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1ASEAN FinTech Census 2018The financial services industry in the Association of Southeast Asian Nations (ASEAN) region is rapidly evolving as a result of disruption from new-age Financial Technology companies (FinTechs). FinTechs, which combine innovative business models with digital technologies to render financial services, are witnessing a visible ascendance in Asean, as well as around the world. Rapidly expanding economies, young-urban-digitally-savvy population, increasing mobile and internet penetration, and largely underserved, small- and medium-sized enterprises (SME) and consumer markets by traditional financial institutions, are all factors that have led to the rapid adoption of FinTech innovation in the region.On the back of strong fundamentals and with FinTech adoption on the rise, Asean as an engine of economic growth and prosperity has caught the eye of global investors. Investment in the regions FinTech sector has surged, jumping 45% year-over-year to US$366 million in 2017, according to Tracxn.However, little has been discussed and published about the opportunities and challenges facing the FinTech industry in the region. To understand the key factors shaping the industry and bring to forefront the voice of the FinTechs in the region, EY has undertaken this research initiative and surveyed more than 250 FinTechs in early 2018. Participants include FinTechs primarily from Asean countries as well as outside of Asean, who are looking to enter the region. The findings are presented in this inaugural EY ASEAN FinTech Census 2018.The Census analyzes the Asean FinTech ecosystem, in addition to providing a platform for FinTechs to express their views on a range of matters related to adoption, investment, talent and environment. The report examines in-depth, how governments across Asean have and can further facilitate thriving FinTech hubs. The Census also provides views from industry and domain experts on the Asean FinTech ecosystem. Continued evolution of the FinTech ecosystem will help facilitate the overall growth and development of the Asean region. EYs ASEAN FinTech team is committed to working with industry participants comprising FinTechs, investors, governments, education institutions, accelerators or incubators to help the region realize its potential and bring about greater financial inclusion.ForewordLiew Nam SoonManaging Partner, ASEAN MarketsBrian ThungManaging Partner, ASEAN Financial Services12Contents01 Methodology 0302 Key messages 0903 Fast facts 1104 Profiling of respondents 1305 Company profiling 1506 Revenue 2107 Investment 2408 Talent 2909 Regulation 3210 Environment 3711 The way forward 4012 FinTech associations in Asean 44Methodology EY defines FinTech organizations as ones combining innovative business models and technology to enable, enhance and deliver financial services. The business activities of FinTechs are broadly classified under four models: business-to-business (B2B), business-to-business-to-consumer (B2B2C), business-to-consumer (B2C) and offline-to-online (O2O). FinTechs are further divided into 16 key subsectors including payments, blockchain, money transfer, data analytics, robo advisory, amongst others. Refer to page 16 for further details. Definition of FinTech01 Census questions focused on profiling respondents, as well as gathering information on revenue, capital, talent, regulations, environment and future growth trends at FinTechs. FinTechs firms received an email with a link to an online survey page. There were 80 questions, with the wide range of free text, multiple choice, ranking and scoring questions, that would take no more than 30 minutes to complete.Survey design03 A lists of FinTechs was developed from existing contacts, directories, industry associations and previous FinTech events, (including FinTech conferences). These organizations were screened for FinTech eligibility and contacts were sorted to remove duplication. Outreach channels included marketing the census on professional social media platforms such as LinkedIn, marketing on social media handles of FinTechs, as well as direct emails to key stakeholders and founders. FinTech outreach02 We received 251 responses from across Asean (170 responses) and non Asean countries (81 responses). Non Asean headquartered FinTechs are the companies planning to expand their footprint in the Asean market. Asean countries surveyed are Cambodia, Brunei, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. The survey was officially closed on 31st January 2018, and then manual data cleansing exercise was undertaken, with final output based on analysis of the cleansed data. We have applied unweighted averaging of results to offer insights across key themes and trends. The results are presented in this inaugural EY ASEAN FinTech Census report. For detailed results and custom analysis, please refer to our interactive ASEAN FinTech Census Survey Dashboard