Two fintech affairs are scheduled in Asia, the 7th til 11th of November, in Hong Kong Fintech Week; and on the 11th to 14th of November Singapore Fintech Festival. Both cities have reached active fintech hubs. The first six months of 2016 were a record huge for fintech investment and Asia’s outcome has become the #1 market in terms of the quantity provided. Majority of these investments account for China and this is the challenge for other areas bother to bolster themselves as fintech hubs. The number and volume of deals and exits in Singapore and Hong Kong is almost the same as it was one to two years ago.
Following the UK example, India launched new licenses for digital banks, which acknowledge new members to go on individually of traditional banks. Hong Kong and Singapore have chosen a way of generating sandboxes. Performance in friendship with fintechs clearly shows who advocates for banks and who really wants to change something. As Ricky Knox, founder and CEO of UK-based bank Tandem, said “if you want to create sandboxes maybe it will be better to work in a kindergarten”.
The next set for correlation is the presence of BaaS-platforms and open APIs. Integration with a bank is a bad experience in most Asian countries. At the same time, the Indian government has completed a project in India. Stack which grants startups to launch quicker, inexpensive and become dynamic. There are projects like BAAS.IS attempting to create Asian analogues of the U.S. Bancorp but their achievement depends on whether regulators will back this procedures or oppose it. Singapore central bank designated $165 million to back fintech but the money has gone to traditional banks not achieving venture funds and startups. At the same time, Indian Prime Minister Narendra Modi launched a number of actions to assist the country’s startups, including a $1.5 billion fund and a string of tax breaks for both the firms and venture capitals.