a faster rate than any other market. From fast-growing economies such as China and India to mature markets such as Japan, fintech systems have become part of everyday life fabric. With powerful ecommerce and social media platforms such as Alibaba, China is leading by thoroughly integrating fintech services. In India, local entrepreneurs and innovative startups seek to penetrate the market, helping develop its financial ecosystem. Several more changes are expected to occur driven by advances in technology, loosening regulations, and competition among fintech companies.
In light of these significant technological advancements today, CFO Tech Outlook has compiled a list of top 10 fintech companies in APAC 2020 to guide enterprise leaderships in harnessing the power of technology to embrace innovation and enhance productivity.
With several innovative technological capabilities and success stories up its sleeves, these companies are continually proving their expertise in the fintech arena. We hope this issue of the CFO Tech Outlook helps you build the partnership you and your firm need to migrate to an efficient and technology-driven environment.
We present to you CFO Tech Outlook’s “Top 10 Hottest Fintech Companies in APAC - 2020.”