Reflecting on a Decade of Fintech in ASEAN

 

Delivered at the Singapore FinTech Festival, this panel discussion featured insights from serial entrepreneurs and leaders in fintech, sharing their journeys, challenges, and advice for the industry’s future.

 

Key Highlights

1. Singapore as a Fintech Hub

  • Unique Advantages of Singapore:
    • Low tax rates and zero capital gains attract venture capital.
    • Robust infrastructure, rule of law, and intellectual property protection foster innovation.
    • Singapore serves as a testbed for fintech ideas, with successful concepts scaling across Southeast Asia’s 600 million population.
  • Government and Industry Support:
    • Collaborative regulators actively engage with founders through the Singapore FinTech Association.
    • Programs like Enterprise Singapore offer global expansion opportunities and local ecosystem-building initiatives.
    • Universities and associations work closely to prepare talent for emerging technologies.

 

2. Industry Trends and Challenges

  • Growth, Consolidation, and Innovation:
    • Early-stage fintechs face funding challenges, while established players explore consolidation.
    • AI and agency orchestration present new opportunities for innovation in fintech workflows and customer experiences.
  • Caution Against Oversaturation:
    • Walter noted that oversaturation, particularly in payments, could lead to the demise of under-scaled fintechs.
    • Founders must pursue unique, impactful ideas that address unmet customer needs.

 

3. Advice for Founders and Professionals

  • For Founders:
    • Joo: Be bold and act on well-considered ideas; the pace of change is accelerating, offering immense opportunities.
    • Walter: Conserve resources, choose trustworthy investors, and pursue ventures with passion and purpose.
    • Shadab: Focus on understanding customer pain points to succeed in B2B fintech.
  • For Job Seekers:
    • Showcase energy, passion, and problem-solving skills over credentials.
    • Embrace roles that align with personal interests to accelerate learning and contribute meaningfully.

 

Vision for the Future

  • Embracing Accelerated Change:
    • The next decade in fintech will bring exponential changes surpassing the past 50 years.
    • Success lies in solving meaningful problems, fostering passion, and navigating industry headwinds with resilience.

 Watch Full Session

 

Speakers:

  • Shadab Taiyabi, President, Singapore FinTech Association
  • Walter de Oude, Founder Singlife & Chocolate, Chocolate Pte. Ltd.
  • Wong Joo Seng, Co-founder & Chief Executive Officer, Spark Systems

Moderator:

  • Wanyi Wong, FinTech Leader, Financial Services Partner, PwC
 
 

Join the GFTN Network