Fintech show Money20/20 to come to Bangkok in April
Asia's real-time payment innovation is laying the groundwork and serving as a model for many other fintech businesses to follow, Zennon Kapron, founder and director of Kapronasia, a Singapore-based fintech research and advisory firm, said on Tuesday.
The comment is one of the 11 main conclusions drawn from the company's most recent study, "Navigating the Future of Fintech in Asia: The Next Phase of Financial Services in Asia Pacific”, which looks at both the trends that will influence the future and some of the major fintech movements that have been reshaping the financial industry in Asia.
The whitepaper was a collaboration between Kapronasia and Money20/20, the world's leading fintech event organiser.
The findings provide important new information about the fintech scenario in Asia, such as the rapid expansion of digital payments between businesses, the development of digital lending, the rise of digital banks, and the most recent developments in wealth tech.
Kapron noted that while fintech has been a global phenomenon, nowhere has the combination of finance and technology had a greater impact than in Asia. Among this current dynamic, payments serve as the foundation for much of the region's fintech development.
Meanwhile, Asia's payment innovations extend beyond domestic payments. Kapron said that in recent years, he has witnessed rapid cross-border development, particularly in Southeast Asia and Thailand.
Noting that Asia's fintech industry is expanding as a result of new digital lending platforms that support the region's small and medium-sized enterprises (SMEs), which continue to be a critical segment of the Asian market, he explained that digital financing platforms serve as the missing lending middle, providing opportunities for fintech to make an impact because technology promises to close glaring gaps in credit access and affordability across both enterprise and consumer segments.
In addition, digital banking is pioneering new business models, which face significant challenges and remain largely unproven. Wealth tech continues to expand and democratise sophisticated investment products.
As artificial intelligence (AI) plays a growing role in various industries, the technology has the potential to revolutionise the fintech industry, although it faces ethical challenges.
He also noted that the move brings cybersecurity back into focus as digital finance grows and is augmented by AI.
Despite the positive factors supporting the growth of Asia's fintech industry, there are still some challenges to overcome.
Given the importance of fintech in the global digital economy, Kapron believes Asia's fintech success will require integration, balanced regulations, and partnerships.
The findings and his comments came as the region prepares to host Money20/20, the world's leading fintech show, which is expected to be the best platform for people in Asia and around the world to discover the limitless potential and possibilities of fintech.
Speaking on the same panel as Kapron, Danny Levy, senior vice president of Money20/20 Asia, believes the event will foster greater integration and partnership not only between businesses but also with the public sector.
The event, he said, will take place on April 23-25 the Queen Sirikit National Convention Centre in, adding that Bangkok is Money20/20's third host city, after Amsterdam and Las Vegas, which host over 20,000 fintech and financial services professionals each year.
Over 60% of the more than 200 speakers at Money20/20 Asia are C-level executives from the most prominent fintech companies.
He then revealed the three major conference themes for the upcoming event, which are:
- 1) Integration: Breaking Down Barriers, Creating Opportunities - How cross-border trade and investment are unlocking untapped potential and fostering collaboration and growth across diverse economies.
- 2) Virtualization: The Rise of Digital Finance - Imagining a world in which financial products and services exist digitally rather than physically.
- 3) Eastward Expansion: Asia's Fintech Frontier - How innovative fintech solutions are meeting the needs of the unbanked, facilitating financial inclusion, and promoting economic empowerment.
"Money20/20 was founded to help the world of digital money do business together. I am delighted to extend our global community's welcome to Bangkok and the entire Asian region. In light of the current global economic challenges, as outlined in our whitepaper, Asia is poised to lead the narrative in fintech and financial services in the coming years. We are deeply grateful for the warm welcome extended to us by Thailand and the Asian fintech community," he said.
Stressing that the event will be different from other fintech exhibition, Levy said that that Money20/20 Asia will feature exciting activities, lively discussions, practical practices, and fruitful engagement that all parties can use to benefit their fintech journey.
