Category Archives: Digital, NEO and Open Banking

[INVITATION] Webinar: FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019

Canadian Consulate General in Hong Kong | Eunice Wong | July 16, 2019

Government of Canada Hong Kong - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019[INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019

You are invited to attend a Webinar - Hong Kong FinTech Market and Opportunities on July 23, 2019 (Tuesday)  9:00AM - 10:30AM Toronto Time

Join us as we discuss the current Fintech Market in Hong Kong. This webinar will cover the following topics:

  • HK Fintech Market and Ecosystem
  • HK Fintech Opportunities
  • HK Fintech Week 2019 as a platform
  • Canadian FinTech Trade Mission to Hong Kong FinTech Week 2019

 

Speakers:

See:  Hong Kong being pulled into the 21st Century — digital banking licenses finally arrive

 

Agenda:

  • Event Introduction by Ellen Cao, Ontario government (10 minutes)
  • Hong Kong Fintech Market by InvestHK, Mr. Charles Ng, Associate Director-General of Investment Promotion; and Mr. King Leung, Head of Fintech (30 minutes)
  • Hong Kong Fintech Market by Fintech Association of Hong Kong Mr. Musheer Ahmed, General Manager (10 minutes)
  • Q&A (15 minutes)
  • Government of Canada's Planned Participation for Hong Kong Fintech Week by Consulate General of Canada Ms. Eunice Wong, Trade Commissioner (ICT & FinTech) (10 minutes)

 

For more information, please contact Eunice Wong, Consulate General of Canada Hong Kong & Macao at eunice.wong@international.gc.ca.

For registration, please email: Eunice.wong@international.gc.ca, and the sign in instruction will be sent to you.

 

Many thanks for your interest. Please feel free to invite your contacts who may benefit with this free event.

 

About Invest Hong Kong

InvestHK is the department of the Hong Kong SAR Government responsible for Foreign Direct Investment, supporting overseas, Mainland and Taiwanese businesses to set up and expand in Hong Kong. The department provides free advice and customised services to help businesses succeed in the city's economy.

 

About Fintech Association of Hong Kong (FTAHK)

FTAHK is an independent, not-for-profit, membership based association representing Hong Kong’s local and global FinTech community.

 


NCFA Jan 2018 resize - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019 The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019FF Logo 400 v3 - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019community social impact - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019
NCFA Fintech Confidential Issue 2 FINAL COVER - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019

 

The future of finance report

Bank of England Review of UK’s financial system | By Huw van Steenis | June 20, 2019

review of UK financial system report June 2016 - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019Overview

My report, The Future of Finance , looks at how the economy is changing; how finance can serve and support these changes; and what it could mean for the Bank of England.

We have looked beyond the immediate challenges posed by the UK’s withdrawal from the EU to identify longer-term trends shaping the economy and finance — and how the Bank can support this evolution for the good of the people of the United Kingdom.

 

 


NCFA Jan 2018 resize - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019 The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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NCFA Fintech Confidential Issue 2 FINAL COVER - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019

 

Hong Kong being pulled into the 21st Century — digital banking licenses finally arrive

Schulte Research | Paul Schulte | June 17, 2019

global network and points of presence maps - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019Digital banking finally arrives in HK --all in one go!

Be careful what you wish for — you might get it.  Hong Kong People have been kvetching for years about the poor quality of banking services. Now, they will have a deluge of ultra-efficient and essentially free new services. These services will offer strictly online banking services without branches and ALL of them have very deep pockets. The first batch below, which I will enumerate in a moment, have capital to burn of about USD 250 million.

This can go a long way in eroding the highly profitable cartel of HSBC and Hang Seng Bank.  Hang Seng Bank has consistently had among the highest ROE globally north of 20-21%. And its revenue per customer has been among the world’s highest as well. HSBC owns more than 40% of HSB, so it has been a cash cow for the bank. Hong Kong is really the center of profitability for HSBC, since its ROE for commonwealth countries is the single digits and it has basically given up on the US financial market.  It’s European business, like all Euro banking franchises, is in the doldrums.

