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Fintech, short for financial technology, is that stream of business that challenges long-established ways of banking and finance by using innovation and technology to spearhead a financial revolution. We have come a long way from traditional banking, where the protagonist’s role was played by cash and other physical commodities, to the present where a majority of our financial activities have transcended into the virtual space of the internet.

And that is precisely how Fintech has taken the world for a spin by providing options like easy money tracking and management, global payment options, quick loans, excellent customer service, and much more. The limitless world of Fintech has surpassed the older notions of only engaging with financial institutions and has branched out into several sectors, including cryptocurrencies.  

I think it is safe to say that the world of finance has witnessed an evolution almost as remarkable as mankind itself!

Fintech as a Service (FaaS), as the phrase suggests, means- when a company develops financial technology to sell it as a service to other companies. This allows companies that don’t originally have technological leverage, to equip their systems with Fintech that could either be used in-house or externally or in both ways.

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‍How Does This Work?

FaaS has emerged as the prodigy that everyone either wants to parent or employ. Owing to the wave of competitive creativity in this field, we have been able to establish a broad spectrum of FaaS applications.

To enable these innovative capabilities in FaaS, Fintech servers mainly develop and employ APIs (Application Programming Interface) that bridge the technological gaps, allowing the delivery of these services. The Fintech server embeds its APIs in the client’s existing applications, which enables the client to fuse their products and services with the Fintech server’s technology, making way for new methods of serving customers.

These services range from e-wallets, KYC (Know Your Customer), new account openings, managing remittances, transaction tracking, identity verifications, card issuances, and global payments for the management of the client companies’ financial operations. With a reinforced focus on customers, the company can also provide more customer-oriented services to its customers like customized transaction reports, flexible standing instructions, and 24*7 customer service.

With FaaS in place, it has become possible for companies to function without investing in any infrastructure, focus on consumers, and most importantly, they are able to integrate and curate existing dissembled financial services in a much more systematic and easier fashion.

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What Benefits Does FaaS offer?

Apart from empowering companies to gain traction as Fintech, there’s a lot more that FaaS offers:

‍Opportunity for Low Investment: A company’s investment is substantially lowered when it opts for FaaS from a third party. It can evade setting up a dedicated infrastructure, acquiring licenses, hiring developers, conducting trials, and even maintenance of the system, as all of this would be taken care of by the third party. What’s even more lucrative is that the companies can reduce their operational cost by choosing providers that suit their budgets.

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‍Incredible Flexibility:The scope of agility in FaaS is enormous, which is also the underlying reason behind its success. With FaaS, the range and timeliness of services offered at traditional banks can be propelled to a different dimension altogether. Easy identity verification, one-click loans, and payments, frictionless customer service, and effortless international payments, are some of the many services that can be offered by a company that is fueled by FaaS.

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‍Secure Setups: Instead of going through the trouble of acquiring licenses, to set up independent gateways, the company can opt for a FaaS supplier with these prerequisites, which would give them a thick layer of security. With secure APIs in place, not only would the company be secured, it would also make the network much safer in comparison to every company developing its own Fintech.

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Timely Results: With the third party taking the helm on the technological front, the time taken for a company to launch their Fintech services is considerably reduced as they don’t have to start the entire process from square one. Once they are technologically equipped, they can start off immediately, without conducting market trials, saving a lot of time and resources. Since the third party is also going to look into the maintenance sector, the company doesn’t need to allocate any resources there as well.

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Customized Services: FaaS platforms allow incredible space for customization. They allow the company to keep its voice and look, by only taking charge in the backend. This way, even if the company is remodeled, the changes in the backend will only have a more pronounced reflection of the company in the front.

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‍Fintech Trends

The origin of Fintech has witnessed marvelous step-ups, and it is only recently that the world has started realizing the tremendous scope that this possesses; the path to future-proofing.

