Fintech adoption is set to increase 52 percent globally and on average, according to the EY Fintech Adoption Index 2017. One in three consumers already consume fintech services on a regular basis.
In particular, fintechs in the payments and insurance space, have been very successful. In Singapore, a similar trend is observed: Key findings revealed money transfers and payments (38 percent) and savings and investments (17 percent) saw good penetration in the market, the EY Fintech Adoption Index 2017 states.
Bridging the Gap Between Fintechs and Investors
«For financial institutions and fintech collaborations to be successful, fintech companies must be able to get access to customers and scale to build a sustainable business model,» says Liew Nam Soon, EY Managing Partner for Asean Financial Services.
«To do so often requires partnerships with financial institutions or businesses with an existing large customer base and adequate support in investment funding,» Nam Soon adds.
Deal Day at the Investor Summit
In short, fintechs need funding and access to customers, and the «Investor Summit – Deal Day», powered by EY is introduced to help bridge the gap and bring together high potential fintechs and interested global investors via a personalized matchmaking process.
Happening on 17 November 2017, «Deal Day» aims to enhance access to funding for start-ups and improve both quality and quantity of fintech investment deals in Singapore. It will showcase promising fintech start-ups to local and global investors, with a view to facilitating FinTech investment deals.
EY Playing Its Part in Cultivating the Fintech Ecosystem
Aside from bringing innovative companies together and connecting capital to opportunity, EY is also launching a starter kit and the «Asean FinTech Census Index».
One of the key challenges for startups, policy makers, service providers and investors is absence of clear understanding of the constituents of fintech ecosystem across Asean.
The Asean Fintech census study and starter kit will share in-depth analysis about community members in collaboration with fintech associations and policy makers across Asean. EY has conducted similar census studies in U.K. and Australia in the past.
