FINTECH in Asia

FINTECH in Asia

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What is fintech?

 

Financial technology, or Fintech for short, covers every single method of business transaction, from paper money to online algorithms. However, since the introduction of the (mobile) internet, the Fintech sector has been growing in leaps and bounds. 

 

Who uses Fintech?

 

Banks, businesses and consumers. Millennials are the first to reach out and test the waters of the fin tech industry as they put more trust and faith into the idea of mobile banking than the older generation do.

 

The question surrounding the ethics of Fintech will stick around if the puropse of the use of the consumers personal data is not clarified. How can you keep your money secure in a mobile app when every other detail of your life is shared on one app or another?

 

The good thing about Fintech is that one cannot simply create a Fintech app and throw it into the world. There are many rules and regulations set in place that come along with the process and cannot be omitted. 

 

 

Fintech Asia

 

Asia is well on its way to becoming the world hub of Fintech with the biggest conference having been held in Singapore in 2016. Hong Kong, Singapore, China, India and Japan are the biggest players in the game so far. The growth of Fintech in Asia, along with amounting political issues and conflicts in North America and Europe, will have many positive effects on the Asian economy. 

 

Chinese Fintech companies attract impressive amounts of funding which helps skyrocket the growth of the industry in China. Large, well known companies such as Baidu, Alibaba and Tencent (WeChat) are at the top of the leaderboard, claiming their territory so that foreign competitors will never stand a chance. 

 

While Hong Kong doesn’t always have easy access to Mainland China, there are many international banks present in Hong Kong to further their Fintech endeavours. Fintech companies in Hong Kong lay their focus more on local businesses and consumers, or reach out to countries such as Singapore and Malaysia for data and partnerships. 

 

Fintech is rising along with the sun in Japan where they are eagerly searching foreign intelligence to strengthen their industry. In Japan, the focus lies more on the consumers and companies that use the Fintech services rather than on the banks.

Keep an eye out for Alpaca, who omit emotions to optimise trading strategies, Zaim who are working on automating all personal finances and Metaps Spike, a general payment tool. 

 

India’s smaller Fintech companies receive larger amounts of financial backing compared to other countries, allowing them to reach a bigger audience and create large advances. As India is a vast country with a well educated demographic, they have the capability to recreate competitor functions aside from creating their own. Companies such as Flipkart mirror Alibaba and Bank Bazaar is the leading competitor in India, with over 5 million customers in over 1,000 cities. 

 

Finally, the rising economic empire of Asia, Singapore. Attracting a large number of foreigners who each bring their own knowledge and expertise allows for a strong variation and rapid growth in the Fintech industry. Singapore’s most savvy startups include PolicyPal, which helps people manage insurance policies and apps such as TradeHero and WeInvest, to help track investments and investment risks. 

 

What kind of internships are available in the Fintech industry?

 

Below are some examples of possible internship roles, these roles usually call for enthusiastic and dedicated students who have some knowledge of programming, presentation skills, or skills relevant to the function offered. 

 

Research internship

Tasks include: Assist in research and research analysing, identify and observe key competitors, work together with management team and create research result presentations

 

Intern developer

Tasks include: focus on and revitalise investment strategy, design user experience, support testing

 

Growth hacking intern

Tasks include: manage growth hacking and offline strategies, manage social media, develop content and strategy, 

 

Also, keep an eye out for Fintech programs such as the new program from The Hong Kong Monetary Authority and the Technology Research Institute have created a new program, the Fintech Career Accelerator Scheme (FCAS), for students. The program included 70 openings and worked in cooperation with 11 banks such as Bank of China, HSBS and BNP Paribas. The internships will run for 6 to 12 months and include positions in areas such as cybersecurity, data analytics and mobile app development.

 

 

 

The world of Fintech is not a static one. New apps such as mobile wallets and mobile banking systems are being created and tested continuously to begin building the future takeover of business transactions. Find a Fintech internship and join the rapidly growing, exciting industry.

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