Once the exclusive domain of banks, lending is breaking out, enabled by fintechs and big techs. As technology snowballs, digital lending is becoming a worldwide phenomenon but is especially evident in Asia, with providers sprouting up and gaining a footing, buoyed by the pandemic and the system changes it has introduced. What are the current trends, and what can we expect to see develop on Asia’s digital-lending front in 2021?
South Korea’s penchant for technological innovation has not penetrated its financial sector as much as one might expect. Its established banks have been on the conservative side, but that is changing as the government, recognizing its attributes, promotes the growth of the fintech sector, with a particular emphasis on inventive payments and lending providers. Korean consumers are benefiting from the mushrooming choice of cutting-edge financial-services options now at their disposal.
In a year marked by political change across the globe, the closing weeks of 2016 delivered yet another moment of significant upheaval. Following weeks of public protest, South Korea’s parliament voted to impeach President Park Geun-hye on December 9, while the first public hearing to kick off the trial was scheduled for January 3, 2017.
On June 23, 2016, the United Kingdom (UK) held a referendum on whether to unwind its relationship with the European Union (EU). The UK populace chose “Brexit”. It was a clear vote against the status quo.