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The new wave of fintech in Asia:
From social scoring to digital identity
Asia became the biggest fintech market
in the world in 2016
01
Investments in fintech annually ($B)
Region distribution of ...
Lending is the most popular destination for investors
03
ng s ta B kinsuranc
Regtech
Lending e-Wallets Big Data Insurance
...
04
But as the most population remains unbanked the challenges
of lending and scoring are critical as never before.
Traditi...
05
Companies searching for smarter ways to enable scoring
for unbanked clients in Asia
Ayannah, the leading provider of aff...
06
Price
comparison
Remittances
Wealth
management
Trading
Online
scoring
SMELending
P2Ploans
Onlinelending
forindividuals
...
07
Observing actions of big centralized credit bureaus obviously realize that
the market is changing (especially in Asia),...
To be Chinese today is to live in a society of distrust. It is China's ambitious plans to develop a far-reaching
social cr...
09
For the major part of financial services, it is not enough just to specify your name, surname
and e-mail, in accordance ...
10
New challenge: how to keep personal information safe?
Even big players and governments cannot deal with the problem.
Wh...
Blockchain Future: Customers control who they share
digital identities with…
11
Removes the need
to trust third parties. A...
What is next? Evolution from ID to scoring to lending
12
IDENTITY:
KYC / personal ID creates a global secure identity that...
A complete data storage of all the health-related information along with wearables
devices creates a data silo that can be...
Get the new book
by Vladislav Solodkiy
Thank you!
Buy for 9.99 USD at Amazon
or download for free at
ARIV.AL
Managing part...
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The land of Big Data and online-scoring

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The new wave of fintech in Asia: from social scoring to digital identity.

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The land of Big Data and online-scoring

  1. 1. The new wave of fintech in Asia: From social scoring to digital identity
  2. 2. Asia became the biggest fintech market in the world in 2016 01 Investments in fintech annually ($B) Region distribution of funding (%) 47 38 USA Asia Other 8 8 2,5 2,9 4,4 12,3 20,3 23,6 19,1 0,3 0,4 2,2 2,5 1,5 2,9 5,5 6,8 5,8 14,5 6,1 13,0 VC Backed fintech investments Other fintech investment +16% -6% 2011 2012 2013 2014 2015 2016 4,5 Ant Financial EU Amount of financing deals (#) +36% +7% 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 308 366 410 398 442 428 378 343
  3. 3. Lending is the most popular destination for investors 03 ng s ta B kinsuranc Regtech Lending e-Wallets Big Data Insurance Crowdfuning /investing Payments Blockchain For SME Remittance Investments PFM/PFP Banking 21 13 13 6 6 5 5 5 4 4 3 8 7 Lendi e-Wallet e an ng
  4. 4. 04 But as the most population remains unbanked the challenges of lending and scoring are critical as never before. Traditional scoring does not work even in US. Monopoly of few organizations: Still on many markets credit scoring is a monopoly controlled by one or few organizations. Traditional credit bureaus require borrowers to take on debt before obtaining a credit score, leaving millions of potentially creditworthy individuals unscorable by the current credit system. People stay credit invisible even in the US. The number of credit invisible Americans exceeds 25 million. To become banked they are forced to borrow at highest possible rate – which makes them even poorer than before. Globally, it is much worse. 38% of the world’s population does not have a bank account. 3 billion people are unable to obtain a credit card and 91% of residents in developing nations experience difficulty receiving debt financing from traditional financial institutions. Credit scoring is siloed around the world, further exacerbating these issues. Credit scoring providers can not operate globally, meaning that for a new market they must rebuild their credit scores from scratch. There should be one uniform regulation created to cover all the world. Invisible Americans: Poor people without bank accounts stay poor: Siloed markets:
  5. 5. 05 Companies searching for smarter ways to enable scoring for unbanked clients in Asia Ayannah, the leading provider of affordable and accessible digital financial services in Philippines has partnered with Bayad Center, the bills payment subsidiary of Meralco the Philippines’ largest electric utility to launch Juan Credit, the first artificial intelligence-powered credit scoring system for the unbanked in emerging markets. JuanCredit will analyze unstructured data from various sources – bills payment, mobile tops, insurance premium payments, social media profiles – to provide meaningful credit scores for unbanked Filipinos and provide banks, financing companies, insurers and property developers with a system that will instantaneously and continuously update a borrower’s credit worthiness and insure sound underwriting. Banks in Asia are using customers’ smartphone data points, like how often they drain their battery, to determine whether or not they’re eligible for a loan. While this may sound like an unusual criteria for qualification, Singapore-based startup Lenddo thinks it can help people without traditional credit history borrow money. But its program is primarily used by lenders in emerging markets, such as Asia, Africa and Latin America. Most people in those regions don’t have traditional bank accounts or credit cards but access to a smartphone is increasingly greate