See:  FINTECH FRIDAY$ (EP.11-Sep 28): How Amazon Bank is Dominating and Risks of a Digital Bifurcated World with Paul Schulte, Founder of Schulte Research

Before we delve into the new guys on the block, lets focus on two issues.  Hong Kong is desperately behind on all of this digital banking.  Let’s just say that the HKMA has been ultra-cautious to not rock the boat for incumbent banks. Hong Kong has been an example where the regulator has caused some degree of asphyxiation of the environment due to its cozy relationship with the status quo players. Banks like Goldman Sachs have had digital bank Marcus for many years. JP Morgan has had Finn for some time.  Others like BNP, ING, Santander all have had digital banks for many years.  And of course, China is a banking system which no longer has cash, credit cards or checks. Hong Kong still runs on checks and taxis only accept cash.  This Big Bang we saw in April and May will be very painful for the incumbents.

HK digital bank licenses April 2019 - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019

The second issue is traditional telecom services have traditionally gone through telecom trunks. Hong Kong’s vital importance to the region has been little appreciated.  It is the nerve center for much of the undersea telecom services for Asia Pacific — as much as 90%. HSBC, for instance, has relied on this for many decades to connect its vast commonwealth system.  As China decides to go its own way and disconnect from the Western systems (like Google and WhatsApp) and create a self-sustaining systems based on Alibaba and Tencent. As Hong Kong slowly morphs into a Chinese city, it is quite certain that China will not wish to remain vulnerable to a cable system open to hacking by western intel services. In this way, HSBC is very much tied to the fate of the “Five Eyes” and can no longer say its future lies in being an Asian bank. The same goes for Standard Chartered.

Given that all eight of the new digital bank entrants are either pure Chinese or have important PRC anchor tenants, this sudden burst of highly adept and highly competitive entities will surely drive down margins for all banking services within 2–3 years. This reminds me of when the PRC investment banks came into Hong Kong. Many people said they could not compete outside of China.  They said they could not go up against polished investment banks with long histories.  (I worked inside CCB Intl and from the time I got there to time I left two years later, they had gained massive experience and it was lead manager on the highly successful CITIC Securities IPO.  Within a few years of the investment banks arriving, commissions fell 50% and banking fees fell more than 50%. I predict the same will happen for traditional banking services, but it is likely to happen faster.

See:  Singapore topples United States as world’s most competitive economy

Why will traditional banking fees fall faster with the NEW PRC digital banks than when PRC investment banks caused commissions and fees to collapse in 2010-2014? Because Alibaba and Tencent, among others, invented digital banking many years ago. They have mastered online asset gathering, online SME lending, online robo-advisory, online FX transfers, online everything. And it is glued onto a cell phone that is fully integrated into the lifestyle of 1.4 billion people in ways that Hong Kong people could hardly dream of.  Banks are essentially nowhere in understanding how financial choices are a mere subset of a person’s lifestyle choices.

HK digital bank licenses May 2019 - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019

The first batch of online banking services below are a smattering of Hong Kong and western entities, but they are all basically Chinese entities.  The second group announced last week are all of the major players in Asia pacific lifestyle and financial services. Let’s not forget, for instance, that Alibaba is now connected to Pay TM, Lazada, Tokopedia. And Tencent can leverage WeChat in HK online activity. This can render much of the local banking services irrelevant. I was doing some consulting three years ago with some of these incumbents and was begging them to split off online banking services with a separate entity. I also wore out my welcome with the HKMA and told them to force a big bank in digital services for the good of the local incumbents. Nothing happened for years. Now, ALL of the most adept online banking powerhouses — hungry, entrepreneurial, savvy and well funded — have come into Hong Kong virtually on the same day. God help the incumbents.  They have no one but themselves to blame for not being prepared.

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paul schulte2 - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019Paul Schulte, Schulte Research
Founder and Managing Editor
Hong Kong

https://linkedin.com/in/paul-schulte/

Paul Schulte's roles in banking & financial services in the past 30 years include equity & fixed income research (buy & sell sides) in emerging markets. In recent years, technology has evolved rapidly to challenge all facets of financial services his core belief is: Liquidity & credit are everything; get bank liquidity & solvency right and the rest follows. Aside from being the founder & editor of Schulte Research, he has taught for 18 years IN MBA programs: Tufts, HK UST, HKU, LMU Hilton School in LA & SUSS in Singapore. He has also worked for the Number 1 investment bank from Switzerland, US, UK, Japan, PRC & Holland starting in 1990. Paul has been a source for the WSJ, NYT, Bloomberg, Nikkei, FT, Economist, Barron’s & Forbes. His clients include some of the largest sovereign, pension, mutual and hedge funds globally. He served as an advisor to IOSCO, ASIC, HKMA, Malaysian SFC, PRC PBOC & CBRC, Thai SEC & Indonesian OJK and Bank Indonesia.


