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Banking and Fintech Market in Latin America 2019

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This report is an overview of the banking and fintech market in Latin America to enable entrepreneurs and investors from every corner of the world to have a better understanding of the opportunities and challenges in the region.

Published in: Economy & Finance

Banking and Fintech Market in Latin America 2019

  1. 1. Thiago Paiva By Thiago Paiva BANKINGANDFINTECHMARKETINLATINAMERICA2019: ANINTROTOTHEECOSYSTEM
  2. 2. Thiago Paiva First of all, thanks for reading this material! My name is Thiago Paiva and I've been working with startups and innovation for the past 8 years in Brazil, Mexico, US, and Singapore. Although Nubank shed light to opportunities in the region for foreigner investors and entrepreneurs, it is far from the only relevant fintech. The region is attracting an impressive amount of capital and talent, becoming an important fintech hub. As interest in the region is rising, I decided to create an overview of the banking and fintech market in the region to enable entrepreneurs and investors from every corner of the world to have a better understanding of the opportunities and challenges. I hope this material is helpful to you or anyone you would like to share (please, do share)! Thiago Oliveira de Paiva Intro
  3. 3. Thiago Paiva 1. The Author 2. The Economy 3. Relevant Statistics a. Connectivity b. Financial Inclusion c. Cybersecurity 4. Financial Services Industry 5. Fintech Ecosystem 6. Fintech Investment Report 2019Q13 7. Extra Resources Index
  4. 4. Thiago Paiva The Author I'm a fintech entrepreneur, investor, and columnist! I have been actively engaged in the Latin American ecosystem since 2010. During this period, I evaluated 2,600+ and invested in 60+ startups from 9 different countries while working at Wayra Brazil and Startupbootcamp Fintech Mexico. Studied Fintech at MIT and Business with Concentration in Finance at UCLA I write about fintech in Latin America in international and regional publications and also develop reports analyzing the ecosystem. I'm currently a Product Manager at Oyster Financial, a Neobank for SMEs in Mexico, leading its marketplace initiate. I'm also a TechCrunch contributor.
  5. 5. Thiago Paiva THE ECONOMY
  6. 6. Thiago Paiva Latin America Economy Source: IMF, World Bank, UN, and World Meters ● Population (2019): 650 million ● GDP (2017): US$ 5.362 trillion ● GDP per Capita (2018): US$ 9,023.5 ● GDP Growth: ○ 2016: -0.7% ○ 2017: 1.8% ○ 2018 : 1.5% ○ 2019 (Expected): 0.2% ○ 2020 (Expected): 1.8% ● Unemployment Rate (2018): 7.8% Latin American countries are most emerging economies with a GDP per Capita around the world average. It is a region with high growth potential but with some inherent problems, it has the highest levels of income inequality in the world which result in having some political unstable countries.
  7. 7. Thiago Paiva Key Countries - Argentina ● Population (2019): 45 million ● GDP (2018): US$ 518.5 billion ● GDP per Capita (2018): US$ 11,920.80 ● GDP Growth: ○ 2016: -2.08% ○ 2017: 2.67% ○ 2018 : 2.52% ○ 2019 (Expected): -3.1% ○ 2020 (Expected): -1.3% ● Unemployment Rate (2018): 9.2% ● GINI Index (2017): 41.2 Argentina used to be the most advanced economy in the region, however, it was left behind after many years of political and economical turmoil. The current prospect for its growth in the next few years aren't good. Even though, it has many relevant tech companies such as Mercado Libre that has a strong presence in the region with Mercado Pago as its fintech arm. Source: IMF, World Bank, UN, and World Meters
  8. 8. Thiago Paiva Key Countries - Brazil Source: IMF, World Bank, UN, and World Meters ● Population (2019): 211 million ● GDP (2018): US$ 1.87 trillion ● GDP per Capita (2018): US$ 8,920.80 ● GDP Growth: ○ 2016: -3.3% ○ 2017: 1.06% ○ 2018 : 1.12% ○ 2019 (Expected): 0.9% ○ 2020 (Expected): 2% ● Unemployment Rate (2018): 12.3% ● GINI Index (2017): 53.3 Brazil is the largest economy in the region and the 9th globally. In the past few years, it went through the worst financial crisis of its recent history. Even so, it is starting to show signs of a slow recovery. It has the main financial center in the region with the most relevant financial institutions as well as the strongest stock exchange, B3. Also, it is home for the most relevant fintechs in Latin America such as Nubank.
