Of that astounding investment rise to $4.3
billion in 2015, the Fin Tech market in China
accounted for 45% of that total.
What China is seemingly lacking is a FinTech ‘ecosystem’ involving both regulators
and market participants.
This perhaps puts China at risk of any
issues in the market with regards to innovation with the recent boom and bust example
of the Peer-2-Peer lending scheme a case
Panellists also indicated a danger of Chinese Fin Tech “overestimating in the short-term and underestimating in the long-term.”
Creating an ecosystem
Markus Gnirck partner & co-founder of tryb,
suggests that regulatory bodies within China
are trying to safeguard this dominance.
“Governments are trying with sandboxes
to do more and making it more about putting
networks and infrastructures in place for
Fin Tech that are not already in place,” says
“Unlike other regions such as Singapore
where there are different infrastructures and
ecosystems involved, this ecosystem doesn’t
“Through platforms and through events,
this is the aim for China.”
Sopnendu Mohanty, chief Fin Tech officer
at the Monetary Authority of Singapore
emphasises the importance of the role of the
regulator in the development of Fin Tech in
the APAC region.
“As a policymaker my job is to look at
the hub because by nature of the financial
market in the region, the policymaker has an
important role,” says Sopnendu.
“You can do a lot of things outside of the
regulation such as natural innovation but
you just can’t ignore the regulatory impact.”
In spite of such large-scale dominance,
panellists all asserted that countries in the
region aside from China should be taken
“Take Vietnam as an example…every
child in grade six is learning to code.”
—Markus Gnirck partner & co-founder, tryb
Having covered EMEA and the Ameri- cas, what remains is the second larg- est Fin Tech space, the APAC region. Having stood at $880 million in all of 2014, Fin Tech investment more than quadrupled to Fintech Invest- ment in $4.3 billion in 2015, accord- ing to an Accenture report.
Zennon Kapron founder of China-based Kapronasia, opened
his speech at Sibos, by stating “there is no such thing as FinTech, there is just China Fin Tech”…don’t worry we’re still trying
to figure out what he meant as well.