Turning Inspiration into Innovation: Lessons from ASEAN’s Fintech Revolution

How embracing competitor insights and cross-industry practices can drive transformative change and fuel global impact.

In a competitive and dynamic industry like fintech, innovation often lies at the intersection of opportunity and necessity. In the past decade I’ve had the privilege of driving product improvements by analyzing not just competitors but also the broader industry and even unrelated fields to glean actionable insights. There’s no shame in borrowing inspiration from competitors or adopting practices from other industries. In fact, as Scott Berkun highlights in The Myths of Innovation, great ideas are rarely born in isolation—they thrive when nurtured in a culture open to experimentation and cross-pollination.

ASEAN: A Fintech Innovation Powerhouse

Living in Southeast Asia for over a decade has given me a front-row seat to one of the most dynamic fintech ecosystems in the world. ASEAN’s unique mix of factors—millions of unbanked or underbanked individuals, cutting-edge digital infrastructure, slow-moving regulators, and an entrepreneurial spirit—has made it a breeding ground for innovations that solve pressing local challenges while setting global trends. For example, e-wallets, real-time payment systems, and innovative lending solutions have transformed financial access across the region.

What makes this ecosystem truly fascinating is the way necessity and constraints drive creativity. As the saying goes, “Constraints breed innovation,” and in ASEAN, these constraints have sparked solutions that resonate far beyond local borders. However, these innovations don’t always flow freely into global organizations. Too often, development centers are located far from the epicenter of innovation, leading to a disconnect between groundbreaking ideas and their global application.

Bridging Gaps to Foster Innovation

One of the biggest challenges I’ve observed is the organizational inertia that can stifle innovation. Global innovation hubs often develop solutions in isolation, failing to integrate insights from local markets. Unless an organization fosters an open mindset and actively absorbs ideas from external sources, it risks missing out on transformative opportunities. To overcome this, I’ve focused on creating detailed, actionable proposals, documenting innovative ideas thoroughly, and building internal momentum by involving colleagues and customers in the process.

Customers, in particular, are a powerful ally in driving innovation. Their real-world challenges and creative approaches to problem-solving often inspire some of the best ideas. At Mambu, we’ve made it a priority to stay close to our customers, learning from their feedback and adapting their innovative use cases into our product strategy.

Breaking Down Barriers to Change

Scott Berkun 's The Myths of Innovation shines a light on the structural challenges that organizations face when fostering innovation. One key insight is that managerial experience—while invaluable—can sometimes act as a barrier. When leaders are deeply rooted in the status quo, they may resist change that threatens established systems. This resistance isn’t intentional; it stems from the natural human tendency to protect what we know. That’s why building a culture that embraces risk and rewards experimentation is so essential.

Learning Through Failure

Not every innovative idea succeeds, but failure is a vital part of the process. Each setback provides valuable lessons, sharpening our approach and preparing us for future opportunities. The times when success does come are transformative, delivering solutions that not only drive business outcomes but also improve the lives of millions. These are the moments that remind us why the uphill battle for innovation is worth it.

The Realities of the Creative Process

Innovation often carries a certain mystique, but Berkun reminds us that groundbreaking ideas are rarely the result of sudden epiphanies. Instead, they emerge from a lifetime of hard work, iterative thinking, and collaboration. Every great idea builds on countless smaller insights, refined through rigorous testing and feedback. This perspective is a powerful reminder to stay persistent, keep generating ideas, and cultivate an environment where creativity can flourish.

Closing Thoughts

At its core, innovation is about solving real problems, and the best solutions often come from unexpected places. By remaining open to external insights and fostering a culture that values experimentation, we can not only stay competitive but also drive meaningful change.

How does your organization balance learning from competitors with fostering in-house innovation?

What strategies have worked for you to overcome resistance to new ideas?