Potential of financial technology in East and North-East Asia

Dorothea Lazaro and Nobuko Kajiura
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Nobuko Kajiura: Subregional Office for East and North-East Asia, United Nations Economic and Social Commission for Asia and the Pacific

No PB73, MPDD Policy Briefs from United Nations Economic and Social Commission for Asia and the Pacific (ESCAP)

Abstract: FinTech can be broadly defined as the application of information technology (IT) to the financial sector. Its importance is crucial due to the role of the financial sector in channelling savings towards sustainable investments, as it can make them more efficient by circumventing inefficient credit allocation systems that tend to favour State-owned enterprises over innovative MSMEs. Indeed, the rise of FinTech has permeated several aspects of economic dimensions, promoting what is known as the alternative economy: an economic structure that is separate from, and operates largely independently of, the traditional economy. Among many examples of the alternative economy, two well-known global ones are Uber (transport services) and Airbnb (accommodation services).

Date: 2018
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