  9. 9. Thiago Paiva Key Countries - Chile Chile is the most developed country in the region. It is the poster child of the Chicago Boys with an open-market approach. Recently it went through a popular uprise due to high inequality and lack of social services. Although it is a small economy, it is more structured than the other countries in the region with statisticals more close to developed economies. ● Population (2019): 19 million ● GDP (2018): US$ 298.2 billion ● GDP per Capita (2018): US$ 15.923.40 ● GDP Growth: ○ 2016: 1.67% ○ 2017: 1.28% ○ 2018 : 4.03% ○ 2019 (Expected): 2.5% ○ 2020 (Expected): 3.0% ● Unemployment Rate (2018): 7.2% ● GINI Index (2017): 46.6 Source: IMF, World Bank, UN, and World Meters
  10. 10. Thiago Paiva Key Countries - Colombia ● Population (2019): 50.5 million ● GDP (2018): US$ 330.2 billion ● GDP per Capita (2018): US$ 6,651.30 ● GDP Growth: ○ 2016: 2.09% ○ 2017: 1.35% ○ 2018 : 2.66% ○ 2019 (Expected): 3.6% ○ 2020 (Expected): 3.3% ● Unemployment Rate (2018): 9.1% ● GINI Index (2017): 49.7 Colombia is the 3rd largest country by population in the region. It's economy is has been stable in the past few years and it is starting to grow well. It is home to one of the most well funded startups in the region, Rappi, which is starting to inspire a new generation of entrepreneurs. Source: IMF, World Bank, UN, and World Meters
  11. 11. Thiago Paiva Key Countries - Mexico ● Population (2019): 128 million ● GDP (2018): US$ 1.2 trillion ● GDP per Capita (2018): US$ 9,698.10 ● GDP Growth: ○ 2016: 2.92% ○ 2017: 2.07% ○ 2018 : 1.99% ○ 2019 (Expected): 0.4% ○ 2020 (Expected): 1.3% ● Unemployment Rate (2018): 3.3% ● GINI Index (2016): 48.3 Mexico is the second largest economy in the region and the 15th largest in the world. It is the most populous Spanish speaking country in the world with an open economy, which attracts many foreigner companies and investors. Due to the drug cartels, KYC and AML are serious issues in the country. After Brazil, it is the most advanced fintech market in the region. Source: IMF, World Bank, UN, and World Meters
  12. 12. Thiago Paiva Key Countries - Peru ● Population (2019): 32.7 million ● GDP (2018): US$ 222.2 billion ● GDP per Capita (2018): US$ 6,947.30 ● GDP Growth: ○ 2016: 3.96% ○ 2017: 2.52% ○ 2018 : 3.98% ○ 2019 (Expected): 2.6% ○ 2020 (Expected): 3.6% ● Unemployment Rate (2018): 6.4% ● GINI Index (2017): 43.3 Peru has been one of the fastest growing countries in the region recently. Although it has been stable in the past years, recently it had a political turmoil. It is still too soon to tell the impact on the economy. Due to its small market, most entrepreneurs have to internationalize to grow. Source: IMF, World Bank, UN, and World Meters
  13. 13. Thiago Paiva RELEVANT STATISTICS
  14. 14. Thiago Paiva Latin America - Digital Population Source: https://www.gsma.com/latinamerica/wp-content/uploads/2018/12/Mobile-Economy-2018-ENG.pdf ● Internet Penetration (2019): 74% ● Social Penetration (2019): 64% ● Smartphone Penetration (2017): 62% ● Mobile Internet Penetration (2017): 49.8%
  15. 15. Thiago Paiva Latin America - Digital Population Source: https://www.gsma.com/latinamerica/wp-content/uploads/2018/12/Mobile-Economy-2018-ENG.pdf Smartphone Adoption 2017 and Forecast 2025 4G Adoption/2017 and 4G Adoption/2025
