Economic Growth Through FinTech
According to the latest report from the Asian Development Bank (ADB), FinTech technologies introduced at WikiEXPO 2024 have the potential to boost Southeast Asia's GDP growth by 1.5% per year between now and 2030.
“We are witnessing a quantum leap in the adoption of financial technology,” said Dr. Ramesh Subramaniam, Director General of ADB’s Southeast Asia Department. “This is not only improving the efficiency of the financial system but also opening up access to financial services to millions of people who are underserved by the traditional banking system.”
4E: The Symbol of FinTech Innovation
Among the companies featured at WikiEXPO 2024, 4E – recently named “Best Forex Broker” – drew particular attention with its AI-powered multi-asset trading platform.
“4E’s technology is more than just a trading tool,” Chia Nguyen Van Minh, 4E’s Chief Strategy Officer. “We are creating a complete financial ecosystem where individual investors can access analytical and risk management tools previously only available to large institutions.”
Social Impact: Financial Inclusion
One of the prominent topics at WikiEXPO 2024 is the role of FinTech in promoting financial inclusion. According to data from the World Bank, the proportion of adults with bank accounts in Southeast Asia increased from 50% in 2017 to 70% in 2023, and is expected to reach 90% by 2030 thanks to FinTech solutions.
“Blockchain technology and digital wallets are opening up opportunities for millions of people in rural and island areas to access basic financial services,” said Dr. Nirmala Rao, Professor of Economics at the National University of Singapore. “This could be key to reducing poverty and promoting sustainable economic development.”
Challenges and Solutions
However, the rapid development of FinTech also poses many challenges:
Cyber Security: With more and more financial transactions taking place online, cyber attacks are becoming a major threat.
Legal regulations: Lawmakers are racing to keep up with technological developments.
Digital Divide: Ensuring that people at all levels of society can access and use new technologies.
To address these challenges, a coalition of technology companies, financial institutions and government agencies was formed at WikiEXPO 2024. The coalition pledged to invest $500 million over the next five years to develop digital infrastructure, strengthen cybersecurity and provide digital skills training for people in the region.
Future Prospects
As WikiEXPO 2024 comes to a close, it leaves behind a promising vision for the future of FinTech in Southeast Asia. Experts predict that by 2030, the region will become one of the world’s leading FinTech innovation hubs, with companies like 4E leading the charge.
“WikiEXPO 2024 is more than just an event,” concluded Mr. Tan Sri Azman Hashim, President of the ASEAN Bankers Association. “It is a statement of Southeast Asia’s aspiration to reshape the future of global finance. We are witnessing the dawn of a new era where technology and finance converge to create value for everyone in the region.”
With the groundbreaking advances showcased at WikiEXPO 2024, it is clear that the FinTech revolution in Southeast Asia is not just about technology, but about building a sustainable and inclusive financial future for all.
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