SINGAPORE—What do consumers think about fintechs? A glance at what is happening overseas provides some insight.
The rate of fintech adoption among Singapore consumers has almost tripled in just two years, according to the EY Global FinTech Adoption Index 2019.
Singapore's adoption rate jumped to 67% from 23% between 2017 to 2019, stated International Investment in its analysis.
“But outshining Singapore, China and India emerged global leaders with an 87% consumer fintech adoption rate,” International Investment noted. “Singapore has enjoyed significantly increased rates of consumer fintech adoption, and we expect even higher rates in future, due to the supportive regulatory environment"
Globally, an average 89% of consumers are aware of the existence of in-store mobile phone payment platforms and 82% are aware of peer-to-peer payment systems and non-bank money transfers. Availability of these fintech services is even more accentuated in mainland China with 99.5% of consumers aware of money transfer and mobile payment services, International Investment said.