Investment on R&D or product development, measured by the anticipated percentage change between financial year of 2019-2020 and the base period, grew moderately by 48.4%. While the FinTech companies tends to conduct research or develop product on AI, big data and machines/deep learning (55.3%), followed by Blockchain (42.3%) and Customer experience (39.5%).
For the likelihood of conducting Research and Development (R&D) of the companies. It can be observed that all companies in this study will conduct R&D, through either in-house or contract-out activities or both. Among them, 37% of the companies will conduct both in-house and contract-out R&D activities. The other 58% of them will only conduct in-house activities and the remaining 5% will only contract out their R&D activities.
The top three areas of Research and Development of the companies are AI, Big data analytics and Machine/Deep learning, Blockchain, as well as Customer experience.