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A Paradigm Shift in Banking: Unfolding Asia’s FinTech Adventures

In: Banking and Finance Issues in Emerging Markets

Author

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  • Agrata Gupta
  • Chun Xia

Abstract

The chapter studies the role of Financial Technology (FinTech) in disrupting the existing traditional banking system. It identifies FinTech’s evolution in Asia across Deposits & lending, Capital Raising, Investment Management, Market provisioning, Payments, and Insurance. This technology revolution allows us to have a banking system based on values that serve customers better, reduce risk to the society and improve returns for the shareholders. Data on unbanked population, smartphone penetration, and Internet penetration has led to retail side innovations such as Mobile Wallets, P2P Payments, and Real-time Payments in the most of Asia (except China). A total of 49% of Global Investments in FinTech are in Asia and the Chinese dragon alone accounts for 46%. India is witnessing a strong amount of FinTech deals in 2017 and it is being driven by payment and lending solutions. ASEAN FinTech industry is dominated by m-wallets and online payments; this is followed by retail investment and financial comparison. The chapter dives into the challenges Asian banks are facing because of this disruption. Now more than ever, is the important role governments and central banks of each nation play to assess the path these start-ups are headed on and this will unfold the landscape of banking in Asia a few years down the lane.

Suggested Citation

  • Agrata Gupta & Chun Xia, 2018. "A Paradigm Shift in Banking: Unfolding Asia’s FinTech Adventures," International Symposia in Economic Theory and Econometrics, in: Banking and Finance Issues in Emerging Markets, volume 25, pages 215-254, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:isetez:s1571-038620180000025010
    DOI: 10.1108/S1571-038620180000025010
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    Cited by:

    1. Tasadduq Imam & Angelique McInnes & Sisira Colombage & Robert Grose, 2022. "Opportunities and Barriers for FinTech in SAARC and ASEAN Countries," JRFM, MDPI, vol. 15(2), pages 1-37, February.
    2. Kwee Kim Peong, 2021. "Behavioural Intention of Commercial Banks' Customers towards Financial Technology Services," GATR Journals jfbr180, Global Academy of Training and Research (GATR) Enterprise.

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