  16. 16. Thiago Paiva Latin America - Bank Account Penetration Source: https://globalfindex.worldbank.org/ Account ownership (% of population ages 15+)
  17. 17. Thiago Paiva Banked Population (% of population ages 15+) Latin America - Relevant Statistics Source: https://globalfindex.worldbank.org/ Bank nonperforming loans to total gross loans (%) 2017 2017
  18. 18. Thiago Paiva Average Lending Interest Rate (Annual) Latin America - Relevant Statistics Source: https://globalfindex.worldbank.org/ Interest Rate Spread (Lending Rate minus Deposit Rate) 2018 2018
  19. 19. Thiago Paiva Domestic Credit Provided by Financial Sector (% of GDP) Latin America - Relevant Statistics Source: https://globalfindex.worldbank.org/ Domestic Credit Provided by Banks (% of GDP) 2018 2018
  20. 20. Thiago Paiva Latin America - Financial Literacy Source: https://gflec.org/wp-content/uploads/2015/11/3313-Finlit_Report_FINAL-5.11.16.pdf?x66755 Financial Literacy The region has a lower level of Financial Literacy than developed economies, according to Global Financial Literacy Survey 2014. The highest level of literacy in the region of the main countries is 41% in Chile, while the USA and UK have 57% and 67%, respectively.
  21. 21. Thiago Paiva Latin America - CyberSecurity and Fraud Source: Online Fraud Report 2017 Latin America
  22. 22. Thiago Paiva FINANCIAL INDUSTRY
  23. 23. Thiago Paiva Banking Sector - Banks AUM per Country Considering the 6 largest financial sectors in the region, Brazil is the largest one with almost 60% of the AUM, followed by Mexico and Chile. Source: Multiple sources combined by the author
  24. 24. Thiago Paiva Banking Sector - Bank Concentration 177 15 25 50 21 77# of Banks Concentration of the TOP 5 Banks of Total Assets Source: Multiple sources combined by the author
  25. 25. Thiago Paiva Banking Sector - Foreign Banks Latin America a relevant presence of foreigner banks, especially Spanish banks. Here are the main foreigner banks in the region with the countries with most relevant presence.
  26. 26. Thiago Paiva Banking Sector - Argentina Source: "Relatório de Economia Bancária 2018" and Argentinian Central Bank The Argentinian banking sector has a total of US$ 110.9 billion in Assets Under Management (AUM) spread across 77 banks. Find below the list of the TOP 5 banks per AUM and their share of the total. US$ 22.2 billion (20%) US$ 10.4 billion (9.4%) US$ 10.1 billion (9.1%) US$ 9.1 billion (8.2%) US$ 7.3 billion (6.6%)
  27. 27. Thiago Paiva Banking Sector - Brazil Source: "Relatório de Economia Bancária 2018" and https://www.valor.com.br/valor1000/2019/ranking100maioresbancos The Brazilian banking sector has a total of US$ 1,888.7 billion in Assets Under Management (AUM) spread across 131 banks. Find below the list of the TOP 5 banks per AUM and their share of the total. US$ 425.7 billion (22.5%) US$ 365.7 billion (19.46%) US$ 332.2 billion (17.6%) US$ 326.2 billion (17.2%) US$ 208 billion (11%)
  28. 28. Thiago Paiva Banking Sector - Chile Source: https://www.bnamericas.com/es/noticias/un-vistazo-a-los-5-principales-bancos-de-chile-por-activos The Chilean banking sector has a total of US$ 234.9 billion in Assets Under Management (AUM) spread across 21 banks. Find below the list of the TOP 6 banks per AUM and their share of the total. US$ 57.7billion (16.9%) US$ 55.4 billion (16.2%) US$ 54.2 billion (15.8%) US$ 51.1 billion (14.9%) US$ 42.4 billion (12.4%) US$ 41.9 billion (12.2%)
