EY and Credit Suisse teams co-hosted the CS-EY FinTech Forum. The forum attracted over 90 participants from top financial institutions in Bangkok, Jakarta, Kuala Lumpur, Manila, Melbourne, Mumbai and Singapore, as well as 25 FinTech firms with headquarters in Singapore, Indonesia and India. EY teams are committed to work with industry participants to help bring about greater FinTech integration to countries in ASEAN-6 and India.

1. How EY and Credit
Suisse teams brought
growth opportunities
to future leaders
of disruption in
ASEAN-6 and India

2. EY and Credit Suisse teams
co-hosted the CS-EY FinTech
Forum. The forum attracted
over 90 participants from top
financial institutions in Bangkok,
Jakarta, Kuala Lumpur, Manila,
Melbourne, Mumbai and
Singapore, as well as 25 FinTech
firms with headquarters in
Singapore, Indonesia and India.
EY teams are committed to work
with industry participants to
help bring about greater FinTech
integration to countries in
ASEAN-6 and India.

3. 3How EY and Credit Suisse teams brought growth opportunities to future leaders of disruption in ASEAN-6 and India |
How can we bring greater FinTech
integration in ASEAN-6 and India?
To attain greater FinTech integration, FinTechs need to be exposed to financially
capable institutions that will help spur expansion of business.
ASEAN and India are both regions with fast growing
smartphone penetration rate. ASEAN’s number of
smartphone users is expected to reach 432 million by
20201
and India has 777.5 million of smartphone users
in 20182
. Alongside that, both regions have a large
base of internet users. In 2018, ASEAN had more than
350 million internet users3
, which is more than half its
population and India had an estimated 556 million4
, which
is approximately 42% of its population.
Both regions have one of the youngest demographics in the
world, with around 2/3 of the total population below the
age of 34. The region is likely to be more willing to adopt
new technologies, according to Credit Suisse estimate.5
Source:
1. www.businessinsider.com/southeast-asia-could-be-a-leader-in-mobile-internet-usage-next-year-2017-12
2. www.statista.com/statistics/467163/forecast-of-smartphone-users-in-india/
3. www.thinkwithgoogle.com/_qs/documents/6870/Report_e-Conomy_SEA_2018_by_Google_Temasek_121418_cpsLjlQ.pdf
4. www.businesstoday.in/current/economy-politics/india-internet-users-to-reach-627-million-this-year-report/story/325084.html
5. plus.credit-suisse.com/s/V7gpJQ4AN-X7Wm
6. www.edb.gov.sg/en/news-and-events/insights/headquarters/how-digital-disruptors-serve-the-unbanked-in-southeast-asia.html
7. www.edb.gov.sg/en/news-and-events/insights/headquarters/how-digital-disruptors-serve-the-unbanked-in-southeast-asia.html
8. www.uobgroup.com/techecosystem/pdf/UOB-The-Next-Wave-of-Growth.pdf?adobe_mc=MCMID%3D91397483200041843712175855948925463806%7CMCORGID%3
D116168F454E6DA2A0A4C98A6%2540AdobeOrg%7CTS%3D1560136523
9. yourstory.com/2019/02/predictions-india-fintech-startups-funding
As more of the young population in ASEAN and India
come of age and join the workforce, the community
progressively becomes more digital savvy and
this gives rise to demand for digital, internet and
mobile technologies.
The population without a bank account in ASEAN and
India are 304 million6
and 190 million7
respectively. With
the significant lack of access to fundamental financial
services and products in both regions, there is a need for
alternative and innovative financial solutions to cater to
this underserved and untapped market.
Investors have recognized FinTechs as one of the plausible
solutions provider and have invested increasingly in
both region’s FinTech industry over the years. Funding
for ASEAN FinTech community reached US$458 million
in 20188
which was a growth of 100% from 2016 and
India’s FinTech funding was at US$2.34 billion in 20189
,
a stunning 300% growth from 2016.
Though both regions have the ideal environment and
demand for FinTechs to operate and offer own brand
innovative products, these firms still face other complex
challenges, which includes limited resources to scale
rapidly while sustaining operations.
EY professionals wondered how they can assist FinTechs
better penetrate these markets and gain accelerated
growth opportunities in both regions.
Singapore
Thailand
Vietnam
Indonesia
Malaysia
Philippines
ASEAN-6
India
China
Asia
World
0% 10% 20% 30% 40% 50% 60% 70% 80%
40%
44%
56%
60%
61%
66%
58%
62%
46%
56%
57%
Fig 1. Some of the ASEAN-6 countries have younger
demographics compared to the region and world
Note: Percentage of 2018 population between the age of 0–34 years;
Source: United Nations