According to the Financial Express, the Fintech market is all set to reach an estimate of $310 billion in terms of investments. This colossal valuation has been estimated to be almost double what it was in 2018. The other new shoots like cloud computing, neo-banking, blockchains, and e-commerce in this industry, which share a taut relationship with Fintech are also going to witness an insane jump.

I think we could all agree that equipping companies Fintech-ly is the new black.

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Another big revelation in the fintech space that has prompted several companies to follow the steps is the gamification of fintech services and products. Gamification has already proven its success and usefulness in several other sectors. Its introduction in the fintech sector has been welcomed by companies globally, rendering it one of the most effective engagement techniques. 

Gamification in simple language is the addition of gaming elements in digital platforms that are not necessarily related to gaming. These additions are made in applications, websites, social communities, online learning tools, or even internal software and systems of businesses. The application of such mechanics and techniques helps increase the engagement and participation of viewers or users.

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Gamification in Fintech

The success of a fintech company directly correlates with its level of customer engagement. Therefore, a fintech company aims to achieve the highest customer engagement. Solely relying on graphs, numbers, and data might not win the company a high engagement level.

Gamification helps increase interaction between the company products and services and its customers. Adding gaming mechanics like discounts and rewarding systems enhances the overall customer experience by making mundane tasks more appealing. It is an indirect but efficient method to increase customer participation and usage, helping the company build an extensive customer base. 

The role gamification plays in the fintech space has grown tremendously in the past few years. As more and more customers get acquainted with gaming practices embedded in fintech platforms, the role of gamification grows. The valuation of gamification has more than doubled between 2016 and 2021, with investors pouring in from all corners. The total investment in 2021 had touched $12 billion. 

The effectiveness of gamification is not restricted to the newer branches of fintech only. Conventional banks and financial institutions also have started incorporating similar practices into their services and products. 

The amalgamation of gaming mechanics with fintech has positively impacted consumers and companies. Instead of only focusing on providing innovative and reliable services and products, the core objective of fintech companies has become customer experience. An experience that attracts new customers and keeps the older consumers engaged has become the need of the hour. 

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Benefits of Gamification

Customer Engagement – Gamification challenges conventional methods of banking and other activities related to finance. Tracking investments, assessing risks, learning new jargon or getting customized updates and plans increases customer engagement considerably; when customers feel engaged with the company, their loyalty towards the brand or the products increases. 

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Increased Loyalty – Customer loyalty has always been more valued than new on boarders. With increased loyalty, the customers are more likely to expand their relationship with the company by exploring more products. Gamification acts like a catalyst in building stronger relationships between fintech companies and their customers. By introducing new plans or interactive techniques to engage with customers, fintech companies can create their prominence by earning a reputation of trust

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Indirect Marketing – Indirect marketing is a game changer in the world. When new schemes or offers attract loyal customers, they are more likely to talk about them with other people. Customers feel a sense of belongingness and loyalty with companies that provide them services that cater to their requirements without intruding in their privacy. When a strong bond exists between the two parties, there are more chances of customers sharing their experiences with other people, which, in turn, might help the fintech earn more customers. 

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Examples of Gamification

Gamification is an underrated field that has taken the fintech space by storm. Some of the most popular gamification techniques are:

Rewards and Points – One of the most common methods of initiating engagement is customer’s rewards and points or badges for completed tasks. The company can create small and large milestones customized for its users, where the user gets rewarded with points, cashbacks or badges on completion of each milestone. This technique is the most common gamification method that is not only heavily used in fintech, but is also used in various other fields like sports, learning tools, etc.

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Challenges – Another fool proof method that has witnessed a lot of success is the method of companies setting personalized goals and challenges for their customers, which directs the consumer into taking actions with the intention of achieving these goals. This technique helps customers learn financial management by keeping them engaged in internal challenges and goals. 

