Digital & Technology

New research uncovers concerns for fintech adoption in HK and Singapore

New research by Simmons & Simmons shows how many large financial institutions are struggling to innovate fast enough.

Hyperfinance, the international law firm’s flagship research programme, investigates what large banks and asset managers need to do to succeed in accelerating their digital innovation and overcome the challenges they face.

The research programme surveyed 200 senior level respondents (30% at C-suite level) across five financial centres, including from 50 institutions in Hong Kong and Singapore. 

Institutions in Hong Kong and Singapore report very high levels of interest in fintech, with a focus on both external and internal investment; 92% of respondents in the two markets expect to collaborate with a fintech firm in the next 18 months. 

However, key concerns for institutions in Hong Kong and Singapore include: M&A and regulatory risk, and cybersecurity and the cloud.