Market Size of Asia-Pacific Fintech Industry
|Study Period||2019 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
|CAGR||> 16.00 %|
*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.