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Progress Infographics – Another favourite method that has gained popularity is personalized infographics, which are interactive reports informing the customer about past expenditure and earnings, trends, and similar data. Such interactive infographics help customers learn more about their financial status and habits by providing factual reports based on the customer data collected over time. Such interactive infographics increase customer engagement where customers can compare their monthly expenditures, savings, investments, etc.

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e-Learning Tools – Apart from providing services and products to customers, companies are now also stepping in as knowledge-providers. Realizing the potential of e-learning tools, fintech companies, especially those offering investment-related services, are branching into gamified e-learning tools. In this, the consumer can take personalized lessons and get news snippets to learn industry news and jargons. When the customer receives unconventional customized services by companies, they appreciate their relationship with the company more.

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Competitive Tasks – Companies have started focusing on making leader boards, where customers can take up challenges or throw challenges to other customers. Not only do these help customers learn from and interact with other customers, it also helps in increasing overall customer engagement significantly. 

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Power of Social Media – Social media has a significant big role in gamification. Social media engages people of all age groups. When a company expands gamification activities on social media, the results achieved are more amplified. Companies can invite new and old customers to participate in challenges and quizzes on social media; they can also create hype for new products and services using social media tools.

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Closing Words

The onset of technological expansion has prompted the emergence of countless possibilities of bringing gaming elements in non-gaming platforms. Companies are continuously exploring and introducing new ideas of gamification that are hooking people globally. The sheer extent of competition has driven companies to accelerate innovation rendering it one of the most rewarding sectors in fintech already. 

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What is financial digitization?

The revolution of digitalization has already had its effects on almost all walks of life. From medical sciences to art, technology has also transcended into the financial sector, changing the face of traditional banking and finance. When technology is so intricately engaged in a system, it results in an eruption of countless possibilities. 

Digitalization of simple and complicated processes, automated services, and technologically equipped setups is gradually becoming the new normal. Digital changes are emerging every day, giving rise to relentless competition and innovation. 

In the financial world, digitalization majorly involves altering data and services into their digital forms. Instead of heavy paperwork, or long queues in banks, people can operate their accounts, take loans, update their KYC (Know Your Customer) online, and much more, from any corner of the world. 

With so many possibilities of digitalization and automation, there is a very evident upsurge in the number of small and big businesses operating in the fintech (finance-technology) space. This has led to aggressive competition worldwide. 

During the pandemic alone, there was a 57% rise in the adoption of digitalized payment services. 

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‍What technologies are used in finance?

There are several branches of fintech that have emerged in the past few years. The most common ones are the ones that have high adoption rates like e-payment, e-banking, e-KYC, etc. But there are innumerable services and technologies that are now picking momentum like chatbots using artificial intelligence, blockchains to operate cryptocurrencies, robotic process automation to analyze and process data with the involvement of manual work, etc. 

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Cloud Infrastructures – Traditional financial institutions and banks have started adopting cloud services to store and process data. When the data is stored in a systematic manner in the cloud, it is much easier to access, update, evaluate and scale. Cloud infrastructures were one of the pioneers of introducing the benefits of digitalization in the financial sector.

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Application Programming Interfaces (APIs) – This technology has disrupted the traditional way of banking. Majorly provided by third parties, this technology has enabled easy and quick fund transfers and payments, directly and indirectly from bank accounts. The third-party acts like the technological front, while the customary banks and institutions partner with these third parties to merge their services with the latter. This simple technology has caused a revolution in the fintech world, enabling a disruptive change in the way people are handling everyday transactions and even small loans. 

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‍Automation – Automation is an integral part of a few services provided by banks nowadays. Payment and customer updates, communication from financial institutions to their customers, etc., are rapidly being automated. With automation comes a high level of accuracy and efficiency as it takes lesser time and leaves negligible margins for error.

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 Artificial Intelligence & Machine Learning – These are the quintessential branches of technology that can help a layman decipher the mere scope technology has. What started as simple chatbots which helped resolve simple customer queries, artificial intelligence has allowed us to reach an altogether different ballpark. Data analysis, automating complicated processes like credit analysis and loan approvals, artificial intelligence, and machine learning have taken fintech to a new high. 

