Fintech trends in APAC and the relevant skills that you need to know
The EY Global Fintech Adoption Index 2019 has identified that 58% of digitally-active Australians are using fintech products and services – a 37% increase from 2017. In spite of this considerable increase, Australia still lags behind the global consumer adoption average of 64%. Fintech adoption rates are specifically high in the Asia-Pacific region with mainland China and India showing the highest consumer fintech adoption rates globally at 87%; and Singapore, Hong Kong and South Korea are at 67%. This follows PwC’s global fintech report which indicated that 82% of companies expect to increase fintech partnerships in the next three to five years and 20% expect to have a return on their investment within fintech. This is not surprising as fintech becomes more prevalent in many industries today. In fact, fintech associations across Asia-Pacific have announced the formation of the Asia-Pacific Fintech Network which aims to facilitate greater collaboration and innovation throughout the region.
What areas will the Asia-Pacific Fintech Network focus on?
The Asia-Pacific Fintech Network will focus on a range of sectors such as artificial intelligence (AI). In fintech, AI can be used to hyper-target and respond to customers' immediate needs. PwC has predicted that by 2030, AI will be able to increase gross domestic product globally by 14%. This is due to AI’s ability to convert big data into smart data and create a better omni-present customer experience.
Another sector that the network will focus on is regtech which is designed to speed up compliance verification, risk management and other technological solutions to save costs and time. This is particularly relevant following the increase in regulations such as the banking Royal Commission.
Last but not least, fintech will also be used extensively in the cyber security sector to help detect suspicious transactions in real time and allow for immediate action to be taken.
What skills can help you to excel in a career within fintech?
The fintech industry is open to professionals with different backgrounds such as compliance, IT, HR or Agile. Professionals in the banking and financial services sector can attest to the fact that technology has indeed allowed them to work more efficiently and reduce margins of error.
Likewise, if you are interested in being a developer – it is important to be at the forefront of the newest development tools. Below are some key skills and experience that will help you excel in a career within the fintech industry:
Blockchain is considered as one of the most disruptive technologies of today due to the security and efficiency with which transactions can be executed. According to the aforementioned PwC report, 77% of finance and tech companies are expected to adopt blockchain as part of an in-production system or process by 2020. The demand for experienced blockchain developers has increased and we expect that this will continue in the near future.
To work with AI, it is necessary to automate large amounts of data. Quantum computing can relevantly make algorithms anticipate future results. Python is a prime example of how it can lay the foundation for AI and be widely applicable to write APIs. Python can be a handy skill for accountants and investors to have as their work entail large amounts of data that need to be processed.
One of the biggest differences between fintech companies and non-fintech companies is that the latter often have difficulty converting large amounts of data into comprehensible statistics. This can be largely aided with D3js which helps to visualise the ordered data and is a great tool for controlling.
- Data science
Fintech developers have to be able to design and optimise data architecture. Databases such as Apache Cassandra and data processing systems such as Hadoop are great selections to know and understand.
This language is often used by investment bankers and traders. Java helps to work with large amounts of data. It can communicate with various systems and is safe to use with various built-in features.
C ++ is also known for its speed and efficiency. C++ is especially useful when processing complex data structures and projects, and therefore great for quantitative analytics and finance.
C # is mainly used in .NET and Microsoft applications. C # uses the best of C ++ and Java and can be expanded to almost the entire .NET library. The security that C # offers makes it a popular language amongst fintech developers.
Ruby is the underdog of finance and tech but make no mistake – it has all the features to build applications and can process data quickly and efficiently. Ruby is mainly adopted by fintech start-ups and can be used to create e-wallets, financial and analytical dashboards. There are many free plugins and bug-free codes for Ruby – thereby making it a very attractive programming language.
Are you looking for opportunities in fintech?
We have seen a number of jobs in the fintech space requesting the above key skills – especially Blockchain Developers, Apps Developers and Data Specialists.