Asia is currently in the midst of a fintech revolution, with new technologies and startups that could disrupt various financial services in economies across the region. In this episode of Pacific Exchanges, CAU analyst Cindy Li sat down with Nicholas Borst and Sean Creehan to discuss their recent paper on fintech developments in Asia.
Some of the key takeaways from the conversation include:
- The payments and lending sectors are facing the highest levels of fintech-driven disruption.
- China has emerged as a leader within the region on both mobile payments and peer-to-peer lending.
- Both Asian banks and regulators are actively experimenting with virtual currencies and blockchain.
- Fintech innovations have the potential to improve access to credit for Asian SMEs and reduce remittance costs.
- A number of Asian economies have established regulatory sandboxes to allow banks and startups to experiment with new technologies.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.