  6. 6. 06 Price comparison Remittances Wealth management Trading Online scoring SMELending P2Ploans Onlinelending forindividuals Crowdinvesting Crowdfunding E-wallets Cashregister POSsolutions Online acquiring mPOS RegTech Acounting InsurTech PFM/PFP Blockchain Bitcoin 1 BaaS as a basis2 M&A of standalone services Neo banks as a front-end interface for customers 3 Big data is a blood system
  7. 7. 07 Observing actions of big centralized credit bureaus obviously realize that the market is changing (especially in Asia), as traditional approaches do not allow these giants to tackle their new clients’ problems in an efficient way. Traditional credit scores are but one indicator of overall well-being. But there are other measurements that also matter to both consumers and providers. How are people doing managing their daily finances? Do people use systems and products that make them resilient to unexpected financial c hallenges? Are people able to achieve major financial objectives — such as buying a house or retiring comfortably? Data is the new money. Big data is a connector between all fintech verticals and other industries. We can (and have to) analyze unstructured data from various sources – bills payment, mobile calling patterns and locations, insurance premium payments, social media profiles and check-ins, thousands of data points, everything from a smartphone user’s messaging and browsing activity, to the apps and Wi-Fi network we use, – to provide meaningful social scores for retail customers and SMEs. G G New ways of scoring needed in Asia. What about social scoring?
  8. 8. To be Chinese today is to live in a society of distrust. It is China's ambitious plans to develop a far-reaching social credit system, a plan that the Communist Party hopes will build a culture of «sincerity» and a «harmonious socialist society» where «keeping trust is glorious». The ambition is to collect every scrap of information available online about China's companies and citizens in a single place – and then assign each of them a score based on their political, commercial, social and legal «credit». The idea is that good behavior will be rewarded and bad behavior punished. Under government-approved pilot projects, eight private companies (including AlibabaAliPay and Tencent Baidu) have set up credit databases that compile a wide range of online, financial and legal information. China approach to scoring: national social scoring system… G G K 08 Benefits for users with high scores: Rent cars and bicycles without deposits Avoid long lines at hospitals Get privileges on dating sites Punishments for users with low scores: No first class in planes and no riding in “soft sleeper” class on trains Penalties on government subsidies Restrictions on career progression or asset ownership
  9. 9. 09 For the major part of financial services, it is not enough just to specify your name, surname and e-mail, in accordance with the legislation, they require a passport and its identification, as well as other personal information. Or the startup sends its courier and runs its own compliance service (the cost of verification of each client turns to be from $15 to $30). At the meetings with representatives of cryptocurrency wallets, cryptocurrency exchanges and marketplaces, as well as those with whom they want to work (banks that issue cards and open accounts, regulators that make claims), one can constantly hear the same questions: Who are these customers? BAASIS ID, an online only blockchain-based KYC solution with open API, verifies the first and last name, passport, checks against international blacklists of people involved in money- laundering, criminal or terrorist activity, verifies the mobile number, bank card, residence address, profiles in social networks, and also makes and stores a video record. What is beyond credit scoring? Digital identity Identity became a new money Last name Birthday Contacts First name Check your identity Mr Ms Middle name Continue Country of Residence e-mail Day Month Year Phone number+650 Phone number+650 People are more than just their credit scores. Identity is the new money – like «human capital contracts» (or «social financial agreements») – for reputation economy. «It will be reputation rather than regulation that will animate trust in economic exchange, and that social graph, the network of our social identities, will be the nexus of commerce, administration and interaction».