  29. 29. Thiago Paiva Banking Sector - Colombia Source: "Relatório de Economia Bancária 2018" and https://www.valor.com.br/valor1000/2019/ranking100maioresbancos The Chilean banking sector has a total of US$ 191.5 billion in Assets Under Management (AUM) spread across 25 banks. Find below the list of the TOP 5 banks per AUM and their share of the total. US$ 49.5 billion (25.8%) US$ 28.1 billion (14.66%) US$ 27 billion (14.1%) US$ 19.3 billion (10.1%) US$ 11.5 billion (6%)
  30. 30. Thiago Paiva Banking Sector - Mexico Source: https://www.gob.mx/cnbv/articulos/informacion-estadistica-y-financiera-del-sector-banca-multiple-al-cierre-de-julio-2018 and https://www.forbes.com.mx/los-10-bancos-mas-grandes-de-mexico/ The Mexican banking sector has a total of US$ 493.8 billion in Assets Under Management (AUM) spread across 50 banks. Find below the list of the TOP 6 banks per AUM and their share of the total. US$ 101 billion (20.5%) US$ 67.2 billion (13.6%) US$ 63.1 billion (12.8%) US$ 60.9 billion (12.3%) US$ 22.6 billion (4.6%) US$ 34.7 billion (7%)
  31. 31. Thiago Paiva Banking Sector - Peru Source: "Relatório de Economia Bancária 2018" and https://www.valor.com.br/valor1000/2019/ranking100maioresbancos The Peruvian banking sector has a total of US$ 119.5 billion in Assets Under Management (AUM) spread across 15 banks. Find below the list of the TOP 5 banks per AUM and their share of the total. US$ 40.8 billion (34.2%) US$ 23.6 billion (19.7%) US$ 20.5 billion (17.2%) US$ 14.8 billion (12.4%) US$ 4.5 billion (3.8%)
  32. 32. Thiago Paiva Latin America - Most Innovative Banks Source: World Finance Digital Banking Awards 2018 World Finance Digital Banking Awards 2018 - Best Digital Banks World Finance Digital Banking Awards 2018 - Best Mobile App
  33. 33. Thiago Paiva OpenBanking regulation in the region might still take a while to be implemented but it is already in discussion in Brazil and Mexico. Even though, a couple large institutions already launched their APIs to the market and many more are developing their own. Here follows the main banks with APIs available: OpenBanking - APIs Source: Banks websites
  34. 34. Thiago Paiva Latin America - Stock Exchanges Source: Stock Exchanges website and reports US$ 938 billion 368 US$ 140 billion 99 US$ 236 billion 89 US$ 530 billion 146 US$ 269 billion 268 US$ 142 billion 273 Market Cap Listed Companies Market Cap Listed Companies
  35. 35. Thiago Paiva FINTECH ECOSYSTEM
  36. 36. Thiago Paiva Source: IDB-Fintech Latin America 2018 , and Fintech Radars from Finnovista 377 110 112 47 394 124 Number of Fintechs per Country Latin America has around 1166 fintechs. Brazil (377) and Mexico (394) are leading in number of fintechs Colombia (124) and Chile (112)
  37. 37. Thiago Paiva Latin America - Fintech Adoption Source: https://fintechauscensus.ey.com/2019/Documents/ey-global-fintech-adoption-index-2019.pdf Consumer Fintech Adoption Index - EY Average 64% Latin America is one of the regions with fastest fintech adoption, according to EY Consumer Adoption Index 2019. It had 3 countries between the Top 10 (Colombia, Peru, and Mexico) and all of the main countries above the average of the 27 researched countries, 64%.