on ey/sg/eyaseanFinTech.Analysis and reporting04013Thailand“Nascent but emerging FinTech sector”Fast Facts: # of FinTechs: 128. Investment in 2017: US$12M (-40% Y-o-Y). Key subsectors: Payments. Most active investors: 500 start-ups, Golden Gate Ventures. Regulatory Sandbox: Yes.Malaysia“Emerging FinTech Hub in Asia”Fast Facts: # of FinTechs: 196. Investment in 2017: US$75M (15 times increase Y-o-Y). Key subsectors: Payments, Consumer Finance. Most active investors: 500 start-ups, Cradle, Mavcap. Regulatory Sandbox: Yes.Philippines“Drive towards Financial Inclusion”Fast Facts: # of FinTechs: 115. Investment in 2017: US$78M (13 times increase Y-o-Y). Key subsectors: Payments including remittances. Most active investors: 500 start-ups, Kickstart Ventures, Spiral Ventures. Regulatory Sandbox: No.Singapore“Asias FinTech hotspot”Fast Facts: # of FinTechs: 490. Investment in 2017: US$141M (+68% Y-o-Y). Key subsectors: Wealth Management, Alternate Lending, Payments. Most active investors: Startupbootcamp, GMO Venture Partners, Wavemake Partners. Regulatory Sandbox: Yes.Indonesia“Booming digital payments market”Fast Facts: # of FinTechs: 262. Investment in 2017: US$26M (3.7 times increase Y-o-Y). Key subsectors: Mobile payments, Alternate Lending. Most active investors: East Ventures, Kejora, 500 start-ups. Regulatory Sandbox: Yes.Vietnam“Limited FinTech activity”Fast Facts: # of FinTechs: 77. Investment in 2017: US$3M. Key subsectors: Payments. Most active investors: IDG Ventures Vietnam. Regulatory Sandbox: No.4Source: Tracxn accessed on 9 Dec 2017FinTechsnapshot: ASEANThailandPhilippinesVietnamSingaporeMalaysiaIndonesiaHow FinTech sector is shaping up globallyThe Census results show that a record number of FinTechs (89%) believe that customers are open to adopting FinTech services and majority of them are optimistic about future growth of the sector (61%). As the financial services sector navigates its way through disruption and innovations, we have identified key emerging FinTech themes. These themes will determine how the FinTech sector will shape up globally over the next few years.Sub-sector specializationGlobally, as well as within each FinTech jurisdiction, we observe that each FinTech sub-sector is at a varying degree of maturity: In Indonesia there are about 78 payments start-ups whereas c.20-30 start-ups are in the lending, and savings and investments sectors each, reflecting the latter sub-sectors potential infancy. In parallel, there are c.25 active payment FinTechs in Switzerland, and a similar number in Philippines (c.30), evidencing the differences in scale of the same sub-sector across global FinTech hubs.Going forward, this trend will dictate where innovation is leading i.e., getting significant start-up interest, compared to where sub-sectors may be potentially getting too crowded i.e., room for innovation is depleting. Payments has gained scale in certain markets Payments as a sub-sector of FinTech has achieved significant scale in certain markets developed countries such as London (30% of number of FinTechs) and Singapore (20% number of FinTechs), as well as developing jurisdictions such as China. Some of the worlds largest FinTech unicorns are from this sub-sector, such as Klarna from Sweden, Stripe from the United States and Adyen from Netherlands. In Asia-Pacific, social media platforms, e-commerce players and on-demand service providers (e.g., ride-hailing) with large captive consumer bases, have already or are starting to offer payments as a differentiated service to its consumers. This trend has yet to play-out in the western world. Current regulatory regimes have started to acknowledge this PSD2 Directive in the EU aims to enhance consumer protection, increase competition and acknowledges that the payment sub-sector cannot persist as a standalone to traditional financial services sector.Payments FinTechs density in Asean countriesVietnam33%30%29%27%21%MalaysiaThailandPhilippinesIndonesiaSingapore47%Policy supportWe observe that there is strong policy support for promoting innovation and financial inclusion, which has been a key driver in many markets for the FinTech sector Both London and Singapore are proactively backing a FinTech push and have taken a number of regulatory steps to promote innovation. Other regimes might require more of such support and FinTech innovation in these hubs has been mostly bottom-up (e.g., China, India, Indonesia). Only in recent years, they are playing catch up in response to the recent success and increasing scale of the sector.Source: Tracxn, accessed on 9 December 20175Taking advantage of geo-political positioning Challenger hubs are coming up alongside relatively well established FinTech hubs. Some examples include: Malaysia neighbouring Singapore, Lithuania near Estonia, where they are leveraging their geographic proximity to capture any spill-over from an innovation and talent perspective. Malaysia pitches itself as low cost cousin of