May 24, 2016
If there is one region to lead the world into the next generation of financial technology innovation, it is Asia. Despite common belief spread by media coverage that the western world is the primary source of growth of financial technology businesses, a wide range of economists and businessmen believe that Asia is a major and underestimated force in the world of FinTech innovation.
Data suggests that investors poured $4.5 billion into FinTech companies in Asia in 2015, which is three times the amount attracted by their peers in Europe.
Now, we can’t really speak of Asia as a homogeneous market. There are more than 20 countries in the region with own hallmarks and opportunities. The majority of them don’t have the scale for FinTech disruptors to flourish, which leads to the necessity to go out and explore massive Chinese, Indian or other relatively large markets. In fact, India is reported to be one of the fastest-growing startup environments in APAC region. The country has the second biggest startup ecosystem after China in deal size and number of deals.
However, crossing borders is not the easiest task for any venture in the financial services industry, but the fact that it is a necessity for most businesses in Asia, some professionals believe that it is an effective weeding out process.
Amar Banwait, Founder of ShereIt, a social trading startup, shared with Forbes, As a founder, you need to do your homework and speak to firms in the new country to get all the relevant information and price quotes before you move and set up shop.