IDC Financial Insights has unveiled a list of 101 fast growing fintechs in Asia/Pacific (excluding Japan) from 10 major markets – China, Australia and New Zealand, South Korea, India, Hong Kong, Singapore, Indonesia, Malaysia, Philippines, and Thailand. “IDC’s FinTech Fast 101” refers to the fast-growing fintech players based on extensive on-ground analysis of the dominant fintech players within the region. This list also identifies 10 fast growing fintech’s for Singapore.
IDC’s Fintech Fast 101 are detailed in full in the infographic:
IDC’s fintech list makes a reference to the Financial Insights’ Triple U framework — ubiquity, utility, and usability. This is a framework that evaluates fintech data across key metrics such as addressable market, customer adoption, investments, chance of survival, innovation, and marketing. IDC Financial Insights believes that newer categories of fintechs are gaining traction, including those focused on digital identity and authentication, blockchain, cryptocurrencies, robo-advisory, credit analytics and scoring, and usage-based insurance.
Key highlights of this research include:
Michael Araneta, Associate Vice President for IDC Financial Insights remarked, "Singapore, with unprecedented support from the Government and business, has offered a favorable environment for fintech innovation and growth. Digital technologies have triggered disruption mostly in payments including remittance and money transfers and peer-to-peer payments, wealth management, and marketplace and aggregator categories. We are also witnessing a new area of growth in fintechs – robo-advisory, which is changing the modus operandi of wealth management and financial advisory by using the latest technologies in Cognitive but also advanced analytics to deal with huge data sets on trading and financial information. Robo-advisory is one area of fintech where Singapore can truly lead in terms of adoption and innovation."
Sneha Kapoor, senior research manager adds, “IDC Financial Insights expects that 2018 will be a banner year for Asia/Pacific fintechs to regionalize – similar to the journey of Alipay and Grab – and the ones who do will be able to achieve scale and ubiquity.” Recent MAS' bilateral agreements with the UK’s Financial Authority Conduct (FCA), the Danish Financial Supervisory Authority (Danish FSA), and the Association of Supervisors of Banks of the Americas (ASBA) are truly aligned to this view and will provide landing pads for international expansion.