The Asia-Pacific region is home to the highest growing fintech industry in the world, with some of the biggest players globally based in the region. The fintech industry in Asia-Pacific comprises massive mature markets like China and smaller emerging markets. Even though the
has significantly lower than certain regions, due to the region’s large population and high fintech adoption rate, it has exceeded EMEA figures in 2022 and has the highest number of fintech users in the world and is forecast to generate the most revenue in the fintech sector. While digital payments is by far the largest fintech segment in the Asia-Pacific region, personal finance is predicted to be the next up-and-coming segment.
Major markets and players
The Asia-Pacific region is the largest digital payments market, with India and China proximity mobile payment users alone taking up two-thirds of the global users. Alipay is the
most used digital payment app in China, operated by Ant Group, and secured a 14 billion U.S. dollar deal before. While digital payment is the norm in China, Southeast Asia is quickly following with newer startups like Indonesian digital payment startup Gojek and Singapore-based internet platform Sea. Although Southeast Asia holds large underbanked populations, the main caveat was low consumer spending that resulted in lower transaction value. However, with
Southeast Asia's consumer spending forecasted to grow rapidly, the fintech industry is looking to expand.
The prospects of fintech segments
Digital payments now make up nearly half of point of sale (POS) payment and more than half of
e-commerce payment methods and are expected to expand as digital wallets replace cash and cards. Marketplace or peer-to-peer (P2P) lending has been a rising choice of alternative financing for both businesses and consumers. Another segment that is gaining more consumers is buy now, pay late (BNPL) services. Australia and New Zealand are frontrunners in usage of BNPL, while
Singapore is also home to many BNPL startups.
This text provides general information. Statista assumes no
liability for the information given being complete or correct.
Due to varying update cycles, statistics can display more up-to-date
data than referenced in the text.