Singapore. The cost of living is a third of Singapore, which might see more companies putting non-client facing jobs like operations, marketing and technology support in Malaysia. Lithuania have been living under the shadow of tech savvy Estonia and at the onset of Brexit, leveraged its ability to offer single window clearance for getting EU licenses. For talent, it offers larger number of trained staff at a lower costs than Estonia where there is voluminous demand from a vibrant start-up ecosystem, driving the cost of acquiring and retaining talent even higher.Investor specialization We have started to observe sub-sector specialization themes in the investor community as well. As a complex and broad sector, investors realize that they cannot possibly create capability or expertise across the space, albeit they must pick their areas of focus. In a survey of 125+ investors in October 2017, all were active and very interested in the FinTech space. Investors expressed focus on average in six sub-segments out of a total of 14. Most sought after specializations include: Data analytics, Blockchain, Financing, Payment Solutions, RegTech and InsurTech. Investors have started to build teams around these capabilities across the globe, or hire experts to differentiate themselves. Cumulative investments in top 5 sub-sectors in South-East Asia (in US$M)Payments Investment TechInsurTech Consumer financeAlternate lending2691898683756%More capital chasing less demand In a survey of 125+ institutional investors deeply interested and active in the FinTech sector in Asean, conducted in October 2017, it was noted that there was greater than US$2B in capital commitments available. On the flip side, Source: Tracxn, accessed on 9 December 2017a survey of 230+ FinTechs, conducted in the same time-frame for the same jurisdiction, capital requirements were established at just greater than US$1Bn. Effectively, there is currently two dollars chasing every dollar in potential FinTech opportunity. At the same time, while having capital is important, it is not the only factor that will attract FinTechs. In 2017, global VC backed FinTech start-ups raised US$16.6B across 1,128 deals. This compared to US$13.8B across 1023 in deals. Globally there are 25 FinTech unicorns valued at US$75.9B.(1)(1) Source: CB-Insights_Fintech-Trends-2018Collaboration between financial institutions and FinTechs Till few years ago banks were wary of FinTechs as narrative in the industry was more around competition between FinTechs and financial institutions. However, as innovation swept across continents, both sides realized that collaboration and not competition is the way forward. FinTechs realized that they will benefit from deep pockets, regulatory prowess, huge customer base and trust enjoyed by banks. Banks also realized that it makes sense to collaborate with FinTechs rather than try to build everything in-house. In Asean, banks have been actively collaborating with FinTechs to drive efficiency and enhance customer experience. Most banks have an incubator, accelerator or innovation lab, which helps drive collaboration with FinTechs. Some Asean banks have also launched FinTech-focused investment funds.Estimated numbers of incubators, accelerators and innovation labs (by country)Source: State of FinTech in ASEAN, October 20176Singapore52Vietnam24Indonesia20Malaysia10Thailand5Philippines57Shortage of talent About 60% of FinTechs in our survey agree that there is shortage of required talent in their respective countries. Globally, retaining and attracting high quality technical talent is observed to be one of the most prevalent challenges faced by FinTechs. Technical talent most sought after includes Data Scientists, Financial Engineers, Mobile Marketers and Computer Programmers. Some countries like Australia are attempting to import technical talent from other countries. London, New York and San Francisco continue to jostle between one another for talent, with Singapore and Sweden closing in from behind. A more sustainable solution to talent shortage is to nurture domestic talent. Hong Kong and Singapore are already moving towards this direction by partnering with schools to train students to develop FinTech knowledge and capabilities.Democratization of access to information and infrastructure To promote healthy competition, drive innovation and benefit the end customers, new regulations such as General Data Protection Regulation (GDPR), Payment Services Directive (PSD2) and MIFID II have been proposed by regulators in Europe. In the UK, open banking regulation came into effect in January this year. In Asia, Monetary Authority of Singapore (MAS) is encouraging financial institutions to adopt open APIs as a key foundational layer for innovation and interoperability. Hong Kong Monetary Authority (HKMA) has also launched the draft Open API framework. As more regulators embrace open banking, it will revolut
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