4. 4 | How EY and Credit Suisse teams brought growth opportunities to future leaders of disruption in ASEAN-6 and India
EY teams initiated an exclusive networking session and brought in future leaders of
disruption from ASEAN-6 and India to meet top financial institutions.
The 2019 CS-EY Fintech Forum that was collaboratively
organized by EY and Credit Suisse teams took place on
the 27 and 28 June. The aim was to bring the finest
business and investment opportunities to potential
FinTech unicorns with expertise in payments, investments,
lending and insurance.
Over 90 participants consisting of private banks,
commercial banks and venture capital firms attended the
forum, of which 66 were physically present in Singapore
and 25 participated through video conferencing from
Bangkok, Jakarta, Kuala Lumpur, Manila, Melbourne and
Mumbai. 25 selected market-leading FinTechs that were
curated from a database of more than 500 FinTech firms
attended the forum. 22 of the above are headquartered in
Singapore, 2 in India and 1 in Indonesia.
During the forum, each of the FinTechs got an opportunity
to take the stage and share about industry insights in
their field, current capabilities, their business plans and
key targets. Apart from that, panel discussions were held
by various FinTechs that covered topics such as payment
solutions, wealth management, insurtech and robo
advisory. Experts from EY organization and top banks
were also involved in a panel discussion on digital banking
prospects and challenges.
“The forum provided an opportunity for investors to meet
emerging business leaders of various Fintech companies
across the key segments (payment, lending, insurance,
technology etc.), and to obtain insights into the trends
that is shaping the industry. FinTechs also gained a lot
by knowing how investors evaluate various businesses.”
Says Varun Ahuja, Asia Internet and Telecom Analyst at
Credit Suisse.
EY teams played the central role in business network
establishment, offering exponential scale up opportunities
by providing FinTechs with maximum exposure to
investors and elevate their brand awareness within the
financial industry.

5. 5How EY and Credit Suisse teams brought growth opportunities to future leaders of disruption in ASEAN-6 and India |
EY involvement in the 2019 CS-EY FinTech Forum represents continual efforts to help
create a more innovative and inclusive financial ecosystem.
The involvement in the 2019 CS-EY FinTech Forum
represents EY continual support for FinTechs by
providing valuable growth acceleration prospects through
assistance in establishment of contacts with various first-
rate investors.
Twenty-six one-on-one meetings were held between
various FinTechs and financial institutions to discuss
further into the firm’s respective innovative solutions.
This presented an extensive window of opportunity
for FinTechs as they establish relationship and identify
aligned priorities with participating financial institutions.
“Both sides reap benefits from such a collaboration.
Financial institutions can get access to the best of
technology. FinTechs can get access to growth funds and
access additional data to serve more customers.” says EY
Global Emerging Markets FinTech Leader, Varun Mittal.
Networking sessions such as CS-EY Fintech Forum is
essential for raising capabilities of FinTechs to provide
solutions that are especially essential for emerging
markets such as ASEAN and India.
With its extensive global network and FinTech experience
across the globe, EY teams are committed to working
with industry participants such as FinTechs, banks and
venture capitals to help bring greater FinTech integration
to countries in ASEAN-6 and India.

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Contact us
Varun Mittal
Global Emerging Markets FinTech
Leader, Associate Partner
+65 94 450 420
varun.mittal@sg.ey.com