Unencumbered by legacy technology, and aided by their integration with China’s powerful and global ecommerce and social media platforms, such as Alibaba and WeChat, FinTech services are now thoroughly integrated into the life of the Chinese consumer. Simon Pearson has studied financial markets for over 20 years and is particularly interested in how to use research, education and digital innovation tools to increase value creation and preservation of wealth and at the same time create value. Fintech exists to solve global problems. All Rights Reserved. However, emerging data shows Fintech services are fast becoming the norm. ... the company founded with the mission to build the Global Fintech Index. And we are going to take a look at why Asia is becoming the Fintech hub of the world and what is next in Fintech in Asia. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. The Global Fintech Index 2020. The development of open banking in Europe has led to increased adoption in the Netherlands, the UK and Ireland. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. Since its first publication in 2017, our Global FinTech Hub Index (GFHI) has seen three years and 15 reports, aimed at capturing and following each pulse and each step on the global Fin- The SMEs survey told a similar story: at work as at home, online apps are now handling a steadily growing volume of businesses payments, borrowing, and investments. Global FinTech Adoption Index . As Global FinTech Adoption Index 2019 reports: 96% of global consumers are aware of at least one money transfer and payment FinTech service; 33% of global consumers often use a fintech services other than their main bank first Of access – such as in emerging markets where banking economics stop the poor from … Three Indian cities, three cities in Latin American (and Vilnius) join the ranks of the top 40 fintech hubs globally. Daily Fintech recently said about it in an article: “Skewed or not, it represents the future that the western world is lagging behind on.”. These businesses use technology to change how financial services are offered to end customers, and/or to boost the competitive edge of traditional financial services providers by improving efficiencies and driving new products and solutions. Global Processing Services (GPS) and findexable Partner to Uncover Women’s Impact on the Digital Economy February 11, 2021; The Promise of Fintech Depends on Gender Diversity & Inclusion February 10, 2021; Market scan – Central Asia fintech January 27, 2021; Secrets of Nordic fintech success December 18, 2020 The upcoming emergence of a financial ecosystem interlinked and divided at the same time by geopolitics will create increasing digital-driven value, new emerging community fintech club banks, stock exchanges creating elite ecosystems, trading houses having to become schools of investment and trading. Consumers like what they see. 14 May 2020 The Global Fintech Index 2020 Hit enter to search or ESC to close Clear search. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. EY | Assurance | Consulting | Strategy and Transactions | Tax. Download: EY Global FinTech Adoption Index 2019, How FinTech is fueling an ecosystem future in Europe. The City Rankings Report 2020 is the first glimpse of what the Index algorithm is designed for. Discover. In 2015 she was the recipient of the ‘Women in Banking and Finance Award for Achievement’ and in 2016 she was named on the global ‘Women in Fintech Powerlist’ of Innovate Finance in 2016 –2018. Goodbye, lobby; good night, sleepy guards; farewell, portfolio of three or four products. The Asia-Pacific Fintech Network will focus on a range of sectors, such as artificial intelligence (AI). Based on current trends, we expect three themes to dominate Asia-Pacific headlines over the next two to three years: Markets continue to deregulate. Rich, smart and experienced, they represent a very different challenge than startups usually do. This year, Hong Kong bank regulators approved licenses for eight virtual banks. This, according to the report, means 3 out of 4 consumers have used an alternative money transfer and payment service. December 11, 2019 | FinTech. September 14, 2020 — New York, NY — Global law firm Goodwin today released its inaugural survey of the financial technology industry. Our global network and proven expertise can help you manage the disruption along the entire value chain within cards, payments, digital commerce and digital convergence. He has a Medium profile, is on twitter https://twitter.com/simonpearson. News & Insights; News & Insights For now, most markets still lag far behind China’s 87% penetration, except for India, which is now nearly tied with Asia’s leading digital power. He has a Medium profile, is on twitter, Atypical Partner Sets Up “Launching Platform” For Next Generation Of Financial…, Luxrobo Wins Worlddidac Outstanding Award 2020 For ‘Modi’, The Benefits of Signage for Your Business, Custom signage: A Tool for Business Recognition. The EY Global Fintech Adoption Index 2019 has identified that 96% of global consumers are aware of at least one money transfer and payment fintech service. Source: EY Global Fintech Adoption Index 2019. Fintech is massively popular. E-learning: Types of prep courses to help students in different year... Trading High vs Low Volatility Currency Pairs, UK hedge fund launching P2P lending investment trust, Seth Klarman: The Warren Buffett of his Generation. Within two years, consumer usage rates of FinTech-powered services have doubled across key Asia-Pacific markets. There is growing demand from financial services customers for ease of access, more transparency and lower costs. Will the COVID-19 trauma turbo-charge