With Asia positioning itself as a global leader in finance and technology, the densely populated Southeast Asia is poised to become a powerhouse.
Despite this potential, the area is lacking fintech infrastructure to further development. With a view to the future, the region’s businesses and governments are now investing in this sector. As banks in Southeast Asia are becoming more receptive to new payment systems from fintech start-ups, the adoption of blockchain appears inevitable.
Technology in Asia continues to develop at a rapid rate, cementing its place as an industry leader. While China remains the dominant country in terms of technological advancements and economies in the region, Southeast Asian countries are showing promising development.
As fintech continues to dominate in the Asian markets, the future of the sector looks increasingly good. Moving forward, e-commerce will become a key player, while SupTech rises as an industry-wide advancement.
Throughout 2017, Southeast Asia’s ecosystem has seen an accelerated path of success and innovation. Leading the competition in terms of growth, Southeast Asia continues to expand. Investment has grown exponentially in the area, with infrastructure and economic sectors rapidly following this interest. With markets such as smartphones, online banking, high speed internet and fintech taking hold in the region, 2018 looks set to follow on from the success of 2017.
Asia is experiencing an unprecedented growth in its Internet economy, with this rise set to continue over the coming years. Economic digitalization is a worldwide phenomenon of the 21st century, with new markets emerging with this revolution. The move towards Internet banking is resulting in an increase in selling and buying online. Taking advantage of […]
Chinese Foreign Minister Wang Yi has proposed a co-operation between China and Myanmar. This will see the construction of an economic corridor between the two countries. This was proposed during his November visit to Myanmar. The idea was put forward at a meeting between Myanmar State Counselor Aung San Suu Kyi and Chinese President Xi Jinping, according to reports by Xinhua News Agency.
With technology transforming the business operations of the financial services, it is key that these sectors are adapting to these changes. While already reacting well to technology, Singapore has released several initiatives to strengthen its status as a financial hub in Asia.
The Monetary Authority of Singapore (MAS) released these plans with the intention of further pushing the financial technology. Aiming to establish itself as a regional leader of fintech, it is hoped that the sector will grow by 4 per cent a year and create thousands of jobs in the area.