NCFA Jan 2018 resize - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019 The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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NCFA Fintech Confidential Issue 2 FINAL COVER - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019

 

Toronto’s Wave Financial purchased by H&R Block for $537-million

Globe and Mail | Sean Silcoff | June 11, 2019

Wave CEO and Co founder Kirk Simpson - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019Toronto accounting software firm Wave Financial Inc. has been purchased by tax services giant H&R Block, Inc. for US$405-million. It’s the latest in a string of “exits” – takeovers or initial public offerings – of venture-backed Canadian firms this year that have commanded relatively large valuations by historic standards, a sign that Canada’s surging early-stage tech sector is maturing.

“Exits [valuing firms] at $50-million to $100-million were the norm in Canada in the early 2000s and $100-million to $200-million earlier this decade,” said Peter Misek, a member of the Wave board.

“For the successful companies now in Canada, $500 million-plus is what entrepreneurs and venture capitalists are shooting for.”

The Wave takeover is one of three deals this year to rank among the seven largest exits since the dot-com crash, according to data compiled by the Ontario Municipal Employees Retirement System (OMERS). Montreal-based retail software provider Lightspeed POS Inc., went public in March at a valuation exceeding $1-billion, while Intelex Technologies Inc., a seller of environmental, health, quality and safety auditing software, agreed last week to a takeover by Pittsburgh’s Industrial Scientific Corp. for US$570-million

See: 

Wave started out a decade ago offering free, cloud-based accounting and invoicing software for small businesses, amassing users quickly and inexpensively. The company, led by 44-year-old chief executive Kirk Simpson, originally intended to make money by selling advertising on its platform, “but monetizing was a real challenge,” said Devdutt Yellurkar general partner with Boston-based venture capital firm CRV and an early Wave investor.

Around 2014 to 2015, the company began offering financial services for a fee embedded in its platform, such as bank transfers, online loans, invoicing and payroll services. The company also overhauled its software after Mr. Simpson deemed the product second-rate.

“We had a moment where we said, ‘We have to get the fundamentals right to become the company we want to be,'" Mr. Simpson said. “Free is good, but small businesses need the best software.”

Mr. Simpson credits those moves with ramping up the company’s revenue growth. Wave now has more than 400,000 customers globally, including tens of thousands who pay. While other “freemium” companies typically see 2 to 4 per cent of customers shell out for paid services, Wave’s conversion rate is believed to be about two to three times higher and its revenues exceed $50-million annually.

The company had previously raised US$77-million in venture financing from North American investors including OMERS, Royal Bank of Canada, Business Development Bank of Canada, CRV, Automatic Data Processing Inc., Silicon Valley billionaire Chamath Palihapitiya’s Social Capital Venture fund and Power Corp. of Canada’s Portag3 venture arm.

Wave set out last fall to raise another $50-million-plus in venture financing, but as the company considered other options, Mr. Simpson was drawn to do “something more strategic … that gave us the best opportunity to ensure we could truly build this platform for small businesses over the long term,” he said.

“The opportunity to bring together our platform with the tax expertise that H&R Block can bring is a really compelling offering to small business owners” with “amazing synergies," Mr. Simpson said.

Continue to the full article --> here


NCFA Jan 2018 resize - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019 The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Why Did Chase Shut Down Finn?

Forbes | | June 6, 2019

chase closes finn - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019JPMorgan Chase announced that it is shutting down Finn, its digital banking service.

According to the Wall Street Journal:

Finn was a bit of a hybrid, offering customers a digital app loaded with features as well as some branch access. The bank ultimately determined that Chase was best positioned to provide that combination of services to its customers, according to people familiar with the matter, rendering Finn unnecessary."

Finn, named after one of Meadow Soprano's boyfriends in the hit TV show The Sopranos (just kidding), was launched in July 2018 after a nine-month test in the St. Louis market. At that time, Tearsheet wrote:

Finn’s wider rollout is evidence of the opportunity banks see in serving younger, digitally native users, and a sign that the agile, iterative approach to products typical of startups is making its way to the big banks."