  38. 38. Thiago Paiva Most Relevant Fintechs in the Region
  39. 39. Thiago Paiva Fintech Radar - Mexico Source: Finnovista Fintech Radar Mexico 2019
  40. 40. Thiago Paiva Fintech Radar - Brazil Source: Finnovista Fintech Radar Brazil 2018
  41. 41. Thiago Paiva Fintech Radar - Colombia Source: Finnovista Fintech Radar Colombia 2019
  42. 42. Thiago Paiva Fintech Radar - Argentina Source: Finnovista Fintech Radar Argentina 2018
  43. 43. Thiago Paiva Fintech Radar - Chile Source: Finnovista Fintech Radar Chile 2019
  44. 44. Thiago Paiva Fintech Radar - Peru Source: Finnovista Fintech Radar Peru 2017
  45. 45. Thiago Paiva Most Funded Fintechs ● BR - Nubank (US$ 820M): The largest neobank outside of China with more than 15M customers, worthing US$ 10 billion; ● BR - Quinto Andar (US$ 335M): An unicorn proptech that facilitates the rent of properties by offering financial services; ● BR - Creditas (US$ 314M): A secured online loan to consumers; ● AR - Ualá (US$ 194M): Neobank for personal accounts; ● MX - Clip (US$ 160M): A card payment provider similar to Square; ● MX - Konfio (US$ 143M): An unsecured online loans to SMEs; ● BR - Neon (US$ 121M): A neobank with personal and business account; ● BR - Loft (US$ 88M): Is a proptech that facilitates the purchase and sale of properties; ● BR - GuiaBolso (US$ 66M): PFM and lending, similar to Mint; ● AR - Technisys (US$ 64M): Digital transformation; ● MX - Credijusto (US$ 53M): A secured online loans to SMEs; ● BR - WEEL (US$ 44.5M): Online factoring; ● AR - Ripio (US$ 44.4M): Bitcoin wallet and exchange; ● BR - ContaAzul (US$ 37M): SMEs financial management; ● BR - Ebanx (US$ 30M): An unicorn online payment processor; Source: Crunchbase and startup press releases
  46. 46. Thiago Paiva GROWTH-STAGE Main VCs Actively investing in Fintech Local Foreigners BRAZIL MEXICO CHILE EARLY-STAGE ARGENTINA
  47. 47. Thiago Paiva Main Fintech Exits Acquired by Grupo Silvio Santos US$ 12.8M (Jun 09) Acquired by Wirecard US$ 41M (Feb 16) Acquired by Santander 88.5% for US$ 487M (Apr 14) 11.5% for US$ 350M (Dec 18) Acquired by Itaú 49% for US$ 2B (May 17) Acquired by Bradesco US$ 500M (Mar 08) Acquired by Santander US$ 40.5M (Mar 16) Source: Companies press releases and financial reports
  48. 48. Thiago Paiva Fintech Exits Acquired by Neon Undisclosed amount (Sep 19) Acquired by Carrefour Undisclosed amount (Oct 19) Acquired by Kushki Pagos Undisclosed amount (Aug 19) Acquired by Yonder Media Mobile Undisclosed amount (Aug 19) Acquired by Creditas Undisclosed amount (Oct 13) Acquired by Rappi Undisclosed amount (Feb 19)
  49. 49. Thiago Paiva Fintech Exits Acquired by Creditas Undisclosed amount (Aug 19) Acquired by PagSeguro US$ 3.3M (Dez 17) Acquired by Vindi US$ 150K (Nov 16) Acquired by Vindi Undisclosed amount (Feb 17) Acquired by Intuit Undisclosed amount (Jan 15) Acquired by Foxbit Undisclosed amount (Nov 19)
  50. 50. Thiago Paiva Fintech Exits Acquired by Creditas Undisclosed amount (Oct 13) Acquired by Advent 51% for US$ 725M (Jan 19) Acquired by Polygon Fintech Undisclosed amount (May 19) Acquired by Rede Undisclosed amount (Sep 14) Acquired by Grin Undisclosed amount (Jun 19) Acquired by Capital Tech Undisclosed amount (Aug 19)
  51. 51. Thiago Paiva Main Financial Tech - IPOs IPO - BVMF: CIEL3 (Jul 09) Market Cap US$ 4.84B IPO - BVMF: RDCD3 (Jul 07) Acquired by Itaú for US$ 5B (Sep 12) IPO - NASDAQ: STNE (Oct 18) Market Cap US$ 9.46B IPO - NYSE: PAGS(Jan 18) Market Cap US$ 11.79B IPO - BVMF: BIDI4 (Apr 18) Market Cap US$ 2.83B
