Pictured: Aldi Haryopratomo, CEO of Go-Pay speaking at Hong Kong Fintech Week 2018
The Main Stage at Hong Kong FinTech Week 2018 dived deep into FinTech and financial inclusivity today, before noon on the 3rd floor of the HKCEC.
Reuben Lai, Managing Director of Grab Financial, shared the company’s commendable vision and mission: to empower millions — with a target of 100 million users — by providing an extensive range of services aiming to improve individual, family and community welfare. First finding success as a ride-hailing app in Singapore, Grab has since expanded into food delivery, logistics and now payment solutions across neighboring ASEAN nations: Malaysia, Indonesia, Philippines, Indonesia, Philippines, Vietnam, Thailand, Myanmar and Cambodia.
PayPal’s Vice President Richard Nash took to the stage, describing a similar phenomenon that financial inclusion plays in PayPal’s growth strategy. By targeting the 1.7 billion adults around the globe who have little to no access to financial services — the majority of whom live in APAC —, PayPal believes in helping society through the ripple effect: beginning with the individual, moving through one’s family, and finally impacting the macroeconomy.
Aldi Haryopratomo, CEO of Go-Pay — the financial arm of GoJek, an Indonesian company that saw its beginnings in mobilizing a motorcycle taxi fleet — spoke next. With a trajectory similar to Grab’s, GoJek has moved from ride-hailing, to logistics, and now to FinTech. Haryopratomo noted that this was a natural, logical expansion of services in a platform that began with the goal of holistically addressing the needs of the local populace.
Christopher Davison, CEO of BigPay, rounded out the discussion on financial inclusivity and its relation to FinTech in SEA. BigPay is the newest FinTech initiative of AirAsia, a hugely successful budget airline — considered a ‘challenger bank’, BigPay intends to compete with existing players by leveraging its localized understanding of the market and existing network and resources.
Christopher Davison, CEO of BigPay speaking at Hong Kong Fintech Week 2018
One thing was clear: the battle is on for South East Asia’s 655m customers — unbanked or underbanked —, and there is no shortage of hungry FinTech players entering the fray from all directions: ride-hailing, e-commerce, and even airlines.
Take an insider’s look around Hong Kong Fintech Week!