The rate of fintech adoption among Singapore consumers has almost tripled in just two years, according to the EY Global FinTech Adoption Index 2019.
Singapore's adoption rate jumped from 23% to 67% between 2017 to 2019. The jump positions Singapore as a leader across Asia-Pacific, though the region's overall adoption rate is nothing to scoff at (64% in 2019, from 33% in 2017).
But outshining Singapore, China and India emerged global leaders with a 87% consumer fintech adoption rate.
Singapore has enjoyed significantly increased rates of consumer fintech adoption, and we expect even higher rates in future, due to the supportive regulatory environment"
Globally, an average 89% of consumers are aware of the existence of in-store mobile phone payment platforms and 82% are aware of peer-to-peer payment systems and non-bank money transfers. Availability of these FinTech services is even more accentuated in mainland China with 99.5% of consumers aware of money transfer and mobile payment services.
EY defines fintech as organisations that combine innovative business models and technology to enable, enhance and disrupt financial services.
Said Varun Mittal, global emerging markets fintech leader at EY said: "Singapore has enjoyed significantly increased rates of consumer fintech adoption, and we expect even higher rates in future, due to the supportive regulatory environment. Singapore may be a relatively small business-to-consumer (B2C) market by size, but it is a hotbed for innovation and a great launchpad for startups and businesses to build their technology, test it, and then scale across South-east Asia."
He added that most Asian markets benefit from a powerful "fintech feedback loop", with the increased adoption driving increased innovation, and vice-versa.
Currently in its third year, the index was based on an online survey of more than 27,000 digitally active consumers across 27 markets. This year's survey also included 1,000 SMEs utilising fintech services in mainland China, the US, the UK, South Africa and Mexico.