Jamie Lee: How the Internet of Things will change finance

THERE is plenty of potential from the combined markets of the Internet of Things (IoT), with Bain & Company estimating in 2018 that this global market will grow to about US$520 billion in 2021, more than double the US$235 billion spent in 2017. In recent times, the move by Google to buy up Fitbit - which makes fitness trackers - for US$2.1 billion, speaks to the growing demand.

IoT here refers to technology that allows physical objects to be connected to the digital world, with breakthroughs in the cost of sensors, processing power as well as bandwidth to connect devices, bringing the potential of IoT to the forefront.

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