Increasing use of digital payments will fuel the growth.
The financial technology (fintech) market in the Asia Pacific region is projected to reach US$72b in 2020, with a compound annual growth rate of 72.5% from 2015, according to Frost & Sullivan.
The research firm noted the positive outlook will be fueled by growth in digital payment such as increasing use of cashless payment by small and medium enterprises.
Meanwhile, the increasing awareness on the viability of P2P financing and new methods of crowdfunding based on blockchain will push the growth in the personal and business financing segments.
In Singapore, more fintech services based on big data and analytics, artificial intelligence, and blockchain are expected to be launched in the areas of financial investment and advisory services.
However, Spike Choo, consulting director at Frost & Sullivan, warned the sustainability of these fintech services would depend on its capability to address the wide-ranging consumers’ investment and insurance needs without compromising customer experience.
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