3 Signs Asia is Driving FinTech
FinTech is exploding across the globe, but Asia seems to be leading the way. Here are three signs that seem to support that hypothesis.
#1 - According to CB Insights’ "The Pulse of FinTech" investment in Asian FinTech companies was down in 2016. But even so, Asia ended up surpassing the US and Europe on that front, with investment in the year’s third quarter reaching US$1.2 billion versus US$900 million in the US and US$200 million in Europe.
#2 - Alibaba and Ant Financial are growing the FinTech space aggressively. First they had $4.5B series B round back in April, the largest funding round ever recorded for a consumer tech company. Then in January, they announced plans to purchase MoneyGram for almost $900M.
#3 - The Singapore Government has pledged to invest S$225 million over the next five years to encourage financial institutions to collaborate with FinTech start-ups. Singapore is positioning itself as the global hub for FinTech. Given that there are 10 countries with 10 different currencies who's populations' send billions in remittances, Asia is ripe for innovation. And Singapore is betting they will drive that innovation.
Do you agree that Asia will lead the way? Or will US / European companies shape FinTech's future? And as long as there is innovation, does it matter where is comes from?
Share your thoughts.