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Asia’s Fintech Revolution

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  • Nicholas Borst
  • Sean Creehan

Abstract

Driven by the proliferation of new technologies and startups, financial systems across Asia are undergoing a significant transformation. Finance in Asia has been historically dominated by large banks, many of which have been slow to embrace technological change thereby leaving many parts of the economy underserved in terms of access to financial services. The growing ubiquity of mobile phones, the internet, and other technologies have given rise to new ways of delivering financial services, a phenomenon commonly referred to as ?fintech.? The companies leading the introduction of these new services are often startups or firms outside the traditional financial sector. Regulators have sought to keep pace with the rapid evolution of technologies and services.

Suggested Citation

  • Nicholas Borst & Sean Creehan, 2017. "Asia’s Fintech Revolution," Asia Focus, Federal Reserve Bank of San Francisco, issue February.
    • Handle: RePEc:fip:fedfaf:0015
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