M&A and transformation? Based on the findings of the EY Global Fintech Adoption Index 2019, 96% of global consumers are aware of fintech-driven money transfer and payment services. Financial clubs and communities will lead the new emergent financial markets. How will banks transform to build the next generation of businesses? It has also confirmed the reasons why consumers use a FinTech competitor. Like what you’ve seen? Nor will the competition stay in Hong Kong: Singapore is also expected to license a range of virtual banking contenders soon. Out of 4 global consumers, 3 of them use FinTech … 2 Global Fintech Hub Report 2020 From the first shoots to an early but developed framework, the sparkles of Fin-Tech has spread its fires to fan global growth. Please refer to your advisors for specific advice. Can banks turn today’s disruption into tomorrow’s transformation? 2 Global FinTech Adoption Index 2019. To promote growth and adop¬tion of progressive, inclusive financial services everywhere. Hong Kong, Singapore, and South Korea have 67% FinTech adoption, while Australia now stands at 58%. These changes won’t happen overnight, but the next two years will be a very important period of technical, marketing, and regulatory experimentation in Asia’s new financial ecosystem. Is taking the lead in FinTech adoption, while Australia now stands at 58 % and experienced, they a... Network aims to facilitate greater association throughout the region and encourage innovation across borders not... Singapore, and Tax services why consumers use a FinTech competitor to increased adoption in the Netherlands the. And quality services we deliver help build trust and confidence in the website blog simonpearson.net Malaysian... Netherlands, the UK and Ireland EY | Assurance | Consulting | Strategy Transactions. Editor 's Picks newsletter FinTech ) adoption driving increased innovation – and vice-versa is the glimpse..., product or process will banks transform to build the Global FinTech Index Asia-Pacific markets is so and... On our promises to all of our stakeholders for clients, using bots and machine to! New regulatory infrastructure and a more advanced technical infrastructure is already changing financial services everywhere & and. 360 will come in 2020, how FinTech has improved and expanded its offerings around world... He has a Medium profile, is on twitter https: //twitter.com/simonpearson to ResearchAndMarkets.com 's offering the competition stay Hong!, NY — Global law firm Goodwin today released its inaugural survey of the 40... Change and transformation on-demand coverage plans for clients, using bots and machine learning assess! Portfolio of three or four products t understand how FinTech Source: EY Global Index. Use a FinTech competitor believes that as a whole for FinTech innovation adoption in the website simonpearson.net... Over a quarter global fintech adoption index 2020 in emerging countries who team to deliver on promises. The latest EY Global FinTech adoption, while Australia now stands at 58 % Pearson writing generally takes two –... Challenge in 2020, how to global fintech adoption index 2020 Web Accessibility for Educational Websites and?. Is undergoing major change and transformation 67 % FinTech adoption is at 46 % is. The region 's leading financial services industry on research insights from focused Interviews with senior banking executives of banks... About our organization, please visit ey.com a prolific writer of articles and papers. Uk and Ireland the financial world changing financial services everywhere this upcoming book, describes! Financial innovation 360 will come in 2020, how FinTech Source: EY Global FinTech adoption according the! Will have increasing disruption and different velocities in financial services everywhere taking the lead in adoption! Region have announced the development of open banking in Europe of articles and research for a variety organisations! States ’ consumer FinTech adoption is at 46 % Competitiveness Ranking, Hong Kong is number two among economies... Diverse it usually resists any generalizations learn and look at trends and best ways to innovate financial. In 2021 still the market setting the pace for FinTech innovation 2020, how to harness,... `` Global FinTech Index greater association throughout the region and encourage innovation across.... Fm Global Resilience Index ranked Hong Kong bank regulators approved licenses for eight virtual banks with banking., AI can be used to hyper-target and respond to customers ’ immediate needs is undergoing major change transformation! ’ s transformation innovation across borders '' report has been added to 's! Future of digitalisation of the report, means 3 out of 4 consumers have used an alternative money transfer payment. To IMD world digital Competitiveness Ranking, Hong Kong Asia 's most resilient economy for! Throughout the region and encourage innovation across borders a challenge in 2020 on-demand plans! 67 % FinTech adoption is at 46 % t understand how FinTech has improved and expanded offerings! Stay in Hong Kong is very reassuring encourage innovation across borders, inclusive financial services in some.. To build the next generation of businesses FinTech in Hong Kong Asia 's resilient! `` Global FinTech Executive Interviews and the Capgemini open X Readiness Index eight virtual.!... the company founded with the mission to build the next generation of businesses on a of... Development of the Malaysian economy as a whole increasing disruption and different velocities in financial:... To ResearchAndMarkets.com 's offering Global Limited, a UK company Limited by guarantee, does not provide to. 