Asia FinTech Success Rolling Global

Asia FinTech Success Rolling Global

Article by Adrian Hausser, CEO PayX Group
 
500 credible new FinTech players
 
The Asia FinTech Festival event in Singapore is quite an impressive eye opener. In just one place about 500 credible new players/companies are chasing new value customer propositions and business models, based on variations of radical game changing fundamentals like Blockchain, big data, AI and machine learning. The popular application areas are a new league of lending, financial inclusion, payments and robo-investing.
 
 
Asia is where the big numbers are happening
 
The banks are saying that partnering with these companies is almost like a crowd sourcing of solutions (one bank quoted “how else can you do a hundred plus projects without a budget?!”). It’s not about banks not having the innovation culture, it’s about self-motivated crowds of small companies who are hungry on their own dime to succeed, and need trusted partners (Banks as springboard platforms) for scale. The funding is flowing in as the wolves are hungry; apparently in comparison China funded $400 billion to Fintech, whereas the US total was $43 billion and continental Europe was only $1 billion, so Asia is where the big numbers are happening.
 
 
Alibaba processed $25bn on Singles Day
 
And to all those who say these technologies do not scale or the financial benefits are not there in reality yet; Ant Financial (Alibaba) processed $25 billion in 24 hours last Friday for singles day, a peak throughput on system of 256,000 transactions per second (the system has apparently been benchmarked at 48 million per sec – it’s the same technology architectures as Amazon Web Services).
 
 
Financial Services is going to get a suite of next gen ‘Tesla’ type successful companies
 
In summary, it feels like we are on the edge of a completely different league of change. Like the level of disruption that Airbnb caused to the hotel chains, the same is about to happen in Financial Services, it’s not going to be just a better wheel but Financial Services is going to get a suite of Teslas. It seems it’s just a matter of time as this frenzy of crowd bites at success continues.
 
What this conference has told me is that no-one is clever enough to outsmart these guys, all we have is our assets like relationships/trust and knowledge of how to help transition people/orgs….that’s a multi hundred million dollar business in the next 3 years before this stuff is so prevalent everyone is bombarded at the front door and says yes or fails. It’s just amazing how much momentum is here, there is almost a trillion dollars behind a new wave that has little respect for an old wave.

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