Periodic Essay

Asia’s Fintech Revolution

Abstract: Driven by the proliferation of new technologies and startups, financial systems across Asia are undergoing a significant transformation. Finance in Asia has been historically dominated by large banks, many of which have been slow to embrace technological change thereby leaving many parts of the economy underserved in terms of access to financial services. The growing ubiquity of mobile phones, the internet, and other technologies have given rise to new ways of delivering financial services, a phenomenon commonly referred to as ?fintech.? The companies leading the introduction of these new services are often startups or firms outside the traditional financial sector. Regulators have sought to keep pace with the rapid evolution of technologies and services.

Bibliographic Information

Provider: Federal Reserve Bank of San Francisco

Part of Series: Asia Focus

Publication Date: 2017

Issue: February

Order Number: 01