Deployment of Latest Technologies for Better Productivity to Bolster the Growth of Fintech Solutions: A Frost & Sullivan Report
SINGAPORE: Frost & Sullivan unveils a latest report “Growth Opportunities in APAC Fintech Market” on the growth of Asia-Pacific Financial Technology (Fintech) landscape and finds it to grow at a CAGR of 72.5 percent in the forecast period 2016-2020. The report foresees Fintech solutions to gross more than $70 billion in the same forecast period.
The investments in new technologies such as blockchain, digital payments, cloud services, cyber security, and product lines to enhance customer experience have embarked the growth of Fintech solutions. The report finds continuous innovation for better business goals will further spur the market growth in the forecast period.
Roadfor Enterprises to Embrace Digitalization
The development of products with better capabilities will help the businesses to embrace digitalization, reports Frost & Sullivan. The deployment of big data tool to create innovative applications will bolster the businesses for better productivity. The report also states that collaboration with start-ups can further add value to the customer experience.
"Asia-Pacific Fintech investment increased exponentially in 2015. There was a four-fold increase of investments in APAC Fintech companies from 2014 to 2015 which shows growing investor confidence in the Asia-Pacific region. 42 percent of the investment deals concentrated on digital payments," says Ajay Sunder, Frost & Sullivan Vice President -- Digital Transformation.
The report states that Fintech solution will find growth in three major segments—digital payments, personal and business finance, and blockchain. The report also finds Singapore, Hong Kong, and Sydney to be the major contributor to the market due to favourable government regulations, start-up ecosystem and the 18-34 demographic group driving consumer demand.