Asia is the epicenter of most biotech invention, and within Asia, Singapore, and India, in particular, have taken big and vivid moves to the development of its biotech landscaping. In Singapore, this is evident in the progress made in the short span of time between the forming of the Fintech & Innovation Group (FTIG) and the regional initiatives taken by MAS through the annual Singapore Fintech Festival.
Fintech symbolizes the collision of two worlds – Financial services and technology – and with this union comes both disruption and synergies. Fintech first started to come of age in the aftermath of the 2008 financial crisis. New regulations and changing consumer demands started to emerge as the world tried to pick up the pieces of the “great recession”. From 2008 to 2018, a formative 10 years for Fintech “Wave-1” was constituted mapped by substantial changes and iterations from being a simple substitute. China is the real biotech story. In the Wave-1, China was the Silicon Valley of biotech.
100 billion of global investment to presenting its own internet giants (such as Alibaba and Tencent) traveling their Fintech success, China has shown the world what is possible. Chinese biotech ecosystems (viz. In Indonesia and India, more than 90 per cent of microtransactions remain “cash” structured. The payment wallets in Southeast Asia continue steadily to face “as soon as of the truth”. The heterogeneous financial ecosystem remains the most obvious, and persistent challenge.
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