Asia Pacific Fintech Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

APAC Fintech Market is segmented by Service Proposition (Money Transfer and Payments, Savings and Investments, Digital Lending & Lending Marketplaces, Online Insurance & Insurance Marketplaces, and Other Service Propositions) and Geography (China, India, Australia, Singapore, Hong Kong, and Rest of Asia-Pacific). The Market size and forecasts for the Asia-Pacific Fintech Market are provided in terms of transaction volume and/or revenue (USD billion) for all the above segments.

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Asia Pacific Fintech Market Size

Asia-Pacific Fintech Market Summary
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Study Period 2019 - 2028
Base Year For Estimation 2022
Forecast Data Period 2023 - 2028
Historical Data Period 2018 - 2021
CAGR > 16.00 %
Market Concentration High

Major Players

Asia-Pacific Fintech Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Asia Pacific Fintech Market Analysis

The Asia-Pacific fintech Market generated a revenue of USD 159 billion and is expected to register a CAGR of 16% during the forecasted period.

  • The COVID-19 pandemic greatly impacted the Asia-Pacific Fintech Market. Despite the hardships that the year 2020 brought to governments and people across the Asia Pacific, the fintech industry was one of the few bright spots. Throughout the area, billions of people and businesses have gone digital, a movement that was hastened by the pandemic. Fintech is one of the few areas of the economy that has risen in recent years.
  • The fintech industry is expected to grow at a rapid pace in Asia-Pacific. In the continuously changing Asia-Pacific fintech market, numerous opportunities and investments in them are rapidly expanding. Open banking and other regulatory initiatives are redefining the financial services market, and external providers can access data from previously owned bank customers. China and India have a much greater penetration of financial services. Singapore already has the best mobile payment solutions to promote acceptance in the islands. 
  • Advanced fintech technologies are quickly becoming part of the fabric of everyday life in mature nations like Australia and Japan. Consumer use of fintech-powered services has increased, and in some cases tripled, in only two years across key Asia-Pacific economies. Fintech adoption is 67% in Hong Kong, Singapore, and South Korea and 58% in Australia. Except for India, which is now nearly tied with Asia's leading digital power, most markets still lag far behind China's 87% penetration. Developing markets show 70% more finance app installs than developed markets. Indonesia, the Philippines, Thailand, and Vietnam saw fintech app demand grow. 
  • The rapid growth of financial app installations in the region generally reflects the changing finance and banking landscape, as well as consumer demand, in this region.

Asia Pacific Fintech Industry Segmentation

Fintech refers to the integration of technology into offerings by financial services companies to improve their use and delivery to consumers. It primarily works by unbundling offerings by such firms and creating new markets for them.

The Asia-Pacific fintech market is segmented by service proposition (money transfer and payments, savings and investments, digital lending & lending marketplaces, online insurance & insurance marketplaces, and other service propositions) and geography (China, India, Australia, Singapore, Hong Kong, and Rest of Asia-Pacific). 

The report offers market size and forecasts for the Asia-Pacific fintech market in terms of transaction volume and/or revenue (USD Billion) for all the above segments.

By Service Proposition
Money Transfer and Payments
Savings and Investments
Digital Lending & Lending Marketplaces
Online Insurance & Insurance Marketplaces
Other Service Propositions
By Geography
China
India
Australia
Singapore
Hong Kong
Rest of Asia-Pacific

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Asia Pacific Fintech Market Trends

China Dominates the Asia-Pacific Fintech Market

  • In Asia, China continues to set the tone for FinTech innovation. FinTech services are now deeply integrated into the lives of Chinese consumers, free of outdated technology and supported by their integration with China's powerful and omnipresent e-commerce and social media platforms, like Alibaba and WeChat.
  • Payment firms were eventually regulated. Restrictions were put on the size of wealth management products. The increased availability of digital finance products and tools has positively impacted millions of Chinese individuals and businesses. China leads in consumer and SME-focused financial services innovation, but in other Asian markets, Chinese investments, and the inspiration of their example to local entrepreneurs, are driving rapid market penetration and innovation.
  • The People's Bank of China has issued a three-year strategy to help the country's fintech industry grow. There have already been a lot of steps taken in the direction of implementation since then. A fintech sandbox, for example, is being developed and is currently being tested in Beijing. This plan is likely to aid future fintech investment, particularly in key areas such as risk management, cybersecurity, big data, artificial intelligence, distributed databases, and authentication.
Asia-Pacific Fintech Market: Number of monthly active users (MAU) of the leading payment apps in China as of May 2021, In Millions

