Financial technology services is currently in the midst of a profound transformation, in preparation to embrace the next major phase of digital transformation. The market challenge we face is significant. In a competitive environment of rising cost pressures, where rapid action and response is imperative, financial institutions must modernize their technology function to support expanded digitization of both the front and back ends of their businesses.
We watch recently, most major financial institutions are well aware of the imperative for action and have embarked on the necessary transformation. However, most are only at the beginning of their journey. Many are facing challenges in terms of funding, complexity, and techy talent availability in Asia, especially in South East Asia.
Looking ahead, the fintech industry continues to face a challenging future, but there are several opportunities yet to be unlocked. Investors are adapting to a new financial paradigm with higher interest rates and inflation, which has altered their assessment of risk and reward. At the same time, the once-in-a-generation technology revolution under way is generating more value creation opportunities. Our research shows that revenues in the fintech industry are expected to grow almost three times faster than those in the traditional banking sector between 2022 and 2028. Compared with the 6 percent annual revenue growth for traditional banking, fintechs could post annual revenue growth of 15 percent over the next five years.
Therefore, before end of 2024, Financial Wealth has been engaged with one of the prominent Financial Technology companies from Indonesia named Sprint Asia Technology www.sprintasia.co.id and its sister company called Bayarind www.bayarind.id to enlarge a bigger consumer market for Payment Gateway, start from Indonesia as the biggest consumer market in South East Asia. On top of it, Financial Wealth has previously launched a strategic alliance with Rackcorp Australia for cloud business, introducing a new brand cloud business namely RI Cloud (Republic of Indonesia Cloud).
