Steven ZeniosThe adoption rate in Singapore has tripled from 23% to 67% between the years 2017 and 2019, which makes Singapore the leader across the region of Asia-Pacific, along with China and India with an 87% Fintech adoption rate.
Singapore has enjoyed significantly increased rates of consumer Fintech adoption, and we expect even higher rates in future, due to the supportive regulatory environment.
On a global scale, an average 89% of consumers are aware of the existence of in-store mobile payment platforms and 82% of consumers are aware of peer-to-peer payment systems and non-bank money transfers. In China, the availability of these Fintech services is more noticeable with 99.5% of consumers being aware of mobile payment services and money transfer.
EY Global defines Fintech as organisations with innovative business models and technology to enable and enhance financial services.
Fintech leader Varun Mittal expressed:
Singapore has enjoyed significantly increased rates of consumer Fintech adoption, and we expect even higher rates in future, due to the supportive regulatory environment. Singapore may be a relatively small business-to-consumer (B2C) market by size, but it is a hotbed for innovation and a great Launchpad for start-ups and businesses to build their technology, test it, and then scale across South-east Asia.
He also stated that Asia’s market benefits from a “Fintech feedback loop” with increased adoption driving increased and improved innovation.
