• Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • FinTech
    • Gadgets & Electronics
    • Health & Bio
    • IoT
    • Marketplaces & E-commerce
    • Robotics
    • Transportation & Logistics
    • Investments
    • Ecosystem & Lists
  • Interviews
  • Events
    • ComeUp
    • NextRise
  • Governments
    • KISA
    • KISED
    • KOCCA
    • KOTRA
    • MSS
    • NIPA
    • SBA
  • Programs
    • LAUNCHPAD
    • COMEUP STARS 120
    • K-Startup Grand Challenge
    • TIPS X beSUCCESS Global Project
  • Investment Opportunities
    • Launchpad France Demoday
    • TIPS Global Demoday
    • Launchpad USA Demoday
    • Launchpad Indonesia Demoday
  • Submit an Article
  • Forums
  • register
  • login
KoreaTechDesk
No Result
View All Result
KoreaTechDesk
No Result
View All Result
Home FinTech

Central Asia can have a booming FinTech sector by following Southeast Asia’s success

KoreaTechDesk Writer by KoreaTechDesk Writer
December 27, 2019
in FinTech
9
Central Asia can have a booming FinTech sector by following Southeast Asia’s success
0
SHARES
125
VIEWS
Share on FacebookShare on Twitter

The FinTech industry has grown exponentially in the last few years. Many FinTech startups have shown remarkable growth and are earning market valuations. Some of the companies have already touched a billion-dollar valuation while several more are following suit. Although the sector has created a technological revolution in the finance industry, it comes with its own set of challenges, from regulatory to fundraising and competitive issues.

Traces of the 2008 recession can be seen in the way people are saving or spending money. What’s more is that the bridge between advanced technology and the end-user is far and wide in some countries, thereby affecting the FinTech ecosystem.
If one checks the situation in Central Asia, the internet penetration is only 50% compared to Southeast Asia’s impressive 63%. Here, the benefits of mobile banking are not fully enjoyed by the people it is intended for.

The Kazakhstan model – the Baiterek Hackathon

Kazakhstan in Central Asia is an exception with 14.14 million active users or an internet penetration of 76%. Therefore, if Central Asia’s FinTech space has to be recalibrated, the Kazakhstan model can be imitated or those from the region’s better-performing neighbors such as Southeast Asia.

By 2030, the country’s population is expected to reach a staggering 20.5 million people, becoming the 67th largest country in the world. Institutions like The Housing Construction Savings Bank of Kazakhstan (HCSBK) have been working in various areas of social policy that is aimed at providing its citizens affordable and quality housing.
One initiative started by HCSBK under the leadership of Baiterek National Management Holding, and in partnership with Qaztech Ventures, is the Baiterek Hackathon. The objective is to bring together the most skilled developers and encourage them to come up with innovative next-gen solutions that address FinTech-related issues in Central Asia.

Central Asia can mirror a similar model by providing avenues such as Hackathons to brilliant developers and finding fresh solutions.

Southeast Asian FinTech trends to follow

For Central Asia to truly embrace the possibilities of the FinTech sector, financial trends must be cultivated and nurtured. Southeast Asian FinTech startups often begin with one business idea, either e-commerce or messaging apps or ride-hailing. Once the single businesses take off with a large number of users, they enter the FinTech space through services like mobile payments, insurance, or cross-border payments as a means to expand one’s market. In fact, the region had integrated the use of AI and using chatbots to transform a business’s interactions with customers. The expansion of FinTech across industries such as manufacturing, healthcare, automobiles, media, and, most notably, the financial sector is also noteworthy.

The concerted efforts of the government and non-government institutions have also helped the region expand the FinTech industry’s reach. For example, ADB Ventures in Vietnam – a country with a large unbanked population — has been spearheading programs that have strengthened the country’s FinTech sector. Countries like the Philippines, Indonesia, and Myanmar, who witness inbound markets for remittances from overseas workers, have come to rely mainly on cross-border transactions through mobile payment services made available.

Southeast Asia’s tremendous growth in the FinTech ecosystem has been made possible through the initiatives that provide an essential platform for co-creation and innovation. Central Asia, with a thriving economy, is home to highly skilled thinkers and developers. It must harness their hunger for change and build a better and stronger FinTech space.

What’s your thoughts?
+1
0
Upvote
+1
0
Clap
+1
0
Clap
+1
0
On fire
+1
0
Meh
+1
0
Clap
+1
0
Tags: BaiterekCentral AsiaFinTech sectorKazakhstanSoutheast Asia
Previous Post

TravelFlan raises $ 7 million in Series A funding led by SPK AI Travel Tech Fund

Next Post

Top 3 Korean blockchain startups that are re-defining the blockchain industry

Next Post
Top 3 Korean blockchain startups that are re-defining the blockchain industry

Top 3 Korean blockchain startups that are re-defining the blockchain industry

0 0 vote
Article Rating
Subscribe
Sign up Login
Notify of
Please login to comment
9 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
trackback
Tablets with desoxyn
3 months ago

… [Trackback]

[…] Find More Info here on that Topic: koreatechdesk.com/central-asia-can-have-a-booming-fintech-sector-by-following-southeast-asias-success/ […]

0
trackback
td trust easyweb
3 months ago

… [Trackback]

[…] Information to that Topic: koreatechdesk.com/central-asia-can-have-a-booming-fintech-sector-by-following-southeast-asias-success/ […]

0
trackback
DevOps consulting companies
2 months ago

… [Trackback]