  10. 10. 10 New challenge: how to keep personal information safe? Even big players and governments cannot deal with the problem. What about digital identities on blockchain? US, 2017 Credit losses due to identity theft exceed $20 billion each year and these are losses of not banks but of regular people. Mostly due to human factors, like sending sensitive data in not encrypted e-mail, merging and matching data from different verification providers manually, etc. Sweden, 2017 Singapore, 2017 143 million US customers Equifax Birth dates, credit card numbers and more 6 million Swedish citizens Swedish government Names, photos, home addresses, details on every vehicle in the country 5400 Singaporeans AXA Email addresses, mobile phone numbers, insurance policy numbers and dates of birth
  11. 11. Blockchain Future: Customers control who they share digital identities with… 11 Removes the need to trust third parties. All logs are stored in the ledger distributed between multiple authorised parties. Secure Customers directly control to whom they share their personal information and documents, keeping track of these authorizations in the distributed ledger using smart contracts Uses the blockchain technology to ensure that once written, information is not altered or deleted, even by a system administrators. Auditable Uses billing based on the blockchain records. There is no need for additional verification. Counterparties have access to identical records. Fair
  12. 12. What is next? Evolution from ID to scoring to lending 12 IDENTITY: KYC / personal ID creates a global secure identity that is AML compliant and reusable in any other market or with any other financial institution. BAASIS will accumulate data relevant for future scoring and lending solutions. SCORING: With more and more companies (banks, startups) connecting to BAASIS ID we create our own unique ecosystem and can provide registry and global scoring / metric of consumers’ creditworthiness. LENDING: Will decentralize the credit industry while lowering rates and increasing security. We are offering a new, compliant way for P2P lending startups to access new markets.
  13. 13. A complete data storage of all the health-related information along with wearables devices creates a data silo that can be used to provide better care and cut costs associated with operating a care facility. Including all the data from different care providers, personal health records, wellness apps makes a comprehensive pool of information that is greater than a sum of its parts. All of the information gives an insight on the customer’s history and, current state analysis and can be used to make a prognosis of conditions. That means all the raw data analyzed in a proper way can help detect health issues before they are critical — and make suggestions AI algorithm to make preliminary diagnosis and predict health conditions before they happen — based on data provided. Interface for customers and companies to interact with the data transfer and serves as a singular data silo for the all-round digital persona. Emergency services can access data and patient records. Data researchers are presented with a toolbox to purchase data based on explicit consent and rewards to data owners. All of this while customers maintain complete control over their private dat Big data and digital identities beyond fintech… In every industry. Healthcare as example of one of the biggest market Opportunities in health data: The future: 13
  14. 14. Get the new book by Vladislav Solodkiy Thank you! Buy for 9.99 USD at Amazon or download for free at ARIV.AL Managing partner at Life.SREDA VC, Singapore-based fintech firm. One of TOP35 the most influential fintech-investors in the world (by Institutional Investor magazine), TOP21 fintech influencers in Europe (by Fintech Magazine) and TOP100 fintech ecosystem builders in Asia (by NextBank and E&Y). Contributor for Forbes, TheNextWeb, European Financial Review, EFMA journal, VentureBeat, TechInAsia, e27, LetsTalkPayments, FintechRanking, FintechNews, and other leading media. Keynote-speaker at Money2020, RiseMoneyConf, European Fintech Awards, Global Payment Summit, FinSpire, FinnovAsia, Fintech CEO Summit by IFC, Paris Fintech Forum, Global Venture Summit, Fintech Award LatAm, Dot Finance Africa, The Future Of Finance Summit, and many other conferences. Author of «Money Of The Future» annual fintech report.

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