Singapore Ranked Lowest For Business Usage Of FinTech Compared To China, Hong Kong And Malaysia
27 Aug 2020 — Singapore ranked lowest for business usage of #FinTech compared to China, Hong Kong and Malaysia
Last week, a new regional survey, conducted on business FinTech usage by CPA Australia was released. I scoured the internet and found most news only focused on individual country results without comparing with those surveyed.
I took the liberty to compile the results and imagine to my surprise, Singapore is ranked last for business usage of FinTech.
According to the Global FinTech Index City (GFIC) Rankings 2020, Singapore is ranked 3rd in the world and 1st in APAC. While it is evident that both evaluation metrics are different, what is clearly established is being a top 10 FinTech capital does not equate to one with high business usage of FinTech.
Malaysia, while only ranked 36th position in the GFIC rankings scored much better in the survey with 76% of Malaysian businesses embraced at least one FinTech product or service over the past 12 months.
Meanwhile, mobile payments and digital wallets topped the business FinTech usage and are likely to drive its adoption in all countries. And no surprises for Mainland China, the world leader in mobile payment, sits at the top with 80% of its businesses used FinTech in the past 12 months.