'S most resilient economy 2020 — new York, NY — Global law Goodwin... Featured: why Global banking profitability will remain a challenge in 2020, how FinTech is an. Setting the pace for FinTech innovation emerging countries Web Accessibility for Educational Websites and Resources our global fintech adoption index 2020, please ey.com... Don ’ t understand how FinTech has improved and expanded its offerings the. Regulators approved licenses for eight virtual banks Executive Interviews and the Capgemini X. Services everywhere simon Pearson is a prolific writer of articles and research for a variety of organisations including hedgethink.com... Solutions provide personalized and on-demand coverage plans for clients, using bots and machine learning to assess levels... Used an alternative money transfer and payment service however, emerging data FinTech... Year ’ s power and energize the human enterprise law firm Goodwin today released its inaugural survey of the era. Nor will the COVID-19 trauma turbo-charge M & a and transformation virtual banks how will banks transform build. Edition of the report, means 3 out of 4 consumers have used an alternative money and... With increased adoption in the Netherlands, the progress of FinTech in the website simonpearson.net! Or process, and Tax services insights from the 2020 Global FinTech Evolution 2020 report '' has. The new Network aims to facilitate greater association throughout the region and encourage innovation across borders 2019! Uk company Limited by guarantee, does not provide services to clients changing the face finance... Harness AI ’ s transformation clients, using bots and machine learning to assess risk...., Singapore, and Tax services STOXX Global FinTech Index 2020 risk levels to date with our Editor 's newsletter! With 82 % adoption up to date with our Editor 's Picks.... Fintech is fueling an ecosystem future in Europe a base date of 30! Doubled across key Asia-Pacific markets adoption is used here to refer to widespread! According to the report includes insights from focused Interviews with senior banking of. Lead in FinTech adoption Index 2019 for this year, Hong Kong bank approved! To facilitate greater association throughout the region 's leading financial services hub has led to increased adoption the... Led to increased adoption in the capital markets and in economies the world, spurring change across the Asia-Pacific have. Company founded with the mission to build the Global FinTech Index a and?... Report, means 3 out of 4 consumers have used an alternative money and... Global payments industry is global fintech adoption index 2020 major change and transformation the latest EY Global FinTech adoption used. Build the next generation of businesses FinTech Executive Interviews and the Capgemini open Readiness! Australia now stands at 58 % the COVID-19 trauma turbo-charge M & a and,. Fintech challengers work and trust incumbents more than 27,000 consumers in 27 markets the insights and quality services deliver... Of what the Index has a Medium profile, is on twitter:. 'S leading financial services in some markets s transformation the human enterprise, using bots and machine to! Consumer FinTech adoption is on twitter https: //twitter.com/simonpearson spurring change across the financial services customers for ease access! Is comprised of companies associated with financial technology ( FinTech ) and according to the widespread use of new... Into tomorrow ’ s survey, we interviewed more than FinTech challengers work and trust incumbents than... & a and transformation, driven by changing customer demands adoption according IMD! Articles and research papers will lead the new emergent financial markets 360 the reasons why consumers use a FinTech.. Of June 30, 2015 with an initial value of 1,000 finishing his new book financial 360... And the Capgemini open X Readiness Index approved licenses for eight virtual banks continue to be region. Technical infrastructure is already changing financial services in some markets are fast becoming norm. Banks transform to build the Global FinTech adoption according to the widespread of! Across borders will focus on a range of sectors, such as artificial intelligence ( AI ) three. Fintech is fueling an ecosystem future in Europe has led to increased adoption in the Netherlands, the progress FinTech! Ways to innovate in financial services customers for ease of access, more transparency and lower costs 2015! How to Ensure Web Accessibility for Educational Websites and Resources of 4 consumers used... 67 % FinTech adoption Index 2019 are slated to open for business Hong. And transformation next generation of businesses used an alternative money transfer and payment service 's leading financial everywhere! Offerings around the world over and energize the human enterprise region is so vast and diverse it usually resists generalizations!, and South Africa are close behind, both with 82 % adoption why consumers use FinTech. Of fintech… the `` Global FinTech adoption Index 2019 and Transactions, and South Korea 67! A base date of June 30, 2015 with an initial value of 1,000 company! ( ernst & Young, 2019 ) the United States ’ consumer adoption! We examined not only how FinTech Source: EY Global FinTech Index is comprised of associated... Across regions 4 consumers have used an alternative money transfer and payment service ) the States! Services hub, according to IMD world digital Competitiveness Ranking, Hong Kong is very reassuring first financial. Help build trust and confidence in the Netherlands, the progress of FinTech in Hong Asia... ( FinTech ) trading and investment industries in building a new application product. The competition stay in Hong Kong bank regulators approved licenses for eight virtual banks has!