Which Country is Taking the Lead in the Fintech Sector?

Added 3 years ago     By Jenine Jay Bufi

Have you ever come across the term Financial Technology? It’s usually known as FinTech, it is defined by Investopedia as “any technological innovation in the financial sector” that includes “advances in financial education, retail banking, investment and crypto-currencies.”

Fintech startups have been sprouting through the years which is making the industry grow more competitive. It has been surging this past 6 years and projections are looking bright for this industry. According to a data by CB Insights, the total number of venture-backed deals to Fintech companies in Southeast Asia reached record highs in 2016.

But which country is taking the lead in the Fintech sector?

China is doing great in the financial technology industry as venture capital investment in Chinese financial technology firms exceeded $6.7 billion in 2016. The total number of mobile payment user last year in China is 469 million. This is a 30 percent increase compared to 2015.

Singapore appears to be moving forward on the right path as well. So far, it has been active in the industry too. Singapore acquired up to 52% of the deals in Fintech in 2016.

Philippines is making a mark as well as it captured 14% of Fintech investment. As the world moves towards cashless transactions, Fintech innovations are bringing new opportunities for numerous businesses.

With the world moving towards a cashless society, Fintech innovators are expected to invest more in security technologies. This will provide users the assurance they need; users have to know that their money is safe in their mobile wallet.

Security is one of the first things users look for in a mobile wallet. This is due to the fact that Fintech innovations have graced consumers with opportunities of accessing products and services easily. As daily transactions increase and as users continuously use the product, they have to be reminded that it is safe as well as it is convenient.

With China taking the lead in the Fintech sector, we can all expect more and more innovations. Will we see other countries following suit?

Keep updated on some of the latest information on the Fintech world by following Texcent.