In anticipation of his participation to BCR’s 20th RFIx event which will take place on 10-11 March, 2020 in London, Kevin Day CEO of HPD LendScape answered the question raised by BCR on rising fintech markets.
BCR: Why is fintech in emerging markets overtaking the rest of the world?
Kevin Day: The world is fast moving and fintechs are quick to exploit gaps and see opportunities to meet customer needs. In developed financial services eco systems, this has been about creating niche, alternative solutions to compete with deeply entrenched incumbent providers. In these environments, fintechs obtain footholds, but can struggle to grow and gain market share, many collaborating with the “old guard” to gain traction and market share. In emerging markets, there is a hunger for new digital and mobile technology, with no legacy backdrop and an aspirational populace, building businesses, developing the economy and creating demand for financial services, ill supported by existing providers. In this environment, fintechs can quickly flourish to take up this demand and, in some cases, achieve meteoric growth.