  52. 52. Thiago Paiva Latin America - Fintech Regulation Mexico Brazil Brazil issued a few different ones to regulate certain segments while Mexico worked on a Fintech Law regulating a few segments. ● Argentina ● Colombia ● Chile ● Peru Brazil Mexico
  53. 53. Thiago Paiva Fintech Regulation - Brazil and Mexico Source: Multiple sources (CVM, Brazilian Central Bank, CNVB, Brazilian and Mexican Governments)
  54. 54. Thiago Paiva Fintech Events Source: http://fintechnews.sg/17275/fintech/fintech-events-asia-2018/ and websites LATIN AMERICA ● LatAm - Blockchain Summit LatAm ● LatAm - Digital Bank Latam ● BR - Fintech Conference ● BR - Insurtech Brasil ● BR - Fintouch ● BR - CIAB Fintech Day ● BR - Innovation Pay ● MX - Finnosummit Mexico ● PE - Lima Fintech Forum ● CO - Colombia Fintech Annual Meeting ● MX - Open Banking, Fintech & Blockchain Summit ● AR - Argentina Fintech Forum USA ● Miami - Finnosummit Miami by Lendit ● Miami - Fintech Americas ● San Francisco - M2Baking & Fintech
  55. 55. Thiago Paiva Fintech Associations
  56. 56. Thiago Paiva Fintech Accelerators Accelerator Hubs
  57. 57. Thiago Paiva FINTECH INVESTMENT REPORT (2019Q3)
  58. 58. Thiago Paiva 2018 reporting a record breaking US$ 1.976 billion raised 73% increase US$ 2.46 B (US$ 1.726 B in equity and US$ 545.2 M in debt) in the first 3 quarters of 2019 Investments in Latin America Source: LAVCA Industry Data and proprietary data
  59. 59. Thiago Paiva Total Investments in the Region US$ 2.46 B (US$ 1.726 B in equity and US$ 545.2 M in debt) In the Q3 alone, there were US$ 1.089 B in 22 deals. Source: proprietary data from deals
  60. 60. Thiago Paiva Number of Investments per Country Source: proprietary data from deals Brazil is still leading Mexico secured its second spot
  61. 61. Thiago Paiva Volume of Investments per Country Brazilian fintechs captured an impressive 82.9% Mexico remains in the second position with 12.4% Creditas, Nubank, Banco Inter, and QuintoAndar Source: proprietary data
  62. 62. Thiago Paiva Volume of Investments per Month it had 2x more volume than Q2 and almos 8x more than Q1 Source: proprietary data
  63. 63. Thiago Paiva Investment by Industry Segment Lending is still a hot fintech segment in Latin America US$ 403.8 M in equity investment Digital Banking became the hottest segment US$ 748.2 M trending segment is Mortgage and Real Estate US$ 255.7 M Source: proprietary data
  64. 64. Thiago Paiva Debt Financing Mexico led the debt financing in the region with US$ 400 M, 73.4% of all debt financing. Goldman Sachs, Victory Park Capital and Arc Labs Source: proprietary data
  65. 65. Thiago Paiva Largest Deals 2019 until Q3 US$ 100 Million (MX - May 19) US$ 70 Million (BR - Mar 19) US$ 50 Million (AR - Apr 19) US$ 231 Million (BR - Jun 19) Source: proprietary data US$ 400 Million (BR - Jul 19) US$ 331.7 Million (BR - Jul 19) US$ 42 Million (MX - Aug 19) US$ 250 Million (BR - Sep 19)
  66. 66. Thiago Paiva EXTRA RESOURCES
  67. 67. Thiago Paiva Extra Resources ● IDB Report - Financial Latin America 2018: Growth and Consolidation ● LAVCA Report - Latin America Startup Heatmap ● GSMA Intelligence Report - The Mobile Economy Latin America and the caribbean 2018 ● Finnovista Fintech Radar Mexico 2019 ● Finnovista Fintech Radar Brazil 2018 ● Finnovista Fintech Radar Colombia 2019 ● Finnovista Fintech Radar Argentina 2018 ● Finnovista Fintech Radar Chile 2019 ● ALLVP - Early Stage VCs Active in Latin America ● Iupana - Fintech News Latin America ● Fintechs - Fintech News Brazil ● Conexão Fintech - Fintech News Brazil
