Concerns over security risks are rising in tandem with escalating investments in fintech and digital banking adoption in the Asia - Pacific region . Around 84 % of financial firms in Asia now count cyber threats as their top security risk , however , only 10 % have a cyber incident response plan in place . Hong Kong and China increased investments in fintech ventures , which stood at $ 9.62bn at 31 July , more than twice the $ 4.26bn invested in the region in 2015 , according to Accenture ’s analysis of CB Insights data . Meanwhile , PwC ’s Global Economic Crime Survey 2016 predicts 1.7 billion consumers in the region will be using digital banking by 2020 .
Concerns over security risks are rising in tandem with escalating investments in fintech and digital banking adoption in the Asia-Pacific region. Around 84% of financial firms in Asia now count cyber threats as their top business risk, however, only 37% have a cyber incident response plan in place. Hong Kong and China dominate investment in fintech ventures, which stood at $9.62bn at 31 July, more than twice the $4.26bn invested in the region in 2015, according to Accenture’s analysis of CB Insights data. Meanwhile, PwC’s Global Economic Crime Survey 2016 predicts 1.7 billion consumers in the region will be using digital banking by 2020.