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In my talks and panel discussions across the region, a key question invariably asked is: WHY NOW? What's so different or special now that everyone is going ga-ga over Fintech.
Here I will attempt to demystify it:
Given these factors, it's no surprise that 4 out of 10 FI innovators are non banks! Expect to see many more in the coming years...
5. Exponential mobile growth: This is not only leading to newer business models like P2P payments in millennials, but also driving financial inclusion of the 2 billion un(der) banked.
6. Private funding: Low Fixed cost models combined with $ 30 billion in venture funding means thousands of fintechs can see the light of the day. Most likely, 99% will die!
Yet 1% of approx 12K fintechs means over 50-100 great success stories!
No wonder this threat/opportunity (depending on how you perceive it) is REAL..