In order to help attendees gain a more clear agenda of the upcoming event Big Data & AI Leaders Summit Singapore 2019, we recently had an interview with Zennon Kapron - Director of Kapronasia, one of the leading financial technology and consulting firms in Asia. With his prior expertise on financial services at Intel, Citi, along with his professional appearances in many global conferences and televisions, Zennon is recognised to be the fintech leader in Asia.
What is the biggest challenge for the Fintech industry today, especially in South East Asia?
The biggest challenge for the moment in South East Asia for F|intech is customer acquisition. As competition increases, it is becoming more difficult for Fintech to acquire customers, and much more expensive.
What are some of the critical milestones for the Fintech industry?
One of the biggest questions hovering over the industry at the moment is the exit strategy. Grab and Gojek are some of the biggest unicorns in the region, but if they want to list, they will likely need to list in the US where there is enough liquidity. Asia’s larger Fintech will face the same challenge. One of the biggest milestones will be when one of these companies is able to successfully list on the public markets.
What opportunities does Fintech offer in terms of developing a truly single digital financial services market?
Many of the Fintech in the market today are by their very nature, digital-first. This provides the basis for other products and services to be based on the platform and enables a wider range of potential products and services. Some countries are further along than others, but certainly the future of finance is digital.
China is now leading the Fintech market, how could the rest of the world benefit from financial technologies in their own markets?
Each Fintech market globally is quite different, but the commonality is that most have somewhat inefficient or expensive financial systems. Fintech, by its very nature tries to challenge this by providing more cost-effective and customer-friendly financial platforms that nearly any region can benefit from.
What’s your perspective on the future of Fintech?
Regardless of whether today’s Fintech is successful or not, the focus on leveraging technology to provide better financial products and services has completely changed the nature of the financial industry for the better. More than anything else, creating and pushing this conversation along has been the success of Fintech.
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