Fintech Adoption will Increase During “Regulatory-Driven 2.0 Era” According to Dennis Gao from KPMG Southern China

Dennis Gao, partner of Management Consulting at KPMG Southern China, recently noted that Fintech is preparing to enter the “regulatory-driven 2.0 era,” and opportunities are now greater or outweigh potential challenges for Fintech due to COVID-19.

Gao, whose comments came during “Financial Digitalization & Fintech Evolution in the Wake of COVID-19” webinar on June 23, 2020, has predicted that the adoption of Fintech solutions will “increase in scale, and changes in application scenes are awaiting.”

However, global Fintech funding, at least for now, is expected to continue its downward trend, a new report reveals.

Henry Ma (who also attended the webinar), EVP and CIO at WeBank, a private Chinese neobank valued at around $21 billion, has said that we will see an emerging new “pluralistic” world paradigm, in which regionalization will become a new collaboration model (along with globalization and localization).

Regionalization is the tendency to establish decentralized regions. It can also be described as the process of dividing a political entity into smaller jurisdictions.

Ma also noted that digital banks that use the latest technology will become a “new normal” in finance. He believes regionalized Fintech initiatives will help promote inter-industry digitalization and integration, especially during the Coronavirus crisis.

Last month, WeBank teamed up with OpenNodes, a distributed ledger technology (DLT) platform developed by the Singapore-based Infocomm Media Development Authority, a statutory board of the nation’s government, under the Ministry of Communications and Information.

Through the partnership, WeBank will provide the FISCO BCOS blockchain-enabled platform to Singapore’s academicians so that they can use it to develop various applications.

Ma had said (in May 2020):

“We seek to spur the next-generation talents into building viable solutions using blockchain to serve the general public.”

Ma had also mentioned:

“Providing this open-source technology as a developer arena will also help us strengthen the stack of our technologies in the process while allowing for better products and services for the general public.”

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