6 Fintech Resources in Asia to Read in Preparation for 2024by Johanan Devanesan December 11, 2023
In the dynamic world of fintech, staying informed about the latest trends and challenges is crucial for businesses and individuals alike. This guide delves into a curated list of five influential fintech reports and whitepapers, with each of the resources shedding light on critical aspects of the industry and the evolution of the landscape in key Asian markets.
These reports from invested financial and technology players provide in-depth insights into areas such as identity fraud, the integration of artificial intelligence in banking, and the evolving landscape of digital payments.
By exploring these resources, readers can gain a well-rounded understanding of the current state and future trajectory of fintech in Asia, enabling them to make informed decisions in a rapidly changing financial environment.
Getting a grip on identity fraud
Growing prevalence of AI-driven deepfakes, digital forgeries and identity ‘spoofing’ to obtain valuable personal and business data is impacting industries across the board. With data gathered from over two million fraud attempts across 224 countries and territories, Sumsub’s Identity Fraud Report 2023 breaks down the changing yet pervasive outlook for identity scams this year.
With meticulous research into 28 impacted industries, the Sumsub Identity Fraud Report 2023 studies the rising identity fraud rates over the past three years, discloses which are the most forged document types and which are the most vulnerable industries, and explores the most invasive identity fraud trends as well as which trends that will shape the landscape in 2024.
The Sumsub Identity Fraud Report 2023 leverages exclusive insights and advanced fraud analytics to drill down on which countries and industries and most susceptible to digital identity fraud, and provides eye-opening takeaways, such as a 10x surge in in the number of deepfakes detected worldwide in 2023 compared to 2022.
How ChatGPT is priming the banking sector for AI
Banks are progressively utilising ChatGPT and comparable tools more frequently, merging them with increasing ease with their corporate datasets that could include info as varied as calls, chats, emails, and internal documentation. The more accessible usage of these large language models (LLMs) today is enhancing the functionality of LLM-driven AI assistants across different areas of the bank.
Customers are quickly embracing these AI-driven LLMs, but banks are cautiously advancing, prioritising data protection. Towards this end, financial software company ti&m is aiding its clients who are innovators in incorporating ChatGPT into banking and regular activities. ti&m has released a white paper AI in banking: LLMs and personalised ChatGPTs examining how banks can leverage AI competencies like machine learning, natural language processing and deep learning for a competitive edge.
ti&m’s AI in banking: LLMs and personalised ChatGPTs white paper delves into why LLMs like ChatGPT are having the transformative influence on the banking sphere that was a challenge with prior AI developments like machine learning.
Maximising FIs’ payments transformation
For banks and other financial institutions to ensure they’re strategic priorities are aligned with the best practices within their space as they pursue their digitalisation goals, Bottomline has released The Future of Competitive Advantage in Banking & Payments study. It gathered data from C-level decisionmakers at over 500 banking and non-banking financial institutions across a variety of departments such as fraud, operations, treasury, product, and technical implementation.
Aiming to provide accurate peer-reviewed benchmarking of strategy and pain points in 12 distinct areas including real-time payments, cross-border payments, ISO 20022 message standards, transitioning from on-premise to SaaS, compliance and regulation, Bottomline’s report gathered insights from a ‘who’s who’ of banking and payments.
Some of the authorities supplying commentary to The Future of Competitive Advantage in Banking & Payments report were from Aite-Noverica, Visa, Swift, Banque Cantonale de Genève, the Payments System Regulator, and HSBC, helping to determine what’s working in current product roadmaps of bank and non-bank FIs from 32 countries globally.
Ecosystem report outlines Singapore’s vital fintech role
Singapore Fintech Report 2023
As fintech developments continue to evolve, so too does one of the most advanced and innovative fintech ecosystems in the world. This year’s Singapore Fintech Report 2023 found that there was an enhanced focus on digital money and assets, increased adoption of new technologies, and a surge in real-time cross-border payment systems in the city-state.
With incisive data covering a broad gamut of fintech disciplines in Singapore, the Singapore Fintech Report 2023 covered how the country’s forward-looking regulator the Monetary Authority of Singapore (MAS) was adapting and introducing key legislation and frameworks that would influence not only Singapore’s fintech growth, but have wider ramifications for the rest of Asia as well. Additionally, the sector’s impressive growth is reflected in the 2023 Singapore Fintech Map, with 700 companies now featured.
Some of the intriguing highlights of the 2023 report are the establishment of cross-border retail payment linkages with partner countries like Malaysia and Indonesia, Singapore’s vital participation in a number of cross-border collaborative projects such as Project Orchid and Project Nexus, and MAS’ prescient planning for Singaporeans’ enhanced wealth and asset management by leveraging data and technology.
Philippines funnelling resources to shape inclusive fintech future
Fintech Philippines Report 2023
With a significant portion of the population still unbanked or underbanked, the Philippines offers fertile ground for fintech solutions to make a tangible impact. Recognising the necessity of nurturing fintech innovation to realise financial inclusion objectives, the regulators in the Philippines have been diligently paving the way for digital financial services.
The Fintech Philippines Report 2023 is one of the more comprehensive resources examining the fintech sector in the Philippines, noting the pivotal developments in regulations that is helping foster a digital financial ecosystem in the country, along with notable new highlights being spearheaded by the central bank, Bangko Sentral ng Pilipinas (BSP) and complementary bodies such as the Securities and Exchange Commission (SEC).
The Fintech Philippines Report 2023 details how the Philippines is well on its way to achieving the BSP’s target of at least half of the financial transactions in the country being digital, progressing the growth in financial account ownership and payments under the Digital Payments Transformation Roadmap (DPTR), and leveraging technology that engenders open finance with the aims of providing greater access to financial services, address challenges and promote financial inclusion.
Landmark year in Malaysian fintech development
2023 Malaysia Fintech Report
The 2023 Malaysia Fintech Report is one of the most invaluable resources for getting an overview of the game-changing year in financial innovation in the country.
Among the milestone moments and historic regulatory developments covered in the report was the unveiling of the country’s first digital-only bank, the revelation of the digital insurance and takaful operator (DITO) draft framework, and the remarkable growth of alternative financing channels like equity crowdfunding (ECF) and peer-to-peer (P2P) platforms in comparison with traditional venture capital funding.
And despite a rocky economic climate, the 2023 Malaysia Fintech Report spotlighted a growing fintech sector, with the Malaysia Fintech Map 2023 showing a rising number of fintech startups from the previous year. There was promising growth across a number of fintech verticals including payments, lending, e-wallets, and remittances.
More resources and info
More resources, such as e-books and whitepapers, can be found here: fintechnews.sg/whitepapers
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