EY Fintech Adoption Index 2017

An interesting look by EY at the consumer adoption across different Fintech services, and in different countries.

Some salient points:

• Money transfer and payments* tops the list with 50% of consumers using Fintech money transfer and payments services, followed by Insurance at 24%, Savings and investments at 20%, Financial planning at 10%.
• Top 5 countries feature China which tops the list with 69% adoption, India at 52%, UK at 42%,  Brazil at 40%, Australia at 37%.
• China, India and emerging markets' high adoption a mark of FinTech firms exceling at tapping into the tech-literate, but financially underserved population, of which there are particularly high ratios in emerging countries.
• Singapore is at 23% adoption, below the average of 33%. The average itself has gone up from 16% in 2015. 

Note: The survey sample size is quite small at 22,000 digitally active consumers who have used each product but  it does cover 20 mature and developing markets. 

* includes a large array of services - Online foreign exchange, Pay via cryptocurrency, Overseas remittances, Online digital-only banks without branches, Non-banks to transfer money, Mobile phone payment at checkout

For the detailed report you need to download the PDF.

#Fintech #FintechAdoption #Payments #MobilePayments

Challenges SMEs in Singapore face in going cashless

With $2 billion as costs incurred by Singapore to manage its cash and cheque-based payments, cashless is the way to go. However interoperability and merchant fees are among key areas that need to be addressed for Singapore's cashless drive.

Even DBS' PayLah though free, won't work for merchants in its current form as it is primarily a P2P payment mode where transactions go through personal account rather than corporate account.

Check this article on the challenges SMEs in Singapore face in going cashless: http://www.straitstimes.com/business/banking/challenges-smes-face-in-going-cashless