6 fintech trends that will redefine the future of finance
- Technology expected to play pivotal role in helping 1.7 billion people around the world who still have no access to financial services
- November’s fully virtual Hong Kong FinTech Week will feature expert speakers, who will share their views on Fourth Industrial Revolution
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The social-distancing requirements resulting from the Covid-19 pandemic have accelerated the digitalisation of various types of businesses, notably those in the financial sector. Innovation in financial technology, or fintech, has become essential for companies to continue thriving in the so-called new normal.
At the same time, it opens up a huge, untapped market of 1.7 billion people globally who have yet to gain access to financial services. In Asia, the growth of fintech is expected to be exponential, helping to drive the global economy for decades to come.
Hong Kong, as a well-established international financial centre and thriving hi-tech start-up hub in the heart of Asia, is ideally placed to lead the rapid evolution of fintech.
Meanwhile, mainland China’s economy is rebounding from the early months of the pandemic, and its recovery continues to gather momentum. It not only has a fast-growing, prosperous middle class, but also the world’s largest unbanked population of more than 225 million people. This makes the country well positioned to drive fintech innovation and adoption with the help of its own flourishing hi-tech sector.
