The Fintech wave may have started in the US and been refined in Europe, but it is in Asia where its true potential is becoming evident. The authors see the next wave of growth in the Fintech space being driven by Asia – both in existing financial centres in the region, which have increasing levels of sophistication, and in countries across the region with low levels of financial inclusion but high growth prospects.
CHALLENGES IN PARTNERSHIPS
In more developed markets or market segments, Fintech technology is a substitute to existing financial services or products. Here, Fintech has a transformative effect on the way that financial services are delivered to consumers and on a business-to-business basis. However, due primarily to fragmented regulation and the resulting challenges of running financial services businesses in each jurisdiction, scaling these products to serve customers in multiple Asian jurisdictions – a prerequisite for the profitability of many Fintech solutions – remains difficult.
The authors believe that due to particular challenges in Asia, the main developments in the Fintech market segment are likely to take the form of strategic commercial partnerships between financial services providers and Fintech innovators.
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JAKE ROBSON is a partner at Morrison & Foerster in Singapore. NICHOLAS DAVIES is a senior associate at the firm.
