Fintech is now about embedded finance, platforms, and data monetisation – Bain & Co.’s Ben Clemens Balzer

He highlights how investor strategies, regulatory shifts, and digital ecosystems are reshaping the sector’s future.

As the fintech sector in Asia-Pacific matures and expands its influence across industries, investors are adapting their strategies to keep pace with transformation, regulatory evolution, and shifting growth dynamics. In this environment, private equity firms are increasingly seeking deeper understanding and practical strategies to unlock value in a competitive, fast-evolving market.

Ben Clemens Balzer, Partner at Bain & Company in Singapore, shared insights from his extensive experience leading the Asia-Pacific intersection of Private Equity and Financial Services.  With over 15 years of experience, he has built a strong track record advising clients on investments across the financial services and fintech sectors. His extensive expertise in the industry is reflected in his involvement in the review of more than 100 transactions within this space, positioning him as a trusted advisor to investors.

As a judge at the Asian Banking & Finance Fintech Awards 2025, Balzer emphasised the shift from early-stage fintech optimism to a focus on sustainable growth, regulatory alignment, and scalable business models that deliver long-term value.

Can you describe your role in leading the Asia-Pacific intersection of Private Equity and Financial Services at Bain?

My professional background has always centred around Financial Services and Fintech, with a strong focus on supporting Private Equity and institutional investors in evaluating and executing opportunities in this space. At Bain, I lead the intersection of Private Equity and Financial Services across Asia-Pacific. This involves shaping our approach to how we support clients across the full investment lifecycle—from diligence to value creation—whilst also drawing on Bain’s global expertise. My role ensures we apply insights from diverse markets to deliver the most relevant, high-impact strategies for investors and portfolio companies in the region.

How have fintech investment trends in Asia-Pacific changed over the past decade?

Fintech in Asia-Pacific has evolved significantly over the past decade. Until around 2018/2019, the majority of investment activity was concentrated in early-stage ventures, with China leading the charge ahead of most regional counterparts. The COVID-19 pandemic marked a pivotal point, accelerating digital adoption and catalysing a surge in Fintech investments across digital payments, lending, and wealth platforms. That period was characterised by optimism and a “growth at all costs” mindset. Today, we’ve entered a more mature phase. Investor sentiment has shifted towards sustainable growth, with sharper scrutiny on business fundamentals such as unit economics and paths to profitability. Many of the early leaders in the Fintech space are now entering their scaling phase, demonstrating the ability to generate real profits and become enduring businesses. We’re likely to see continued consolidation and refinement of business models as the sector evolves.

How are private equity firms adapting their strategies to evolving regulatory environments in financial services?

Private equity firms have always needed to navigate varying regulatory landscapes, but the shift in financial services regulation—particularly across Fintech—has been toward more clarity, transparency, and structure. In many markets, this has actually improved the operating environment, reducing uncertainty and enabling better long-term planning. However, there are still complexities. For instance, new regulations may aim to reduce consumer costs (e.g., caps on fees), which can impact revenue models. On the positive side, regulatory agendas are increasingly aligned with key investor themes such as financial inclusion, digital identity, and secure data handling. Successful PE investors proactively engage with these shifts, integrating regulatory foresight into their investment theses and portfolio strategies.

What are the most common strategic missteps investors make in fintech and how do you help clients avoid them?

Two recurring pitfalls stand out. First, overly optimistic assumptions about market penetration—whether in digital payments, lending, or neobanking—often lead to inflated expectations. Second, there's sometimes a lack of rigour in assessing the long-term unit economics and scalability of a Fintech model.

At Bain, we help clients avoid these missteps by leveraging deep sector experience and global analogues. We've seen how similar business models have played out in different markets, and we apply those lessons to create realistic, well-benchmarked scenarios. By focussing on practical growth paths and end-state economics, we guide investors toward opportunities with real staying power.

How do you see Bain’s role evolving as fintech matures and converges with other industries?

Fintech is increasingly interwoven with adjacent sectors—traditional banking, e-commerce, retail, and even healthcare. The distinctions between "Fintech" and "non-Fintech" players are becoming less relevant as financial functionality becomes embedded into broader digital ecosystems.

Bain’s role in this environment is to help clients look beyond product silos and take a customer-centric view. We’re supporting clients in designing integrated, seamless experiences that reflect how users want to consume financial services in real life. As Fintech becomes less about standalone solutions and more about embedded finance, platform strategy, and data monetisation, Bain brings the strategic clarity and operational experience needed to help clients navigate this convergence successfully.

As a judge in the ABF Fintech Awards 2025, what are your criteria in evaluating the performance of the entries?

When evaluating entries, I focus on three key criteria:

Innovativeness of the idea – Is the solution truly pushing the envelope or solving a problem in a novel way?
Strategic relevance and business fit – Does the innovation address a clear and compelling market need or pain point?
Scalability and sustainability – Is the business model economically viable and capable of scaling in a sustainable way?

It’s important that entries show not just creativity, but also real-world potential for impact.