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Robotic Process Automation – An extension of automation itself, RPA enabled by AI allows banks and financial institutions to process complicated procedures using software robots instead of manual labor, which saves time and resources tremendously.

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Risk Assessment – AI can also be used for analyzing and evaluating risk for big and small investments. Investors nowadays rely heavily on digital platforms to help them ascertain risks and analyze trends, making the entire system more efficient and intelligent.

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Regulation Technology – With such a mammoth scope comes serious responsibility. Digitalization has made financial dealings simpler and more organized for most of us, but with new start-ups and organizations innovating and disrupting conventional methods, regulating them becomes extremely crucial. While global economies and leaders lay out ever-changing regulatory policies, it is highly essential for banks and institutions to strictly follow and abide by them. For both these parties, reg-tech has been an indispensable component. With reg-tech it is easier to track policies and identify outliers. With a systematic set up in this regard, fintech can be made much safer and secure.

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‍How has digitalization affected the banking sector?

Automated Services – With third-party involvement, automation vis-a-vis banking services is on a rise. Most of the conventional banks are gradually shifting most of their services online too, where it is much simpler to automate supplementary processes like data storage and updates, subscription renewals, small loan financing, etc.

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Better Customer Services – With a lesser human focus on simple processes, the banks can now dedicate more resources towards enhanced customer services. This is also a result of the intense competition prevalent worldwide in the fintech space. With more startups and companies offering services at competitive rates, conventional institutions have had to up their game in this respect. 

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Less Human Error – Efficiency and accuracy follow the involvement of technology. Digitalization of services and processes leaves a small margin for error, making the entire system more efficient and reliable. 

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Easier to Store and Track – When data is stored in a digital format, it is much easier to play with. Easier access, complemented by automated updates and analysis saves time and churns better results. 

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More Employment – With the rapid transformation that has taken place in these past few years, the level of employment in the fintech sector has grown exponentially. According to the present-day statistics more than 52 million people are employed in this sector and the number is only growing as more and more start-ups are emerging every day.

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The future of digitalization in the financial sector is evidently massive. With such close engagement of technology, the possibilities are limitless and the physical boundaries are gradually diminishing. The rapid adoption of the idea of non-fungible tokens (NFTs) and cryptocurrencies is demonstrated enough to understand how ready our world is to digitalize the financial space. 

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These new-age wallets, which started way back sometime after 2010 by Google, have become essential for many of us. The most popular e-Wallets were launched by Apple around 2014 in the United States. Right after their launch, their popularity quickly spread to the United Kingdom and China. Today, there are hundreds of e-wallets offered by different companies with newer and additional functions. Google Wallet, AliPay, Samsung Wallet, Venmo, and PayPal, are a few of the other most popular digital wallets in the market presently.

When one thinks of digitalization in the fintech space, digital wallets figure somewhere at the top of the list. These wallets enable quicker transfers, and easier online transactions, combined with a hint of gamification, where the user can avail of discounts or get cashback and coupons. 

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 The Concept

Digital wallets are like actual wallets, which only exist online. These wallets have two purposes – Storing information and enabling transactions.

The information that these wallets store depends on their functionality, for instance, some wallets only store bank account details, which are solely dedicated to making online transactions, transfers, and payments. Some of these wallets also offer to share more personal information like identity cards, tickets, reservations, coupons, loyalty cards, and even car keys! The purpose of these e-wallets is to free the user from carrying such items in their physical forms when they can be stored in their digital formats.

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How e-Wallets Work

The most common method that companies, use is via a smartphone application. These applications are versatile and easy to install on almost all devices, making the entire setup process easy. 

After installation, the user feeds in the required information for all the features that they wish to use. Once the information is fed, the app verifies the information and asks the user for various permissions, like linking the wallet to the user’s bank account, etc. 

