Kearney’s Kevin Kwek urges fintechs to prioritise sustainable growth over rapid expansion

Kwek believes that fintechs must focus on lasting business impact rather than growth at all costs.

Over the past decade, Southeast Asia's fintech industry has evolved into a more mature market where investors, regulators, and customers’ expectations include sustainable business models, responsible innovation, and long-term value creation.

Closely observing this transformation is Kevin Kwek, Partner at Kearney and the firm's Financial Services Leader for Southeast Asia.

Before Kearney, Kwek served as the Managing Director of AllianceBernstein, advising global institutional investors on Asian financial institutions and fintech companies. He has also led strategy for Southeast Asia at Standard Chartered earlier in his career, and was responsible for wholesale banking strategy and mergers and acquisitions. 

Kwek has authored six Bernstein “Black Books”, which are recognised as top-tier industry work, on banking, digital banking, and payments, many of which anticipated the challenges fintech companies are facing today.

As he joins the judging panel for the Asian Banking & Finance Fintech Awards 2026, Kwek shares his views on the forces shaping the next phase of fintech growth, the role of investors, and why practical innovation will matter more than ever.

What signals or indicators do you rely on when forming long-term predictions about the fintech sector?

At the overall level, fintechs that will succeed should have broader positive implications on the sector or country, such as customer convenience. In addition, the ability to become profitable—which also means serving staff well—is critical.

How do you think structural factors like regulation, fragmentation, and financial inclusion shape fintech outcomes in the region?

Regulatory and financial inclusion are very much the factors alluded to above – any fintech that also serves broader considerations will mean supportive regulations, which certainly helps.

What role do global institutional investors play in shaping fintech development in Asia Pacific?

Private equity investors will be critical to fund promising startups at different stages. As importantly, where they fund may correspond with what they have seen work well in global markets and the US. Fintechs that succeed in the IPO stage will obviously then help at the late stage as well, including via their questions and guidance on what they look for. What we have also seen is that even public institutional investors begin exploring fintechs close to IPO, which helps steer promising fintechs.

What are the biggest risks currently facing investors in Asia’s fintech space and how can they prepare for them?

By definition, fintechs in many cases, at an early stage, are focused on proof of concept and sometimes over-index on growth (e.g. proving MAU or revenue instead of profitability). The judgement that’s required is whether each fintech has a solid and clear plan and path to profitability—failing which the assumption is that the key valuation driver (such as customer growth) will hold long enough for exit.

What role will emerging technologies play in redefining financial services strategies in the near future?

Payment-oriented technology has been key, and some have been disruptive, especially, for instance, cross-border payments. In some other areas, such as digital banking/crypto, that has broadly stabilised. What’s next may be in the wealth and investment space. And obviously, deployment of AI with responsibility.

As a judge for the Asian Banking & Finance Fintech Awards 2026, what innovations are you going to look for in the entries this year?

AI-based innovations that are practical and cater to AI-human interaction – rather than pure AI plays. Human interaction and intervention for the near term remain more relevant for now, in my view.