FinTech has been viral all over the world now. It has been part of our life. Southeast Asia is also one of many regions in the world that have been touched by the industry. So, check out the review of Southeast Asia FinTech 2018 here.
Entrepreneurs and venture capital companies see the region of Southeast Asia as an area that offers great potential and opportunities to invest. Many of them realize that among numerous regions all over the world, Southeast Asia is the biggest need, where most people in the region do not have bank accounts.
Southeast Asia FinTech 2018: better changes in many aspects
Fintech in Southeast Asia can play a big role in alleviating poverty from a population of more than 600 million people (ASEAN countries are the third largest market after China and India) while continuing to prove themselves able to benefit investors and startups.
Internet penetration, mobile, and banks are still low in markets such as Indonesia and Thailand, which is only 20 percent of Indonesia's overall population reaching 250 million.
However, this figure is still able to create a market of 50 million individuals who have used bank services and their ability as financial entities are still untouched by international Fintech investors and innovators.
Malaysian startups, Soft Space, has the vision to increase financial participation in Southeast Asia. Their mobile point of sale (mPOS) platform enables merchants to accept low-cost and easy credit and debit card payments: all they need is a smartphone.
Their products allow users who previously did not have a bank account—such as small merchants—can accept credit and debit card payments for their services and take advantage of the efficiency and security offered by a banking system.
Singapore-based-startup, SmartPesa is another mPOS that tries to penetrate developing markets. Just like Soft Space, they build from existing banking infrastructure and take advantage of solutions that are already trusted by the existing population.
They currently have early users in Rwanda, and an expansion plan for SmartPesa includes disbursement of funds and additional airtime—a feature that can be directly used and is an advantage for merchants who use this startup's payment method.
Fighting against loan sharks
Onelyst is a Singapore-based startup that tries to solve problems quite complicated in the real world. Mohamed Abbas and co-founder Hizam Ismail linked licensed money lenders to the lower middle class who needed loans for medical and other personal reasons.
Their focus lies in empowering financially a part of the community exposed to the risk of being exploited by the existing system due to lack of access to information and choices.
Mohamed further said: "a system of transparent borrowing of funds for our vulnerable community is not a privilege, but a general right. We are working towards that direction. "
FinTech in Indonesia: Fighting against poverty and bad health
Southeast Asia FinTech 2018 is also a great opportunity for players of FinTech in Indonesia to take part in creating a better world to eradicate poverty and malnutrition. If Malaysia and Singapore have social FinTech players like Soft Space and Smart Pesa, Indonesia has Kitabisa.com.
You are certainly familiar with the name, aren’t you? Kitabisa.com is one of the most famous organizers of FinTech in Indonesia. The first online crowdfunding platform in the country allows anyone to raise funds or conduct social campaigns openly.
Not only popular, but Kitabisa also managed to reap success at a relatively new age. Alfatih Timur, the CEO of Kitabisa, even stated that in 2016 FinTech managed to raise funds of around Rp60 billion from 3,000 social campaigns.
The funds collected from fundraising through Kitabisa are not only distributed within Indonesia but also internationally!
Now, are you ready to join the parade of Southeast Asia FinTech 2018?
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