[…] Find More Information here on that Topic: koreatechdesk.com/central-asia-can-have-a-booming-fintech-sector-by-following-southeast-asias-success/ […]

0
trackback
how to order marijuana online
2 months ago

… [Trackback]

[…] Information to that Topic: koreatechdesk.com/central-asia-can-have-a-booming-fintech-sector-by-following-southeast-asias-success/ […]

0
trackback
mơ bắt được cá chuối
1 month ago

… [Trackback]

[…] Find More here to that Topic: koreatechdesk.com/central-asia-can-have-a-booming-fintech-sector-by-following-southeast-asias-success/ […]

0
trackback
nằm mơ thấy ốc đánh con gì
1 month ago

… [Trackback]

[…] Find More on that Topic: koreatechdesk.com/central-asia-can-have-a-booming-fintech-sector-by-following-southeast-asias-success/ […]

0
trackback
replica rolex watches uk prices
27 days ago

… [Trackback]

[…] Read More to that Topic: koreatechdesk.com/central-asia-can-have-a-booming-fintech-sector-by-following-southeast-asias-success/ […]

0
trackback
Study in Uganda
27 days ago

… [Trackback]

[…] Read More on that Topic: koreatechdesk.com/central-asia-can-have-a-booming-fintech-sector-by-following-southeast-asias-success/ […]

0
trackback
dewaqq
14 days ago

… [Trackback]

[…] Information on that Topic: koreatechdesk.com/central-asia-can-have-a-booming-fintech-sector-by-following-southeast-asias-success/ […]

0

FREE NEWSLETTER

No Result
View All Result

TRENDING POSTS

  • Vietnamese startup Loship upgrades the customer experience game by combining food delivery and podcasts

     997 total views

  • Korean startup Twinny Robotics’ autonomous navigation robots help logistics companies reduce cost and save time 

     1,560 total views

  • Korean startup Letsee to launch a global version of Web-AR solution

     887 total views

  • Korean startup IMEMINE CEO Iksoo Park about how the SizeMine app will help fashion e-commerce reduce returns cost

     891 total views

  • Korean startup Riiid’s AI Education Challenge attracts over 2,700 teams around the world

     956 total views

  • Korean Startup J&T Biotech develops self-use auto-injector for allergy medication

     961 total views

  • Korean Startup Seoul Robotics’ 3D engine for Lidar sensors to make autonomous driving smarter 

     717 total views

  • Korean startup Vogo safeguarding environment with its eco-friendly vessels for the marine industry

     833 total views

  • Korean startup Neofect: Helping millions avail easy rehabilitation with smart therapeutic wearable devices

     497 total views

  • Korean startup Exosystems makes smart knee care solution Exo-Rehab for elderly

     662 total views

More from our network


  • ktd

  • atd

  • itd

  • ktt

  • kgd

  • kpp

  • ktp

  • kpoppost

  • ustechtimes
  • About Us
  • Account
  • Account
  • Alertme test
  • Ask Question
  • Connections
  • Cookie-policy
  • Dashboard
  • dashboard
  • DWQA User Profile
  • Edit
  • Edit Company
  • Edit Company
  • edit form 5
  • edit form 8 copy testing page
  • Events
  • Followers
  • Followers
  • Following
  • Following
  • for_companies carousal
  • homepage
  • Investment Opportunities
  • Investment Opportunities test
  • Investment Opportunities with filter
  • judges
  • login
  • Login
  • Logout
  • Logout
  • mailchimp
  • Member Directory
  • Member Directory
  • Mentors Community
  • My Bookmarks
  • my companies
  • My Points
  • My Saved Deals
  • Newsletter
  • Order Received
  • Payment
  • poll test
  • post submitted
  • Privacy Policy
  • profile
  • Questions
  • register
  • Registration
  • Sample Page
  • Sitemap html
  • Sponsorships
  • Submit post
  • Submit your Startup Profile here
  • Subscription
  • team memeber
  • Terms of Use
  • test
  • test
  • testdate
  • Thank You
  • Time Zone Test
  • TIPS X beSUCCESS KOREAN STARTUP SHOWCASE
  • User login
  • wp forms add company
  • you want to logout?

Copyright © 2020 KoreaTechDesk | About Us | Sponsorships| Terms of Use |Privacy Policy |Cookie Policy Contact : press@koreatechdesk.com

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • FinTech
    • Gadgets & Electronics
    • Health & Bio
    • IoT
    • Marketplaces & E-commerce
    • Robotics
    • Transportation & Logistics
    • Investments
    • Ecosystem & Lists
  • Interviews
  • Events
    • ComeUp
    • NextRise
  • Governments
    • KISA
    • KISED
    • KOCCA
    • KOTRA
    • MSS
    • NIPA
    • SBA
  • Programs
    • LAUNCHPAD
    • COMEUP STARS 120
    • K-Startup Grand Challenge
    • TIPS X beSUCCESS Global Project
  • Investment Opportunities
    • Launchpad France Demoday
    • TIPS Global Demoday
    • Launchpad USA Demoday
    • Launchpad Indonesia Demoday
  • Submit an Article
  • Forums
  • register
  • login

Copyright © 2020 KoreaTechDesk | About Us | Sponsorships| Terms of Use |Privacy Policy |Cookie Policy Contact : press@koreatechdesk.com

wpDiscuz
9
0
Would love your thoughts, please comment.x
()
x
| Reply

Insert/edit link

Enter the destination URL

Or link to existing content

    No search term specified. Showing recent items. Search or use up and down arrow keys to select an item.