Once the verification is complete, the user is all set to use the new wallet. 

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The Technologies Involved

To make them universally accepted, e-wallets use different technologies to enable transactions. 

The most common are QR Codes, which are unique matrix codes bought by vendors and companies. The user can scan these codes through their wallet applications on their phones and make payments to complete transactions, making the entire process much simple and quicker than ever before. 

Near Field Communication (NFC) is another technology used by e-wallets. When this option is selected on the user’s mobile device, information transfers from another device immediately get enabled. The two devices should be placed very close to each other to form a closed circuit.

The third type of technology used by e-wallets is Magnetic Secure Transmission (MST). In this the smartphone with the e-wallet generates an encrypted field which is read by the machine on the sales end. The concept is exactly that of what it used for card transactions. The card machine reads the magnetic chip embedded in the credit and debit cards, allowing successful transactions. MST works similar via smartphone, where the phone generates an encrypted field, which is read and processed by the sales machine.

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Types of e-Wallets

Closed Wallets – A closed wallet is offered by websites or apps to make payments or purchases restricted to the issuer. The entire amount is stored on the user’s website or application account.

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Semi-closed Wallets – These types of wallets allow users to use the stored amount not only with the issuer’s website or app, but also with merchants accepted by the issuer in the locations listed by the issuer.

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‍ Open Wallets – An open wallet has gradually become the most popular digital accessory for e-wallet users, where the users can either add money in their digital accounts or link their digital wallets with their bank accounts to make seamless transactions. There are no restrictions of accepted merchants and issuers, and they can be used everywhere where technology supports such transactions.

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Crypto Wallets – Crypto wallets are crypto-dedicated, which the users can use to store their crypto purchases. These are secure and supported by blockchain technology, which enable transfers and payments from a single or different cryptocurrencies. These particular wallets are operated by keys, that are solely the owner’s property. 

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Internet of Things Wallets – IoT-enabled wallets are installed on devices other than smartphones and desktops like watches, jackets, smart cars, etc. These are yet to gain absolute popularity as they mostly work with virtual currencies which have a very high price.

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Advantages of e-Wallets

Quick and Easy Transactions – The transfers made via e-wallets are faster and easier than other modes. The process is easy to setup and the transactions conducted through these are mostly one-way in nature, making it lesser prone to any kind of lag.

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Secure – With all parts of the information and personal data heavily encrypted, these transactions are very secure. All transactions require codes and passwords to be entered by the user, and they are additionally verified by using biometrics like facial features and fingerprints.

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No Penalty for Low Amount – Unlike bank accounts, where overdrafts can incur heavy penalty, e-wallets do not follow the same rule. If there is a low balance, the user will get alerted and the transaction will not go through. The user would have to add the required amount to complete the transaction.

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No Minimum Amount – Digital wallets allow small transactions to go through, as there are limits for minimum amounts. There are limits for big amounts, which can be customized according to the user if the issuer offers such a function, but the user would not incur any fees for small amounts.

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No Usage Limits – There are no usage limits for using digital wallets countless times. The user does not have to worry about overusing their e-wallets.

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‍ Closing Thoughts

Digital Wallets are major participants of the disruptive wave of digitalization that has taken over the financial sector. Their versatility and quickness brings a high level of convenience to the users. Having everything in one secure place makes much more sense than carrying physical cards and identity cards everywhere. 

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If you are yet to explore the usefulness of e-wallets, now is the time.

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Automation and digitalization have taken over the financial world like wildfire. While digitalization is the process of amalgamating technology with the finance sector, automation of payments is a subset born out of this amalgamation. 

Automated payments have not only proven to be a convenient alternative for individual users, but they have also been a boon for businesses both big and small.

Setting up automated payments is quite easy and can be used for a multitude of things. They can be set up as easy monthly instalments (EMIs), monthly electricity and water bills, loan repayments, etc.

