iByond and Knightsbridge Group will join forces to spearhead fintech initiatives across APAC.
iByond and Knightsbridge Group have sealed a monumental deal projected to be worth as much as USD 1.2 billion.
Under the agreement, iByond says it will leverage its expertise in the burgeoning AI landscape and Knightsbridge’s global network and resources to deliver solutions tailored to meet the evolving needs of consumers worldwide.
iByond’s Economic Transformation Technologies (ETT) Asia Division has executed a five year software services and licensing agreement with Knightsbridge that is valued at USD 683 million to ETT and over USD 500 million to Knightsbridge.
According to ETT Chairman and CEO Christopher Condon, the joint venture aims to deliver a comprehensive fintech platform that offers unparalleled efficiency, security, and scalability.
“By harnessing the power of artificial intelligence, the platform will enable financial institutions to streamline operations, enhance customer experiences, and drive sustainable growth in today’s dynamic marketplace. This collaboration represents a significant milestone in our expansion strategy and underscores its commitment to driving growth in the region,” says Condon.
ETT President of the Americas and Emerging Markets David Chlapowski agrees.
“Information presented in a scalable and consumable manner is the new oil and is the fuel of digital innovation. The Interoperability of disparate platforms combined with the learning capabilities of artificial intelligence will provide efficiencies never before possible – until now. I would be so bold to declare that ETT/Knightsbridge FinTech Platform is the glue bringing this all together. Collectively , we are ushering a new era of Web 4.0 – the era where Software, Infrastructure, and Finance all come together at the intersection of enablement and wealth creation and turbocharged by AI,” says Chlapowski.
Due to advancements in AI technology and increasing digitalization across industries, Asia has emerged as a hotbed for innovation and investment in fintech. From pioneering AI-driven financial services to revolutionizing traditional banking and investment practices, SE Asian businesses are harnessing AI to drive economic growth, improve financial inclusion, and enhance efficiency in financial markets. With supportive regulatory frameworks, vibrant startup ecosystems, and a growing pool of tech talent, Condon says that Asia is poised to lead the global fintech revolution, unlocking new opportunities and driving innovation across sectors.
Despite having lower total fintech investment value compared to certain regions, APAC surpasses EMEA in terms of fintech adoption rate due to its large population and high adoption. In 2022, APAC had the highest number of fintech users and is projected to generate substantial revenue in the fintech sector. While digital payments dominate the fintech landscape, personal finance is predicted to be the next significant segment.
Notably, China and India lead the way with the highest fintech adoption rates, with China at 69%, more than double the global average. India is nearly tied with China in terms of digital power and fintech adoption.
Hong Kong, Singapore, and South Korea have a 67% fintech adoption rate, while Australia follows closely at 58%.
In APAC, an impressive 96% of individuals are aware of at least one fintech service facilitating online money transfers and payments.
