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Fintech in Asia is taking off

Fintech in Asia is taking off | Disruptive Finance and Fintech | Scoop.it

Available from today, local growth-stage start-ups and mature-stage global FinTech companies can apply for a co-working space within the SuperCharger.


As part of the TusPark network, companies benefit from: access to TusPark's Global Network, which includes 30+ co-work spaces around the world, 100+ Venture Capital Firms and angel investors, media coverage, as well as experience gained from incubating over 1'500 companies…."

Huy Nguyen Trieu's insight:

I am convinced that London is the world capital of Fintech (here and here), but equally confident that a lot of innovations will come from emerging markets, and especially Asia. 


I've had the chance - and great pleasure - to be on the advisory board of Fintech HK and to witness first hand the incredible growth of Fintech taking place in Asia during the last year. Fintech HK is itself a very good example of that hypergrowth, which started less than a year ago with a report on Fintech in HK, and has now become the largest Fintech ecosystem in Hong Kong.


They have now just announced the launch of the SuperCharger, a whole floor dedicated to Fintech in HK, in partnership with Tuspark - a Chinese tech holding that owns 400 companies. 


A few years ago, Fintech was still nascent in London but then took off swiftly thanks to the arrival of accelerators, which helped create an ecosystem of mentors, business angels, banks, etc The same is happening in Asia, with the launch of StartupBootCamp in Singapore, DBS Nest in Hong Kong, and now the SuperCharger.


As the ecosystem grows stronger, we are seeing more and more interesting Fintech startups there. And examples like Alibaba's YueBao (4th largest money market fund in the world in less than a year), or Vietnam (36% penetration rate for smartphones, despite an average wage of $150/month) show that there are a lot of Asian specificities that will allow a very different type of Fintech to emerge. 


In other words, there are likely to be very interesting Fintech stories - especially in B2C - coming out of Asia. Stay tuned...


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Let's Talk Payments's comment, August 28, 2015 7:04 PM
FIntech industry is gaining momentum in India too: http://letstalkpayments.com/fintech-studio-special-accelerator-program-shaping-up-in-startup-village-in-kochi-india/
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Singapore Financial Regulator Launches Fintech Group

Singapore Financial Regulator Launches Fintech Group | Disruptive Finance and Fintech | Scoop.it
The central bank has formed a new work group to develop strategies and formulate regulation around the use of new technologies in financial services.. Read more at straitstimes.com.
Huy Nguyen Trieu's insight:

Regulation can have a huge impact on startups, and especially Fintech startups. Usually people think that Fintech startups have an edge because they are less regulated than traditional finance, but I think that it's not the case anymore - any entrepreneur who wants to build a world-class company now has to integrate regulatory concerns in his business plan. 


However, it's very difficult to know what is the regulatory framework in a field that doesn't exist! For example, crowdfunding, p2p lending, digital currencies, etc. are very new concepts that do not fit neatly into any existing regulations. I was therefore very impressed by the initiative of the UK regulator last October who basically said:


- They want to promote innovation
- Innovation often comes from startups
- Startups do not have the means to spend money on lawyers, etc.to understand regulations which are still changing
- The FCA therefore set up a group for startups to have a direct line to the regulator - to address regulatory issues from outset


At pretty much the same time, Singapore was also looking at ways to make Singapore the hub for Fintech in Asia - with an investment of Infocomm in StartupBootCap, representatives of MAS in London discussing with the FIntech ecosystem, etc


This initiative from MAS - very similar to the FCA's last year - is therefore very impressive too, and this is exactly what is needed to build a strong framework for FIntech in Asia.


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