  68. 68. Thiago Paiva Other Materials by the Author ● Report: Fintech Investment Report Latin America 1H2019 ● Report: Fintech Investment Report Latin America 3Q2019 ● Report: Fintech Market in Singapore 2018 ● Post: Taking the Pulse of Latin America Fintech Market at Iupana ● Post: N26 and others are entering in Brazil but it might not go as they expect ● Monthly Column: Fintech Snapshot of the Latin American Market at Iupana ● Article: The Battle to Become the Mexican Nubank at TechCrunch ● Article: The Emergence of Super Apps in Latin America at TechCrunch
  69. 69. Thiago Paiva ● UOB - State of Fintech in ASEAN: https://www.uobgroup.com/techecosystem/pdf/UOB-State-of-FinTech-in-ASEAN.pdf ● EY - ASEAN Fintech Census: https://www.ey.com/sg/en/industries/financial-services/ey-asean-fintech-census-2018 ● Startupbootcamp Fintech and PwC - The State of Fintech 2017: https://www.pwc.com/sg/en/publications/assets/fintech-startupbootcamp-state-of-fintech-2017.pdf ● Google and Temasek Report on SEA: https://www.blog.google/around-the-globe/google-asia/sea-internet-economy/ ● Jungle Ventures - SEA Venture: Discovering Opportunity in a fragmented market. https://www.slideshare.net/JungleVentures/sea-venture-discovering-opportunity-in-a-fragment-market ● Singapore Startup Ecosystem and Entrepreneur Toolbox: https://www.slideshare.net/arnaudbonzom/singapore-startup-ecosystem-and-entrepreneur-toolbox-51515671 ● Singapore's Tech-Enabled Start-up Ecosystem http://techsg.io/upload/files/research/1453173164742.pdf Extra Resources - Reports
  70. 70. Thiago Paiva THANKSFORREADING! Please, don't be shy and share this material!
  71. 71. Thiago Paiva Collaborators Erica Hoeveler Citi Citizen in Singapore CFA, Kellogg MBA, and tech entrepreneur I'm very thankful to some people that collaborated with this material by giving their feedback and correcting some information. Big thanks to: Markus Gnirck Co-founder & Director at Tryb Early stage fintech investor in Asia Jeremy Berger Portfolio Director at Life.SREDA and COO Arival Bank Varun Mittal ASEAN FinTech Lead at EY Founding Member at SFA and AFN Wanyi Wong Fintech Partner at PwC Chia Hock Lai President at Singapore Fintech Association (SFA) Advisor in many fintechs
  72. 72. Thiago Paiva Fintechs Worth More than US$ 1 bi Potential Unicorns (> US$ 100M)
  73. 73. Thiago Paiva Let's connect! Wanna have a coffee? I would love to hear your take on the material and the fintech ecosystem in Singapore. Also, I would be happy to talk about VC, fintech, Security Tokens, and Latin America. Schedule below: https://calendly.com/thiagopaiva/coffee-with-thiago/ https://www.linkedin.com/in/topaiva/ @ThiagoPaiva www.startupbizmodel.com Send me your feedback and comments on my email: thiago.o.paiva@gmail.com
  74. 74. Thiago Paiva Top 20 Fintech Influencers in Fintech by E27 Source: https://e27.co/top-50-fintech-influencers-singapore-20171215/ 1. Prakash Somosundram, Founder and CEO – Pealo PTE LTD 2. Neal Cross, MD and Chief Innovation Officer – DBS Bank 3. Aman Narain, Head of Digital, APAC – Schroders 4. Slava Solodkiy, Managing Director – Life.SREDA venture capital fund 5. Varun Mittal, Associate director, Asia pacific Fintech – EY 6. Scott Bales, Enterprise Business Development, APAC – Amazon Web Service 7. Stefano Covolan, Head of Marketing and Growth – Dragon Wealth Asia 8. David Moskowitz, Director – Attores Pte Ltd 9. Christian Konig, Digital Consultant/FinTech Expert – Finanzpro Ltd 10. George Kesselman, Co-founder/CEO – InsurTech Asia 11. Antony Lewis, Director of Research – R3, Singapore 12. Rob Findlay, Founder – Next Money 13. Chris Doerfler, Co-founder – Ramps.io 14. Shwetank Verma, Director Collab – LumenLab 15. Augustus Loi, Senior Analyst – Infocomm Investments Pte Ltd 16. Steve Leonard, Founding CEO – SGInnovate 17. Daniel Liebau, Founder – Lightbulb Capital 18. Balasubramaniam GD, Senior Vice President, Risk Management Group CBGWM & SME – DBS Bank 19. Bert-Jan Van Essen, CEO and Founder – Cloud consulting services Pte ltd 20. Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore, Singapore Government