Well, that didn't turn out as planned. According to estimates from Cornerstone Advisors, Finn managed to sign up just 47,000 customers since its inception.

Why Did Finn Fail?

Finn's failure can be attributed to the combination of three factors:

  • Lack of demand. Who wants to bank with a digital bank like Finn? According to Cornerstone Advisors' research, not a lot of people. When asked who they would consider if they were in the market for a new checking account, only 7% of respondents said they would consider a digital bank.
  • Wrong audience. If Finn's target market was "younger, digitally native users," it was barking up the wrong tree. Just 7% of 20-something Millennials and 6% of 30-something Millennials said a digital bank would be in their consideration set. In contrast, 9% of Gen Xers and 7% of Boomers said they would consider a digital bank.
  • Better choices in the market. This is the clincher. The bottom line is that Finn didn't offer consumers (and in particular, existing Chase customers) anything they couldn't get elsewhere. Chase was already leading the pack (or right up there) in mobile banking capabilities.

Megabanks Lead the Pack in Mobile Banking Functionality

A study by S&P Global Market Intelligence looked at 15 "advanced" mobile banking capabilities, i.e., features beyond the standard ones like branch/ATM locator and check balance. They reviewed the mobile banking capabilities of 70 banks--26 with assets greater than $50 billion, and 44 with assets between $10 billion and $50 billion.

Percentage of Banks Offering Mobile Banking Feature by Asset Size
Greater than
$1 trillion
$50 billion
to $1 trillion
$10 billion
to $50 billion
Manage balance or fraud alerts  100% 95% 75%
P2P payments 100% 91% 66%
Other biometric login options 100% 86% 68%
Turn card on/off or report lost 100% 77% 39%
View balance without logging in 100% 68% 52%
Card rewards information 100% 64% 27%
Other language options 100% 59% 7%
Travel notification  100% 36% 16%
Credit score information 100% 32% 7%
Access account statements 75% 68% 45%
Budgeting tools 75% 45% 36%
Apple Watch app 75% 27% 16%
Cardless ATM 75% 18% 5%
Schedule branch appointment  50% 23% 2%
Picture bill pay 25% 9% 7%
Source: S&P Global Market Intelligence

See: 

 

Continue to the full article --> here

 


NCFA Jan 2018 resize - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019 The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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NCFA Fintech Confidential Issue 2 FINAL COVER - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019

 

Fintech Disruptor KOHO Brings The Best Cashback Card to Market With its New Premium Offering

Koho release | June 6, 2019

Koho premium - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019TORONTO, June 05, 2019 (GLOBE NEWSWIRE) -- Weeks after announcing the close of its precedent-setting $42 million Series B fundraise, KOHO continues to push the industry forward by offering the best cashback program available to Canadians. No other prepaid card on the market offers cashback to consumers, and KOHO continues to change the rules of the game by offering 2% cashback on groceries, transportation, and dining out with its rewarding Premium full-service account.

KOHO Premium also boasts no foreign exchange fees, a slick vertical card design, free financial coaching in the app, higher balance limits, and price-matching to help users find the best deals possible — even after purchase.

For $9 a month or a discounted $84 a year, users who adopt Premium can buy their groceries at any store they want (and aren’t limited by big chain retailers). They also earn on transportation from Uber, to gas stations, to transit. What’s more, users can happily order that extra appetizer or food delivery knowing they’re earning instant cashback on all eating and drinking. For all purchases outside of those three categories, users will earn 0.5% cashback. All they need to spend per month to make the Premium upgrade more than pay for itself is $600.

See: 

Wisdom holds that Canadians should save 20% of their annual income, but in reality the average savings rate is only 3.5%. From Premium to its RoundUp feature, which rounds transactions up to the nearest dollar or more, KOHO continues to find innovative ways to help its users save money even while they spend.

“Just like the company itself, Premium is an evolving offering that will continue to provide more value for KOHO users as they adopt it,” shared Daniel Eberhard, Founder and CEO of KOHO. “We’re constantly adapting our products to fit the lives of Canadians, to add value and help contribute to a more financially balanced future,” he added.

