FinTech in ASEAN: From Start-up to Scale-up
FinTech in ASEAN: From Start-up to Scale-up
Jointly produced by United Overseas Bank (UOB), PwC and Singapore FinTech Association (SFA), this report explores how ASEAN’s FinTech firms have seized growth opportunities and overcome the myriad challenges to succeed in one of the world’s most diverse regions. This was done via an online survey that was sent to FinTech firms across the ASEAN region in the third quarter of 2019 to gather insights on their efforts in scaling up their operations across the region. The survey findings were complemented by interviews with leading individuals within the ASEAN FinTech community.
Key Findings:
- Singapore continues to dominate funding among ASEAN countries, receiving more than half (51%) of the region's total funding. The city state also emerged as the number 1 preferred regional base for FinTech firms and is home to 45% of all FinTech firms in ASEAN.
- Almost 2 in 3 (65%) FinTech firms welcomed the issuance of digital bank licences by Singapore’s central bank as they believe they would be able to seize opportunities to offer innovative solutions and to collaborate with the region’s newly-minted digital banks.
- Stamina required to overcome long sales cycle - As most corporates tend to require multi-level approvals across different stakeholders, FinTech firms need to have endurance in order to seal the deal. FinTech firms offering business-to-business solutions should therefore ensure that they have a longer funding runway to meet their operating expenses.
- FinTech firms in ASEAN are generally optimistic about their current and future funding needs, with almost half (45%) of those surveyed confident of raising more than US$10 million for their next funding round. While it can be exciting to see a company’s valuation soar, both Venture Capitalists (VCs) and FinTech firms cautioned against falling into the overvaluation trap.
- Finding suitable talent was ranked as the top operational challenge faced by FinTech firms when expanding across ASEAN, with close to 6 in 10 (58%) of FinTech firms surveyed indicating that this was an inhibitor to their regional expansion plans.
Explore the findings in the full report
Festival Booth at SFF 2019
Festival Booth at SFF 2019
It is no doubt that technology is revolutionising the financial services landscape. But how are businesses keeping up with change?
At the booth, we explored the trends and technologies that are driving the future of FinTech and showcased PwC’s line up of digital offerings that focused on the following issues:
- Turning consumer data into valuable analytics
- End-to-end supply chain monitoring
- Digital transformation
- Regulatory compliance
- Reimagining the future of banking
- Expect engaging talks from our PwC subject matter experts who will share their insights on the latest industry hot topics such as digital banking, cross border payment services and more.