Technological Innovation in Asia and Investment Opportunities
Mr Herston Powers shared insights into the growing field of FinTech, a sector that has proven to be essential to Southeast Asia’s strong economic growth.
In Southeast Asia, FinTech (or Financial Technology) represents a once-in-a-lifetime opportunity. While the FinTech ecosystem in Southeast Asia has not been developed as fast compared to certain markets – Australia, China, India, the United States and Europe, and even emerging market like Latin America – it is very quickly catching up.
Southeast Asia has some of the best macro and demographic drivers of all markets – including high GDP growth, a rising middle class and a young population that is going online in a meaningful way.
At the same time, financial services have not kept up with the digital economy, paving the way for FinTech to form the backbone of the Southeast Asian economy, and bring more individuals and businesses into the financial services ecosystem. As such, there are many opportunities for FinTech startups to succeed in the market, as well as many opportunities for venture capitalist firms to invest in such startups.
Recently, a number of startups have shown promise in reshaping Southeast Asia’s financial services ecosystem – such as Vietnam’s first true “Buy Now Pay Later” platform, an online travel platform for Bangladesh, and a platform from Indonesia that allows employees to access their wages as they earn them before the end of a pay cycle.
Ultimately, the innovation in the provision of financial services in Southeast Asia is a key investment opportunity globally, especially as the market continues to grow. After all, with its growing FinTech potential, Southeast Asia is beginning to attract more institutional investors from across the world.
View the full recording of the webinar “Technological Innovation in Asia and Investment Opportunities”.
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