One Asia: Building a Joint Fintech Force in a Fragmented World

 

Exploring FinTech Opportunities in Mongolia, Korea, Taiwan, and Cambodia 

 

Unveiled at the Singapore FinTech Festival, this panel discussion provided a regional tour through Mongolia, Korea, Taiwan, and Cambodia, spotlighting the unique opportunities and challenges for FinTech companies in these evolving markets. 

 

Key Highlights 

1. Mongolia: A Youthful Market on the Rise 

  • Rapid Growth: Mongolia’s economy has been growing rapidly, recording a 6-7% annual GDP growth rate. 
  • Demographics: A young population with an average age of 27.5 years drives demand for digital products. 
  • Investment Potential: There is increasing international venture capital interest in Mongolian fintech companies. 4-5 Mongolian Fintech companies have also expanded internationally. 
  • Regulatory Progress: New laws covering data privacy and cybersecurity provide regulatory clarity, supporting fintech innovation. 

 

2. Korea: A Digital Powerhouse 

  • High Adoption: Korea boasts 95% internet penetration and widespread 5G network use. 
  • Regulatory Sandbox: Over 200 fintech projects have been facilitated through programmes in its fintech sandbox, accelerating commercialization. 
  • Technological Edge: Korea’s fintech ecosystem is focused on "ABCDE" technologies—AI, Blockchain, Cloud, Data, and eKYC. 

 

3. Taiwan: Leading in AI and Collaboration 

  • AI Leadership: Taiwanese companies produce 90% of global AI chips, providing significant opportunities for AI-driven fintech solutions.   
  • Collaborative Environment: Taiwan encourages partnerships with global fintech players and regulators and is open to discussions to adopt best practices for fintech regulation.   
  • Regulatory Openness: Regulators in Taiwan are open to discussions to adopt best practices for fintech regulation. Combating financial fraud and cyber risk are among its top priorities.  

 

4. Cambodia: A Thriving Emerging Market 

  • Economic Growth: Cambodia is one of Southeast Asia’s fastest-growing emerging markets, with 7% GDP growth. 
  • Ease of Doing Business: Cambodia is very welcoming of foreign direct investment; 100% foreign ownership of companies is allowed. Starting a company requires a low investment threshold of just US$ 1000.  
  • FinTech Initiatives: Project Bakong led by the National Bank of Cambodia had enabled US$75 billion in digital transactions in 2023 and supports cross-border payments with neighbouring countries. 
  • Key Sectors: Digital payments, green finance, and agrifintech were highlighted as priority areas for Cambodia.  

 

Conclusion 

Each of these markets offers a unique mix of opportunities and challenges for FinTech companies. Success lies in localizing solutions, understanding cultural nuances, and collaborating with regulators to navigate the evolving landscapes. 

 

Watch Full Session

 

Speakers:

  • Byambasuren Myagmartseren, Chief Executive Officer, Mongolian Fintech Association
  • Hong Dongpyo, Global Alliance & Partnership Chair, Korea Fintech Industry Association
  • Jaclyn Tsai, Chairperson & Honorary Chairwoman, Asia FinTech Alliance & Taiwan FinTech Association
  • Weena Llona, Executive Director, Cambodian Association of Finance and Technology

 

Moderator:
  • Reuben Lim, Chief Executive Officer, Singapore FinTech Association
 
 
 

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