---
title: "One Asia: Building a Joint Fintech Force in a Fragmented World"
description: Discover FinTech opportunities in Mongolia, Korea, Taiwan, and Cambodia. Learn about the unique challenges and growth potential in these emerging markets.
---

[SFF 2024 Session Recordings ](https://39936595.hs-sites.com/sff-2024-session-recordings)

# [One Asia: Building a Joint Fintech Force in a Fragmented World](https://39936595.hs-sites.com/sff-2024-session-recordings/sff-2024-videos/one-asia-building-a-joint-fintech-force-in-a-fragmented-world)

 Written by [GFTN](https://39936595.hs-sites.com/sff-2024-session-recordings/author/gftn) | Nov 16, 2024 5:00:00 AM

 

**Exploring FinTech Opportunities in Mongolia, Korea, Taiwan, and Cambodia** 

 

Unveiled at the Singapore FinTech Festival, this panel discussion provided a regional tour through Mongolia, Korea, Taiwan, and Cambodia, spotlighting the unique opportunities and challenges for FinTech companies in these evolving markets. 

 

**Key Highlights** 

**1. Mongolia: A Youthful Market on the Rise** 

- **Rapid Growth**: Mongolia’s economy has been growing rapidly, recording a 6-7% annual GDP growth rate. 
- **Demographics**: A young population with an average age of 27.5 years drives demand for digital products. 
- **Investment Potential**: There is increasing international venture capital interest in Mongolian fintech companies. 4-5 Mongolian Fintech companies have also expanded internationally. 
- **Regulatory Progress**: New laws covering data privacy and cybersecurity provide regulatory clarity, supporting fintech innovation. 

 

**2. Korea: A Digital Powerhouse** 

- **High Adoption**: Korea boasts 95% internet penetration and widespread 5G network use. 
- **Regulatory Sandbox**: Over 200 fintech projects have been facilitated through programmes in its fintech sandbox, accelerating commercialization. 
- **Technological Edge**: Korea’s fintech ecosystem is focused on "ABCDE" technologies—AI, Blockchain, Cloud, Data, and eKYC. 

 

**3. Taiwan: Leading in AI and Collaboration** 

- **AI Leadership**: Taiwanese companies produce 90% of global AI chips, providing significant opportunities for AI-driven fintech solutions.   
- **Collaborative Environment**: Taiwan encourages partnerships with global fintech players and regulators and is open to discussions to adopt best practices for fintech regulation.   
- **Regulatory Openness**: Regulators in Taiwan are open to discussions to adopt best practices for fintech regulation. Combating financial fraud and cyber risk are among its top priorities.  

 

**4. Cambodia: A Thriving Emerging Market** 

- **Economic Growth**: Cambodia is one of Southeast Asia’s fastest-growing emerging markets, with 7% GDP growth. 
- **Ease of Doing Business**: Cambodia is very welcoming of foreign direct investment; 100% foreign ownership of companies is allowed. Starting a company requires a low investment threshold of just US$ 1000.  
- **FinTech Initiatives**: Project Bakong led by the National Bank of Cambodia had enabled US$75 billion in digital transactions in 2023 and supports cross-border payments with neighbouring countries. 
- **Key Sectors**: Digital payments, green finance, and agrifintech were highlighted as priority areas for Cambodia.  

 

**Conclusion** 

Each of these markets offers a unique mix of opportunities and challenges for FinTech companies. Success lies in localizing solutions, understanding cultural nuances, and collaborating with regulators to navigate the evolving landscapes. 

 

Watch Full Session

 

Speakers:

- Byambasuren Myagmartseren, Chief Executive Officer, Mongolian Fintech Association
- Hong Dongpyo, Global Alliance & Partnership Chair, Korea Fintech Industry Association
- Jaclyn Tsai, Chairperson & Honorary Chairwoman, Asia FinTech Alliance & Taiwan FinTech Association
- Weena Llona, Executive Director, Cambodian Association of Finance and Technology

 

**Moderator:**

- Reuben Lim, Chief Executive Officer, Singapore FinTech Association

  

  

  

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