{"id":46738,"date":"2017-12-15T06:36:10","date_gmt":"2017-12-15T06:36:10","guid":{"rendered":"https:\/\/innovationiseverywhere.com\/?p=46738"},"modified":"2017-12-15T06:36:10","modified_gmt":"2017-12-15T06:36:10","slug":"2017s-impactful-fintech-transformations-asia","status":"publish","type":"post","link":"https:\/\/innovationiseverywhere.com\/fr\/2017s-impactful-fintech-transformations-asia\/","title":{"rendered":"[Video] 2017's most impactful fintech transformations in Asia"},"content":{"rendered":"
2017 has been a transformative year for the financial industry in Asia.<\/div>\n
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Watch our video to get a quick overview of what\u00a0have been the\u00a0major accomplishments in Fintech this year that will shape the industry in 2018.\u00a0<\/strong><\/div>\n
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Trend 1: It’s been a crypto year from payments to fundraising.<\/h2>\n
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Bitcoin\u2019s price has grown by over 16x since January to reach a\u00a0high of US$19,343 from just US$997 on\u00a01 January<\/span><\/span>.<\/b><\/div>\n
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This was helped by wider acceptance in places like Japan where it is legally accepted as currency.\u00a0Over 4,500 stores in Japan accept it today<\/b>\u00a0and Japan now accounts for half of the global bitcoin trade volume.<\/div>\n
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Initial Coin Offerings (ICOs) have become the rockstar way of fundraising.\u00a0Singapore alone accounts for almost 25% of the global amount raised by ICOs, ranking 3rd globally\u00a0<\/b>(the US and Switzerland come in first and second respectively).<\/div>\n
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TenX, a multi-cryptocurrency wallet for offline spending based in Singapore,\u00a0raised US$80m in June and is the 8th biggest ICO of 2017<\/b>.<\/div>\n
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In Asia,\u00a0Singapore\u2019s central bank the Monetary Authority of Singapore (MAS) has already partnered with both local and global banks to conduct successful blockchain projects<\/b>\u00a0that can disrupt interbank payments and eKYC<\/a>.<\/div>\n
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Trend 2: Singapore is urging banks to transform and open their data.<\/u><\/b><\/h2>\n
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Singapore aims to build on its financial hub and\u00a0become a global Fintech Hub<\/a> as well<\/b>.<\/div>\n
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Finance-focused Innovation labs have mushroomed in the city-state with over 15 today. They\u00a0range from local banks (DBS, OCBC, UOB) to global players like banks (Citibank, HSBC), payment providers (MasterCard, VISA) and insurers (AXA, MetLife).<\/b><\/div>\n
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Singapore has also\u00a0urged local banks to use application programming interfaces (APIs) to allow third-party app developers to have access to their data and build more useful apps for the community.<\/b>\u00a0The main banks OCBC and DBS have already released 43 and 155 APIs respectively.<\/div>\n
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Trend 3: India’s homegrown tech solutions move it closer to its financial inclusion goal.<\/u><\/b><\/h2>\n
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In November 2016, India demonetised 86% of its currency. This prompted a shift to digital wallets. Today, that has allowed India to move closer to its financial inclusion goals.\u00a0According to some estimates, 99% Indian households now have access to the formal banking system.<\/b><\/div>\n
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As we covered previously,\u00a0the India Stack and Aadhaar payments introduced by the government in October last year has been a game changer<\/a>. Indians now transact by getting authenticated biometrically at micro-ATMs or Business Correspondents (individuals helping to provide basic banking services in remote areas).<\/div>\n
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Other countries \u2013 Russia and Morocco \u2013 are taking inspiration from India and plan to replicate their biometric ID system.<\/div>\n
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Trend 4: Every Asian app now has its own payment system.<\/u><\/b><\/h2>\n
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The WeChat \u201cone stop app\u201d model is\u00a0being\u00a0replicated by unicorns<\/strong> outside of China.<\/div>\n
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As messaging and ride-sharing apps such as Grab in Southeast Asia, Go-Jek in Indonesia or Hike Messenger in India expand into payment, this strategy\u00a0will power\u00a0the future growth strategy of the Asian tech giants<\/a>.<\/div>\n
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Indian mobile wallet Paytm has already expanded into e-commerce, travel and banking services.\u00a0 The app is on its way to become the WeChat of India.\u00a0 Unsurprisingly, the startup is backed by the Chinese e-commerce geant Alibaba.<\/div>\n
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Trend 5: 2017 is normalizing face and voice recognition<\/h2>\n
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Alipay has launched \u201cSmile To Pay\u201d in a few KFCs across China<\/strong>. The client simply places his order at a self-service kiosk, and pays by letting a 3-D camera scan his face to verify his identity. For additional security, users are also required to key in their mobile numbers.<\/div>\n
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In Singapore, OCBC bank also introduced voice recognition to make transfers.<\/strong> Done via Siri, Apple’s voice-controlled personal assistant, the technology will enable 120,000 business banking customers to perform banking transactions on the go.<\/div>\n

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Stay ahead of innovation in Fintech with our learning expeditions in Asia<\/a> and with our specialized magazine\u00a0IEV Premium Fintech<\/a>,\u00a0covering emerging trends in the financial industry through trend analysis,\u00a0exclusive interviews, startups analysis and case studies.<\/p>\n","protected":false},"excerpt":{"rendered":"

2017 has been a transformative year for the financial industry in Asia. Watch our video to get a quick overview of what\u00a0have been the\u00a0major accomplishments in Fintech this year that will shape the industry in 2018.\u00a0   Trend 1: It’s been a crypto year from payments to fundraising. Bitcoin\u2019s price has grown by over 16x […]<\/p>\n","protected":false},"author":6,"featured_media":46747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[442],"tags":[],"class_list":["post-46738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech"],"_links":{"self":[{"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/posts\/46738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/comments?post=46738"}],"version-history":[{"count":0,"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/posts\/46738\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/media?parent=46738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/categories?post=46738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/innovationiseverywhere.com\/fr\/wp-json\/wp\/v2\/tags?post=46738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}