The Rise of Fintech in Southeast Asia: A Catalyst for Gender Equality
Southeast Asia is witnessing a fintech revolution, driven by its largely unbanked and underbanked populations. This burgeoning ecosystem is not just about technology; it’s about fostering financial inclusion and bridging the wealth gap. Innovative services like loans and payment platforms are emerging to provide critical resources to those who need them most, particularly the poor.
Women in Fintech: A Growing Opportunity
A 2019 study by ValueChampion highlighted the potential for women in fintech across the Asia-Pacific region. Singapore ranked second, just behind Australia, as the best country for women in this sector. The study evaluated various factors, including the business climate, existing gender gaps, women’s safety, and fintech salaries. Malaysia, Thailand, Indonesia, and Vietnam also made the list, showcasing a regional commitment to improving gender equality in fintech.
Singapore: A Fintech Hotbed
Singapore stands out as a leader in fintech innovation, boasting the highest number of fintech startups per capita. According to Accenture, the city-state attracted US$453 million in fintech investments in the first half of 2019 alone. While Singapore has made strides in reducing the gender gap—evident in the election of its first female president, Halimah Yacob, in 2017—the gender wage gap remains a concern, particularly in the financial and insurance sectors.
Malaysia: A Supportive Environment
Malaysia’s fintech landscape is moderately strong, offering opportunities for women in a relatively affordable setting. The Digital Free Trade Zone (DFTZ) initiative, launched in 2017, aims to enhance the nation’s internet economy and facilitate cross-border e-commerce. The World Economic Forum reports that Malaysia has made significant progress in closing its gender gap, with 33% of top positions in its three largest banks held by women.
Vietnam: Closing the Gender Gap
Vietnam is making notable strides in closing the labor force gender gap, ranking among the top 25 countries globally. Initiatives like the ‘Mobile Banking – Financial Inclusion and Economic Empowerment for Low-Income People and Women in Vietnam’ project aim to empower women by improving their access to financial resources. However, despite these advancements, the fintech sector remains challenging for women, with 86% of fintech organizations still having all-male founders, according to the Ernst & Young ‘ASEAN FinTech Census 2018’.
Supporting Women Entrepreneurs
Globally, there is a growing recognition of the need to support women in fintech. The United Nations Capital Development Fund (UNCDF), in collaboration with the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), launched an Innovation Fund aimed at enhancing access to finance for women-led micro, small, and medium-sized enterprises (MSMEs) in the Asia-Pacific region. This initiative is expected to benefit around 20,000 women entrepreneurs across six countries.
Miss Kaya: Empowering Women in Finance
One notable example of female empowerment in fintech is Miss Kaya, a financial platform founded by Gina Heng. Designed specifically for women, Miss Kaya provides guidance on savings and investments. Heng emphasizes the importance of creating a supportive community for women entrepreneurs, stating, “If we can create a supportive community and share resources and networks, the chances of success are higher.”
Celebrating Female Leaders
The fintech landscape is also home to inspiring female leaders. Dr. Ayesha Khanna, co-founder and CEO of ADDO AI, is recognized as a leading female entrepreneur in Singapore. Her company is actively incubating startups, showcasing the potential for women to lead in this dynamic sector.
Addressing Gender Biases
Despite the progress made, persistent gender biases—both intentional and unintentional—continue to hinder women’s advancement in fintech. While the region’s fintech industry is robust, it is not equally accessible to all genders. More efforts are needed to ensure that women can rise through the ranks, lead teams, and influence industry policies.
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Through innovative fintech solutions and supportive initiatives, Southeast Asia is paving the way for a more inclusive financial future, particularly for women. The journey is ongoing, but the potential for change is immense.