January 12, 2016
The year 2015 has seen a meaningful commitment from Southeast Asia to the FinTech sector. FinTech is a disruptive technology that has brought change in the customer experience for financial services. With Silicon valley being first in respect of the investment in FinTech, Asia is now catching up with it.
The exponential increase in FinTech Startups has been led primarily by the Internet, increased penetration of smartphone technology and other reasons, including data storage on a big scale, the development of sophisticated algorithms and authentication techniques, such as fingerprint technology. Banks and other institutions are facing tough competition from non-financial institutions with the kind of services provided by them such as digital payments, investment services and online lending.
Continuing our world FinTech haul after looking at London, New York, Hong Kong, Singapore and other international FinTech hubs, we decided to take a closer look at the Southeast-Asian FinTech ecosystem.
Let’s look at some of the interesting FinTech companies of different sizes operating in SE Asia in the following chart:
Lenddo: Lenddo is an online platform that helps members use their social connections to build creditworthiness and access local financial services.
LoanSolutions: LoanSolutions offers access to credit for the different financial needs by connecting borrowers to multiple lending partners in a single loan application online.