For businesses making or receiving recurring payments to and from customers, automated payments have helped achieve a high level of efficiency and accuracy saving them from misses and mistakes.

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Let us first talk about automated payments for individual users.

Users can set up these payments in two ways- 1. Directly from the bank account, like an electronic fund transfer (EFT), or 2. By using a credit card.

Setting up automatic payments is easy and can be started almost immediately, by choosing your preferred method and setting up a particular date and time for the recurring payment to go through every month.

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The advantages of automated payments for individuals users:

1. The procedure to set automated payments is quite simple.
2. After setting it up once, there is no need for manually entering information or making fund transfers manually.
   
   
3. It saves the user a lot of time as the user is no longer required to make such transfers manually every time.
4. Since the date and time are already set beforehand, it saves the user from mistakes like missing out on the last payment dates.
5. When the user becomes habitual of seeing this amount getting debited from their account, it helps them to create more efficient budgets.

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The disadvantages of automated payments for individual users:

1. Automated payments can only be used for recurring payments that don’t occur in an erratic manner.
2. If the user is not careful, automated payments can lead to creating overdrafts if there is an insufficient balance.
3. There is a high penalty for insufficient balances in bank accounts.
4. The user needs to keep a frequent check on their balances as well as whether their payments are getting processed successfully or not.
5. Automated payment systems are versatile but they are not accepted by all billers, which limits the functionality of the system.

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Automated payments for businesses are a little more elaborate when compared to individual users as other than making recurring payments, businesses can also use this functionality to receive payments from their consumers.

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It is highly imperative for businesses to be on time, and have 100% accuracy and high efficiency to manage their payment systems. With automated payments, businesses don’t need to go through the trouble of manually feeding in information every time payment has to go through. Digitalization has also made the concept of subscriptions quite popular among the masses. Businesses can also have automated their systems to receive recurring payments from their customers. 

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The pros of automated payments for businesses are:

1. When there is minimal manual work involved, there are lesser chances of mistakes. After receiving information from the customer, the data is stored automatically on the customer database, which gives much higher accuracy than if the information has to be entered manually each time.
2. Automation saves a lot of time and manual labor costs, making the entire system much more efficient.
   
   
3. Automated payments ensure that the payments that the business has to receive and make are conducted in time, with minimal or no errors and mistakes enabling higher reliability.
4. This also gives a chance for businesses to store sensitive customer information, which can later also be used for creating customized plans and packages.

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The cons of automated payments for businesses are:

1. If there is any change in the customer’s personal details, or if their account has an insufficient balance, the payment is unable to go through. In such scenarios, the business has lesser control over the entire transaction.
2. When businesses choose to offer such a service to their customers, it is important for them to abide by the strict rules governing data protection and privacy policies. Any lag in following them can lead to damaging results.
3. This is an added expenditure for business as automated payment setups mostly require third-party involvement. The third-party supplies this technology that the business can integrate with its system, which can be a little expensive.
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Overall, automated payments have brought about much higher efficiency and accurate results for both businesses and customers that the subscribers to this technology are not going back any time soon. With easy procedures, businesses can save on time and manual resources to achieve a much higher percentage of returns from their customers. 

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As this technology has already been adopted by most banks and is quite prevalent with businesses providing services like Netflix, magazines, etc., it is quite likely that the popularity is only going to grow and automated payments could become an essential asset, more for businesses than individual users. 

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The fintech chant that started as a tiny whisper, can now be heard resounding in almost all corners of the world. What’s more is that this chant is now being accompanied by drums and trumpets, owning its presence and how! The innovation spree in this industry has been the mainspring of this revolution, where companies have created and recreated technology that has made the world a lot smaller, in a good way.

However, with such galore, comes raving competition.

