FinTech Growth in the APAC Region

While the west has been a leader in the banking industry for many decades, when it comes to fintech and financial development, Asia seems to be taking the lead. Although large financial hubs such as China and India may look like they’re the only ones taking the lead, there are many more countries and smaller economies taking advantage of the developing fintech industry. 

With more the 6000 fintech start-ups in Asia Pacific alone, the region offers strong potential and is expected to generate the most revenue in the fintech industry. The benefits include a region that has room for exponential growth. It is vast and diverse, being made up of different economies from mature financial markets such as China to fast-growth economies such as the UAE. 

Better digital connectivity in the region is also helping to create numerous opportunities for innovation, and although China and India currently lead the way for fintech development and growth, there are emerging markets in the fintech industry such as Singapore, which has already shown huge innovation ideas in the industry. 

Here are just a few of the high-growth, emerging markets we’re seeing our clients expand into.

Singapore

Contributing to Singapore’s market stability has been the city-state’s ranking among the world’s most competitive economies and its recognition as a dynamic global financial hub, with estimated total assets of S$4.7 trillion under management. For the last two years running, Singapore has been nominated as the top global innovation location for technologists by its peers in KPMG’s Global Technology Innovation Hubs research. (Source: KPMG).

Additionally, with Singapore now ranked second in the world on the International Property Rights Index (maintained by the Property Rights Alliance), this bolstered confidence from companies that invest heavily in research and development could undoubtedly lead to more IPOs on the SGX going forward.

United Arab Emirates

The UAE is a highly developed, but relatively new economy and home to the global hubs of Dubai and Abu Dhabi. In terms of digital competitiveness, the UAE is ranked first in the Arab region (13th globally), according to IMD’s World Digital Competitiveness Ranking 2020 Report. Two leading UAE financial free zones, Abu Dhabi Global Market and Dubai International Financial Centre are the key flagship examples of the UAE’s financial services and fintech success. The UAE has created a nurturing business environment with the right level of protection to attract foreign and local fintech companies and talent.

Hong Kong

Hong Kong has witnessed a surge in growth after the 2020 pandemic and the government has developed multiple initiatives and grants to support and encourage fintech development locally. 

A unique feature of Hong Kong is its highly diverse range of FinTech companies operating in sectors including virtual banking, insurance technology, asset management, robo-advisory, blockchain, digital trading, payments, and cybersecurity. Hong Kong is currently one of Asia’s richest ecosystems of public and private organisations and is set to continue to grow.

How can Oakstone International assist with your APAC expansion?

Oakstone International are a global fintech talent specialist. We have assisted many start-ups and high-growth companies find experienced and skilled visionaries and executives in the fintech market-based in EMEA, APAC and the US. 

Find out more about our fintech executive search services by contacting us for a no-obligation discovery call.