HONG KONG – Fintech – an emerging financial services sector – is expected to rake in US$265 billion in revenue by 2025, three times faster than the broader financial sector, according to an estimate by United Bank of Switzerland.
It is also one of the key investment themes of UBS – Switzerland’s largest bank – in disruptive technological trends, along with enabling technology, healthcare, digital data, blockchain and the gaming industry.
Artificial intelligence, augmented reality or virtual reality, big data, cloud computing, as well as 5G, are the five main-stream enabling technology that will change the world
Amy Lo, Chairman and head of wealth management, UBS (Greater China)
As the confluence of financial and technological innovation, fintech offers diversified opportunities in both the public and private markets. Payments in the fintech trust alone currently account for about 25 percent of fintech revenue worldwide and put Asia, especially China, in a more advanced position, Sundeep Gantori, equity analyst and global wealth management chief investment officer, UBS global wealth management, told the media during the UBS Disruptive Technology CEO Summit 2018 on Tuesday.
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Amy Lo, chairman and head of wealth management of UBS Greater China, said artificial intelligence, augmented reality or virtual reality, big data, cloud computing, as well as 5G, are the five main-stream enabling technology that will change the world.
A vote carried out by UBS at the summit on which single technology that will have the biggest influence on society in the next five years put AI in the top spot, carrying 67 percent of the votes cast. Other alternatives are AR, robotics, blockchain and internet of things.
“China is at the very center of this technological revolution. A major reason is its size – China is the world’s largest country in terms of population and, depending on the measured quantity, also in terms of its economy,” Lo said.
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Led by Chinese tech giants Tencent and NetEase, China’s gaming industry has become the biggest in terms of the number of active users and revenue, with revenue having hit US$37.9 billion so far this year, according to the 2018 global games market report.
Gantori said he believes Asia’s gaming industry will be positive in the long term, projecting revenues of US$200 billion by 2030. He said China’s gaming sector would not drag down the Asian market despite tighter regulations by the authorities.
At the summit, Britain-based startup Gravity’s founder Richard Browning brought the “Iron Man” of blockbuster movie coming into the real world, and gave a speech on how to reimagine the human flight and the fastest speed for body control.
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