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Highlights in Southeast Asia’s Fintech

The CAGR of fintech is reportedly perched up at a stupendous 25%, rendering it to be the fastest growing industry today. In 2020 alone, the US had 8,775 fintech start-ups. By 2021, the number of start-ups had gone up to more than 11,000 in America, 6,500 in the Asia Pacific, and almost 9,000 in EMEA.

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The Asian fintech market has witnessed a leaping progression in recent times, as some of the biggest players are rooted right here. Alipay, owned by Ant Financial in China, is the global leader in fintech. What started as simple eWallet solutions, has now transformed the face of fintech and found its niche in people’s everyday routines. They offer ePayment solutions, wealth management, investments, eBanking, international payments, and much more. With a vast network of operations in 40 countries, Alipay has claimed the position of the world leader in this industry.

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Talking of leaders, the UK has been at the forefront of fintech globally; London becoming the hub, with the highest fintech index, closely followed by San Francisco and New York. In Asia, the fintech market has found its pivot in Singapore. 

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‍Singapore City is a financial fulcrum, and it is no new revelation that it is one of the leading fintech cities. More than 40% of Asia’s fintech are based here and the funding of fintech start-ups has multiplied by more than three times in the past 5 years. 

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Grab, the leading fintech giant in Southeast Asia is an amalgam of delivery services and payment solutions. It has expanded its operations across several countries including Singapore, Indonesia, Thailand, Malaysia, and more. Its service suite, which started as simple food delivery, has now branched into finance and payments, which include lending and investments too.

For Visa clients in Singapore, a partnership between Railsbank (London) and Visa has prompted the enablement of visa payment technologies, allowing easy on boarding along with spectacular fintech benefits and access. Now, clients in Singapore can avail of Railsbank services too.

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India has not been far behind in this pyramid of fintech leaders. The consumer shift towards fintech in India has been parallel to that of China, with both countries reporting an 87% shift into digitalization. The Indian cities of Bangalore and Mumbai have exponentially grown vis-a-vis fintech. 

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Razorpay is the key player in India, which allows businesses to process payments with its elaborate suite. Founded in 2013, with a solution-driven focus, the company has received total funding of more than $750M USD which has powered its aggressive expansion. Paytm, another fintech in India has become the most reliable and used e-payment gateway for the enormous Indian population. With a revenue of almost $420M USD, this company too is charging ahead in the race.

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 Indonesia has attracted quite a big chunk of fintech funding, making its presence unmissable in this market. The GoJek digital payment solution has transformed into a lifestyle platform, allowing users to book taxis, order food, make digital payments to other vendors, etc. GoJek is a well-established fintech organization, competing with the likes of Rapyd (London) and Affirm (San Francisco).

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 The Thailand fintech market also has been in the news with its e-payment platform, PromptPay. The fintech platform that allows easy payments using personal data for verification purposes, has recently tied up with Rapyd, the London-based fintech, that has launched PromptPay services on the Google Play Store, enabling Thai consumers to install the app and make in-app purchases with ease. 

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Hong Kong too has found a place among the top fintech hubs in the Southeast, followed by the Malaysian capital, Kuala Lumpur. Immunity from Covid?

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While Covid-19’s fatal impact echoed all over the world, affecting all segments and countries, especially in terms of finance, Singapore’s destiny was earmarked for gains. Investors took particular interest in the potential scope of Singapore’s finance market, fueling its engine with private investments. The businesses that started off as simple e-payment solutions and quick personal loans have branched out into a wide array of services, including investments, wealth management, payment and remittances, reg-tech and data analytics, and more. Owing to the market being emergent still, the majority of Singapore fintech start-ups are in the early stages of business. 70% of the start-ups have thrived on Seed or Series A investments.

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Closing WordsThe fintech fraternity in recent years has witnessed an uprising like no other industry. While the UK and USA lead the way today, the extent of innovation and consumer shift seen in Southeast Asia remains unmatched. The engine has just caught its momentum, if fueled right, the market dynamics here might just thwart forward and acquire reign eventually.

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