  75. 75. Thiago Paiva Latin America - Payment Method Source: https://www.bloomberg.com/news/articles/2017-09-04/for-all-its-tech-savvy-singapore-still-prefers-cash-over-digital-payments Cash is still king in Latin America, specia
  76. 76. Thiago Paiva 1. Prakash Somosundram, Founder and CEO – Pealo PTE LTD 2. Adam Reynolds, CEO Asia Pacific - Saxo Capital Markets 3. Alistair Duff, Co-Founder & Head of Asia Pacific - DrumG Financial Technologies 4. Altona Widjaja, Vice President - OCBC Bank 5. Anson Zeall, Co-founder CEO/CTO, CoinPip 6. Ayesha Khanna, CEO - ADDO AI 7. Chia Hock Lai, President - Singapore Fintech Association 8. Dan Liebau, Founder - Lightbulb Capital 9. Daphne Ng, CEO - Jupiter Chain 10. Darius Sit, Managing Partner - QCP Capital 11. David Hardoon, Chief Data Officer - Monetary Authority of Singapore (MAS) 12. David Lee, Co-founder - BlockAsset 13. Dušan Stojanović, Founder and Director - True Global Ventures 14. Fernn Lim, Head, Culture and Fintech Acceleration - The Open Vault at OCBC 15. Gina Heng, Founder - Miss Kaya 16. Hope Liu, CEO - Eximchain 17. Igor Pesin, Partner / Investment Director, Life.SREDA VC 18. Jacqueline Loh, Deputy Managing Director - Monetary Authority of Singapore (MAS) 19. Janet Young, MD & Head, Group Channels & Digitalization - United Overseas Bank (UOB) 20. Joe Seunghyun Cho, Co-founder and Founding CEO - LATTICE80 Top 20 Fintech Influencers by LATTICE80 Source: http://www.lattice80.com/lattice80-fintech-50-singapore-top-influencers/
  77. 77. Thiago Paiva Main Fintechs in the Region
  78. 78. Thiago Paiva Most Active Equity Investors (1 of 2) 5 4 4 4
  79. 79. Thiago Paiva Fintech and Corporate Partnership ● Theta Ray ● BlackSwan Technologies and Silent Eight ● Funding Circle and Moolah ● Kasisto ● Xero ● Razer ● Personetics There still aren't as many cases of partnership as it would be expected with so many fintech initiatives from financial institutions. Probably because most of those institutions developed or are developing internal capabilities to create digital solutions themselves. Find below some examples of those collaborations:
  80. 80. Thiago Paiva Digital Banking ● 1st place globally in Online Banking Penetration (82.5%) ● 5th place in mobile banking penetration ● 6th most open country to new digital platforms. ● 70% of the population is open to a digital alternative banking Singapore has one of the most advanced digital banking systems in the world. Where opening a account digitally or using a chatbot to transfer money and pay bills are already part of the daily routine of the citizens. The digital transformation started in 2008 led especially by DBS, who was elected World's Best Digital Bank by Euromoney in 2016 and 2018. Here follows some other relevant information (2018): Source: https://sbr.com.sg/financial-services/news/nearly-7-in-10-consumers-embrace-digital-banking https://www.oracle.com/a/ocom/docs/dc/digital-demand.pdf
  81. 81. Thiago Paiva Most Active Equity Investors (2 of 2) 3 3 3 3 3

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