Former international civil servant Neha Mehta discusses how super apps are reshaping fintech, democratising access to financial services, and transforming business operations
A super app is a comprehensive platform that consolidates various services such as messaging, social networking, shopping, payments, and more within a single application. Recognising the significance of this ground-breaking concept, lawyer and sustainability expert, Neha Mehta, aims to enlighten and share insights with a broader audience through her upcoming book, “One Stop.”
Neha’s extensive portfolio spans climate finance, sustainability, waste management, venture capital, hedge fund, and FinTech. With 18 years of experience across Asia, Oceania, and Europe, she brings a wealth of expertise to her professional endeavours. In an exclusive interview with ET Edge Insights, Neha sheds light on the potential of super apps, the significant opportunities they present for women in fintech, and the future landscape of fintech, among other insightful topics.
Excerpts
Can you explain what a super app is and its significance in the fintech industry?
A super app is a comprehensive platform that integrates various services within a single application, providing users with a one-stop solution for their diverse needs, be it payments, shopping, healthcare, or entertainment. This closed ecosystem offers a seamless and efficient user experience, allowing access to multiple services in one place. In the fintech industry, super apps have revolutionised the way users interact with financial services, creating an all-encompassing and convenient platform for various financial needs and disrupting the traditional fragmented model of separate apps for different services.
What inspired you to focus on the topic of super apps in your upcoming book?
The inspiration behind delving into the world of super apps for my book stemmed from witnessing the transformative impact these platforms have had, especially in regions like Asia. The convergence of various services into a single, user-friendly application is reshaping the way people interact with technology and financial services. Recognising the potential and the need to educate and shed light on this ground-breaking concept, I aimed to provide insights into how super apps are reshaping the fintech landscape, democratising access to financial services, and altering the way businesses operate.
Being deeply involved in the FinTech industry, specialising in digital financial services, payment systems, and financial inclusion across diverse markets, I witnessed first-hand the transformative potential of super apps in enhancing financial accessibility. The inspiration behind focusing on super apps for my upcoming book stems from their unparalleled impact on reshaping the way individuals access and utilise financial services.
My professional journey, working closely with financial regulators across key Asian markets, and my commitment to diversity, equity, and inclusion, has allowed me to observe the pivotal role of technology in driving financial inclusion and sustainability. The concept of Super Apps aligns perfectly with these interests and my efforts to bridge the gender gap in FinTech and financial services.
Moreover, being a recipient of prestigious awards, such as the Globant Digital Disruptors Award for pioneering changes in transaction methodologies in the SEA region and being recognised for contributions to women’s empowerment, has further motivated me to delve deeper into the super app phenomenon. The potential of super apps to revolutionise user experiences, foster financial inclusion, and possibly contribute to environmental sustainability aligns profoundly with my interests in driving positive change in multiple spheres, from finance to the environment and social development.
In your opinion, how have super apps disrupted the traditional fintech landscape?
Super apps have fundamentally disrupted the traditional fintech landscape by consolidating multiple services into a single, user-centric platform. They have streamlined access to financial services, enhancing user convenience and engagement. Instead of using different apps for various financial needs, super apps offer an all-in-one solution. This disruption has democratised financial access, bringing it to a broader audience and fostering financial inclusion, thus challenging the traditional siloed approach to financial service delivery.
Could you share some examples of successful super apps and what sets them apart?
Let us delve into the success stories of super apps such as WeChat, Grab, Paytm, Kakao, and others. What sets these platforms apart is their ability to offer a wide array of services seamlessly integrated into a single application, from payments to shopping to transportation and beyond. These apps have effectively created ecosystems that cater to various needs, enhancing user experience and engagement, ultimately leading to their success.
As an advocate for women in fintech, do you see any gender-specific impacts or opportunities in the super app space?
The super app space presents significant opportunities for women in fintech. As these platforms redefine how financial services are accessed and used, they create an inclusive space where diverse perspectives and talents can thrive. By advocating for more gender diversity and inclusion in tech and fintech, we can ensure that super apps are designed with a broader understanding of user needs, thereby enhancing the overall user experience and addressing diverse financial needs.
Within the realm of super apps, there are specific instances where gender inclusivity is showcased. For instance, in Indonesia, Gojek’s Super App model has not only empowered women by providing job opportunities as drivers but has also significantly contributed to financial inclusion. The app’s multifaceted services, such as GoPay, have enabled female entrepreneurs to reach a broader market, providing a platform for selling products or services. These apps offer an accessible marketplace, fostering economic empowerment for women entrepreneurs. Additionally, Super Apps focusing on healthcare services can particularly benefit women, offering access to telemedicine and healthcare information and providing an avenue for them to address health concerns effectively.
Can you talk about how super apps might contribute to sustainability and address climate change, particularly in the context of an East vs. West comparison?
Super apps have the potential to drive sustainability by consolidating services, reducing the need for multiple physical transactions, and thereby minimising carbon footprints. These platforms promote a shift from offline to digital services, ultimately contributing to environmental sustainability. The East has seen significant strides in this direction, especially in regions like Asia. In comparison, the West has yet to fully embrace the concept. My book serves as a wake-up call for Western developers and tech companies, emphasising the potential to reshape offerings in a manner that not only benefits businesses but also addresses sustainability concerns.
The success of super apps in the East is notably propelled by their ability to address diverse needs on a singular platform. For instance, in China, WeChat has transformed from a messaging app to a comprehensive super app. By integrating transportation, payment, and social interactions, it has significantly reduced the reliance on paper documents, contributing to sustainability efforts. Additionally, the success of super apps in the East is due to their adaptability to local contexts, catering to specific market demands more effectively than generalised apps from the West.
In addressing climate change, the multifunctional nature of super apps reduces the need for multiple physical transactions, potentially decreasing paper usage and energy consumption. For instance, the payment services within these apps have significantly reduced the reliance on physical currency, aligning with sustainable practices. As for their potential impact in the West, the emergence of Super Apps presents an opportunity to consolidate services, potentially reducing waste and carbon footprints. However, its success might require tailoring the services to match the Western market’s expectations and regulatory environments, which can take time to adapt.
To access the pre-order link for One Stop, click on this: https://www.amazon.sg/One-Stop-Neha-Mehta/dp/9815127888/ref=sr_1_1
