Financial services is one of the fastest growing industries all across the world. It is being driven by financial technology, popularly known as FinTech. As of 2018, 80% of the top FinTechs can be found in Southeast Asian nations. The countries are Singapore (490 FinTechs), Indonesia (262 FinTechs), Malaysia (196 FinTechs), Thailand (128 FinTechs), Philippines (115 FinTechs), and Vietnam (77 FinTechs). Research and history have shown that advancements in financial services are an indication that a country is growing.
Below are some of the most exciting FinTechs to look out for in Southeast Asia.
Quoine.
Since the breakthrough of Bitcoin, hundreds of businesses have sprung up in an attempt to carve out a niche for themselves. Quoine is a cryptocurrency company based in Singapore, with operations in Vietnam and Japan. Since it was founded in 2014, it has launched 4 innovative and competitive products, with its flagship product being Liquid, a web application. Between May 2018 and May 2019, Quoine has traded over 50 billion USD in crypto.
Singapore Life (Singlife).
When it comes to life insurance, many people postpone getting it until they have a family. Particularly, very few young people consider getting life insurance coverage on their own. Singlife is a digital life insurer. It uses technology to educate people about the importance of having life insurance. However, Singlife is more than just an insurance company. It makes it possible for everyone in Singapore, regardless of social class, to have access to protection, savings, investments, and retirement essentials through its simple technology.
In 2017, it got major funding of about $50 million. Singlife is licensed by the reputable Monetary Authority of Singapore and protected by the Singapore Deposit Insurance Corporation. As a result, customers can be sure that their policies, savings, and investments are safe.
Finty.
Finty is a web-based FinTech that focuses on rewarding customers when they spend. It also offers a comparison service for personal loans and credit cards. What sets Finty apart is its wide selection of credit card categories, excellent customer service, low fees on personal loans (actually $0 on all loans), and its never-ending rewards on all your favourite products. With Finty, customers are able to get up to 3% cashback for all spending, whether domestic or international.
Omise.
One major force driving the growth of the global financial service industry is e-commerce. E-commerce connects businesses with remote customers regardless of their location and provides convenience and financial security. Omise is an innovative FinTech with headquarters in Thailand and other operational hubs in Japan, Indonesia, and Singapore. It is primarily an online payment company that was founded in 2013 but it wasn’t until 2015 that it launched its unique payment gateway system. The gateway is easy to use, reliable and secure.
In fact, it is one of the most trusted FinTechs in Southeast Asia with over $50 million in funding from investors. Some of its remarkable features include automated workflow for business with detailed reporting, optimized checkout that allows for the use of multi-currency, flexible payment options, and developer-friendly setup solution for easy integration into any website.
M_Service (MoMo).
M_Service is a FinTech backed by the renowned financial giants Goldman Sachs and Standard Chartered Private Equity. Its flagship product, MoMo (short for Mobile Money), targets the low-income families and individuals of Vietnam. This business is unique in the sense that most FinTechs target the digitally savvy middle income to high-income communities. MoMo is an e-wallet and over-the-counter payment platform that allows anyone to trade, transfer, send, and receive payments. MoMo has gained over 2.5 million customers in Vietnam.
Summary.
These FinTechs are paving the way for the future of financial services. They incorporate innovation, customer-driven solutions, and social changes. Whether it is a cryptocurrency, life insurance, credit card and personal loans, an online payment gateway solution, or a way to include the low-income class, Southeast Asia has some of the most exciting FinTechs on a global scale.
