Speaking of development of financial technologies and digital innovation, Asia is one such region that is making huge advancements in these fields.
Technology is assisting more people to enter the financial landscape. It doesn’t matter whether it involves mobile payments or digital delivery of countless bank accounts in India; these financial services are open to a large chunk of the entire Asian population.
This is a big development because more than half of the unbanked people live in Asia. Inclusion to the financial scene not only allows these individuals to save for future investments, but it also enables them to invest in the economic prosperity of the country.
The United States of America faces several inclusion challenges, and a lot of Asian countries can learn from their experience.
Fintech can include a number of businesses that face a gap in credit. If we take a look at the global business scene, all across the globe small businesses fail to gain their fair share of credit, considering the part they play in a broader business scene. Their efforts certainly have a positive impact on the country’s overall gross domestic product (GDP).
The world has noticed interesting financial technology trends from small businesses in Asia. It wouldn’t be wrong if we say that these innovations are capable of spreading all around the world.
As far as digital payments are concerned, they apart from making people’s lives easy, ensure improved financial facilities. China has gone beyond the old and hackneyed payment methods like payment cards, and its citizens are moving towards mobile payments.
This will give birth to new data, other fields can benefit from. Things like lending, wealth management and insurance will benefit from the new data that is created.
Still, a balance needs to be maintained between customers’ convenience, privacy of data, as well as the rights to own it. It is a fact that data is becoming a crucial component of almost all the financial activities. Yet, the issue of data privacy and the ownership of data needs to be confronted.
The Indian Supreme Court is dealing with this problem. It is beginning to consider the extent to which financial services will leverage from the national ID system. At the same time Asian policy makers are also beginning to think about the increase in data monopolies with the emergence of strong platforms, as well as the ways to respond to it.
Malaysia Benefits from Chinese Investments