Insight 1
Fintech Landscape
FinTech is the combination of Finance & Technology
Institutions leverage on Technologies and Data to improve the key aspects of their businesses.
What is FinTech?
With the COVID-19 crisis, the development and advent of FinTech has accelerated much more.
DID YOU KNOW?
Click the arrow to find out more!
How relevant is Singapore in FinTech compared to Asean?
US$ 1.1 billion in 2020
US$ 3.5 billion in 2021
Created to provide individuals with convenient access their financial data held across the participating government agencies and financial institutions.
To help in better understanding their financial health and plan their finances efficiently.
FinTech Landscape
Trends in FinTech
FinTech + FinLit
AI Based Solutions
Artificial intelligence (AI) makes use of machines to perform tasks that typically require humans to do, by using data and learning from it and forming solutions from it.
EXAMPLE: Autonomous Financial Planning
Automates important financial decisions, specifically catered for each individual using machine learning
Benefits
How it helps IFL
Generating predictions about future outcomes by analyzing the past and current data to obtain insights on any changes or patterns.
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Predictive Analytics & Big Data
Benefits?
Provides more insights to specific behaviours of each unique individuals.
Forecast future patterns and trends based on current data.
Allows IFL to collate and cluster their data gained from surveys and workshops into machine learning models like Microsoft Azure to predict how youth’s current financial behaviour and actions would affect their long term goals.
How it helps IFL?
Buy Now Pay Later Services
Allows buyers to spread out the cost of a purchase over a few months without interest fees
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Gaining traction amongst Singaporean Youths and used as a popular payment method across many brands in Singapore
In the US, most youths has used a Buy Now Pay Later service in 2021
61%
How it affects financial behaviours?
Over-reliance can lead to overspending and potentially affect credit score negatively and lead to mismanaged finances.