The Rise of Asia-Pacific's Digital Banks is driving the Market

  • The excitement around the launch of Hong Kong's digital banks and the awarding of Singapore's digital banking licenses was palpable and dominated much of the fintech conversation. Hong Kong now has eight digital banks with products covering nearly all market segments. 
  • Among the more interesting aspects of the launch is how companies sought to differentiate and acquire customers. ZA Bank from Zhong An was one of the first out of the gate and launched a special offer of 6% interest on a three-month time deposit subject to a cap of about USD 25,000.
  • Forced to react in order not to be left behind, Asia's traditional banks responded proactively. HSBC responded reactively to the launch of the new banks in Hong Kong by re-jigging its fee structure on both account maintenance and payments. It is often difficult for traditional banks to make dramatic shifts to the user experience. Even so, they used what levers were at their disposal to stay competitive.
  • Singapore's Lucky Plaza is one of the main remittance centers in the city-state. On any given Sunday, it is typically packed with foreign workers looking to send money home. During the Covid-19 lockdown, Lucky Plaza was a ghost town. With both Singaporeans and locals confined to their homes, remittances went digital.
  • The previous year was a litmus test for fintech, and there was a multitude of additional stories to talk about, not least of which is Asia’s push towards Central Bank Digital Currencies (CBDCs) – one of many developing stories.
Asia-Pacific Fintech Market: Transaction Value of Digital Payments, Asia Pacific, 2021, by Country, In USD Billion

Asia Pacific Fintech Industry Overview

The Asia-Pacific fintech landscape highly differs from the global landscape. On a global scale, many FinTech startups are already directly influencing the financial landscape. The Asia-Pacific startups are either copying the global initiatives or just starting to influence and disrupt their respective local established financial companies. Some of the major players in the market are Ant Group, PineLabs, Phonepe, VoltBank, Policy Bazar, Judobank, WeLab, PayPay, CRED, Harmoney, and others.

Asia Pacific Fintech Market Leaders

  1. Ant Group

  2. Phonepe

  3. WeLab

  4. VoltBank

  5. Judobank

*Disclaimer: Major Players sorted in no particular order

Asia-Pacific Fintech Market Concentration

Asia Pacific Fintech Market News

  • March 2023: Ant Group announced the launch of a digital asset trading platform in Singapore named "AntChain Exchange." The platform allows users to trade various cryptocurrencies and other digital assets and is designed to offer fast and secure transactions.
  • February 2023: PhonePe announced a strategic partnership with Flipkart, India's leading e-commerce company. The partnership aims to expand the reach of PhonePe's digital payment services to millions of Flipkart customers and offer a seamless shopping and payment experience.

Asia Pacific Fintech Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 A Brief on Internet and Smartphone Penetration in the Region

    3. 4.3 Insights on Key Regulations and Industry Policies Impacting Fintech Market in the Region

    4. 4.4 Market Drivers

    5. 4.5 Market Restraints

    6. 4.6 Revenue and Funding Statistics

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Threat of New Entrants

      2. 4.7.2 Bargaining Power of Buyers/Consumers

      3. 4.7.3 Bargaining Power of Suppliers

      4. 4.7.4 Threat of Substitute Products

      5. 4.7.5 Intensity of Competitive Rivalry

    8. 4.8 Imapct of Covid-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Service Proposition

      1. 5.1.1 Money Transfer and Payments

      2. 5.1.2 Savings and Investments

      3. 5.1.3 Digital Lending & Lending Marketplaces

      4. 5.1.4 Online Insurance & Insurance Marketplaces

      5. 5.1.5 Other Service Propositions

    2. 5.2 By Geography

      1. 5.2.1 China

      2. 5.2.2 India

      3. 5.2.3 Australia

      4. 5.2.4 Singapore

      5. 5.2.5 Hong Kong

      6. 5.2.6 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Overview (Market Concentration and Major Players)

    2. 6.2 Company Profiles

      1. 6.2.1 Ant Group

      2. 6.2.2 PineLabs

      3. 6.2.3 Phonepe

      4. 6.2.4 VoltBank

      5. 6.2.5 Policy Bazar

      6. 6.2.6 Judobank

      7. 6.2.7 WeLab

      8. 6.2.8 PayPay

      9. 6.2.9 CRED

      10. 6.2.10 Harmoney*

    3. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER & ABOUT US

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Asia Pacific Fintech Market Research FAQs

The Asia-Pacific Fintech Market is projected to register a CAGR of greater than 16% during the forecast period (2023-2028).

Ant Group, Phonepe, WeLab, VoltBank and Judobank are the major companies operating in the Asia-Pacific Fintech Market.

Asia Pacific Fintech Industry Report

Statistics for the 2023 Asia Pacific Fintech market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia Pacific Fintech analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Asia Pacific Fintech Market Report Snapshots

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