KOHO is offering a free 30 day trial of Premium so that users can see for themselves if the program is the right fit for them. The original KOHO offering with its 0.5% cashback and feature-rich app will always remain free. Premium is just the beginning, with many more exciting launches coming from KOHO later this summer, including the arrival of metal cards with a waitlist already thousands long.

 

About KOHO
KOHO is a quickly scaling FinTech company that offers Canadians an alternative to their traditional banking experience. With an integrated app and reloadable Visa card, users get real-time insights into their money, along with instant cashback, round-ups, automated savings goals and more. Backed by Power Corp. and Portag3, KOHO is an ambitious company looking to make a difference in the financial lives of Canadians. KOHO has raised two rounds of funding and won the NASDAQ Award for Best FinTech Co. Visit www.koho.ca for more information.

Tanya Black, Communications Strategist, tanya@koho.ca (416.666.5352)

 


NCFA Jan 2018 resize - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019 The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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EY Global FinTech Adoption Index finds over half (64%) of global consumers use FinTech

EY Canada | John La Place | June 4, 2019

global fintech index EY - [INVITATION] Webinar:  FinTech Market and Opportunities in Hong Kong / Canadian FinTech Trade Mission to Hong Kong @ HK FinTech Week 2019

  • US consumer adoption has grown 29.5% in the last four years

  • 96% of global consumers are aware of at least one money transfer and payment FinTech service

  • One-quarter of small and medium-sized enterprises use FinTech, with a 23% adoption rate in the US

Financial technology (FinTech) adoption among consumers has nearly doubled over the past 18 months, according to the latest EY Global FinTech Adoption Index, and the adoption rate is growing faster than anticipated. Globally, 64% of digitally-active consumers across 27 markets use FinTech, and awareness is even higher.

This year, the EY organization added the first-ever Small and Medium-Sized Enterprise (SME) FinTech Adoption Index given FinTech’s expansion beyond consumers. EY member firms surveyed more than 1,000 organizations in five countries and found that one-quarter of organizations have used at least one FinTech across the following four categories in the past six months: banking and payments, financial management, financing and insurance.

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“FinTech organizations are no longer fringe disruptors and have grown into sophisticated competitors,” said Matt Hatch, Partner, Ernst & Young LLP and the EY Americas FinTech Leader.

“Now, financial incumbents are taking note and offering FinTech solutions, forming ecosystems that are replacing traditional partnerships. We fully expect this trend to accelerate as nonfinancial companies enter the space and leverage technology and innovation to provide frictionless, transparent and highly-personalized services.”

What’s driving adoption?

EY firms interviewed more than 27,000 people to better understand how consumers are interacting with FinTech, and the results are promising. Based on the survey results, money transfer and payments services continue to be the most popular in both awareness and adoption, as only 4% of global consumers are unaware of at least one money transfer and payment FinTech service. Adoption rates continue to lag in the US, while Europe’s investments in open banking have contributed to higher adoption rates in that region.

SMEs are further behind in their adoption journey compared to consumers. When an SME uses FinTech services, they have essentially selected this company as an approved vendor, so 25% is considered high, and the adoption rate is expected to climb. Over one-fifth (22%) of non-adopters already use FinTech services in three of the four categories defined in the survey methodology, which means they are on the verge of becoming FinTech adopters. By this measure, the global adoption rate could surge from 25% to 64%.

The impact of trust on FinTech adoption

The survey indicates that trust plays a large role in FinTech adoption, as non-adopters choose to remain with traditional financial services because they trust them more than FinTech challengers. Many FinTech propositions rely on data sharing, which can present a barrier for adoption.

See:  #FFCON19 talked about how to build trust in the 21st century

Nearly half (46%) of adopters are comfortable with their primary banking institution sharing their financial data with other organizations if it means better offers on products or services, but less than a quarter (23%) would share data with nonfinancial services companies.

This trust gap creates a huge opportunity for financial institutions and FinTech challengers, as 31% of adopters say they are willing to share data with FinTech challengers. Although nonfinancial services companies might lead innovation, they don’t have full confidence when it comes to providing financial services.

Still, 68% of surveyed consumers are willing to consider a financial services product offered by a nonfinancial services company.

The SME FinTech Adoption Index found similar trends. SME FinTech adopters are also more open to sharing data with FinTech companies (89%) and other financial services companies (70%) over nonfinancial services companies (63%).

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