Asia has many things going for it. It has two of the largest and fastest growing economies, apart from a few other “tiger” economies; it has a young population which finds it easier to deal with technology than most other parts of the world; and, it is willing to venture into newer areas as it attempts to include the vast underbanked population into the mainstream.

The race is on. Singapore, Hong Kong and Australia are all vying to be the fintech hubs of the region, and whoever wins will have the opportunity to help fuel the economy across Asia/ Oceania. The fintech industry has gained a legitimate status and everyone, from banks to government, is starting to pay attention to its development. This has been augmented, in Asia, by a strong start-up culture, availability of venture capital and the need for alternate finance instruments.

“Fintech,” stands for financial technology, or technology used for the financial sector, and comprises of multiple things – artificial intelligence, blockchain, virtual reality, machine learning, cloud-based software – which are proving to be a mantra for financial institutions as they are allowing them to have limitless reach. It is enabling firms to redefine their value propositions and allowing them to expand their reach without having to incur significant costs. However, what we are seeing is just the proverbial “tip of the iceberg,” as we continue to scratch the surface.