‘The Future of Fintech in APAC’ report shows that blockchain and digital payments are revolutionising cross-border transactions.
Fintech show Money20/20 has launched the whitepaper, The Future of Fintech in APAC, ahead of Money20/20 Asia which will be taking place in Bangkok from 22 to 24 April 2025.
The whitepaper unveils insights into the fintech landscape, drawing on detailed interviews and surveys from over 50 key fintech stakeholders across Asia, including Thailand, Singapore, Malaysia, Hong Kong and more.
It also reveals that nearly one in three of these stakeholders, including banks, fintechs, and industry experts, prioritise expansion into Southeast Asia. Additionally, over 95% of participants highlight financial inclusion and social good as top priorities for the region.
The report highlights Southeast Asia’s fintech potential, emphasising human-centric approaches to ensure accessibility and success.
Key Findings :
- Banks Innovating for a Unified Future: The banking landscape in APAC is evolving rapidly, with digital and traditional banks striving to deliver superior customer experiences. Digital banks are leveraging ecosystems and partnerships to accelerate growth, though profitability remains a key challenge with only 5% achieving it globally. At the same time, traditional banks are adopting cutting-edge solutions like AI, blockchain and cloud computing to modernise legacy systems, enhance efficiency, and expand customer reach.
- APAC Leads the Charge in Digital Payments and Cross-Border Innovation: APAC is at the forefront of digital payments, with systems like PayNow, PromptPay, and UPI driving rapid adoption. In 2024, the region saw a 20.4% year-on-year growth in non-cash payments, outpacing Europe and North America. Cross-border payments are undergoing transformation through fintech innovations, with initiatives like Project Nexus integrating instant payment systems. Nearly 1 in 5 respondents rank blockchain among the top technologies impacting Asian fintech, with Thailand’s SCB’s partnership with Lightnet and Singapore’s Project Ubin Phase 5 exemplifying blockchain’s role in revolutionising cross-border payments.
- Embedded Finance Shifts Focus to Integration and User Experience: Embedded finance is transforming Asia’s fintech ecosystem by integrating financial services into everyday non-financial platforms. Leaders like GCash, Boost, and BigPay are enhancing payment, lending, and banking access. Focused on regulatory compliance, fintechs are working closely with regulators to ensure consumer protection. Moving away from the super app model, embedded finance is becoming more industry-specific, with fintechs partnering with banks to develop tailored solutions.
- Challenges for Achieving Financial Inclusion: The report highlights barriers to financial inclusion in Asia, including low digital literacy, inadequate infrastructure, regulatory challenges, and unviable business models. To improve accessibility, nearly 20% of respondents plan market expansion, 19% focus on product innovation, and over 15% and 12% prioritise partnerships and regulatory compliance, respectively.
Ian Fong, Asia Content Director at Money 20/20, said, “The findings underscore the importance of human-centered approaches in driving fintech success. We are seeing a shift where regulators and traditional banks are open to discussion and collaboration with emerging fintech players on elevating user experience and broadening accessibility for customers, contributing to a more inclusive ecosystem.”
Michele Fung, General Manager at Lianlian Global said, “Fintech in Hong Kong stands at the forefront of a dynamic evolution, leveraging the city’s position as a global financial hub. The findings of this report underscore Hong Kong’s and regional emphasis on innovation and cross-border collaboration, backed by its forward-thinking regulators. As we prepare to attend our second Asia show, we are eager to explore how Hong Kong’s leadership will influence the next wave of fintech transformation in the region.”
Money 20/20 Asia will take place on April 22-24, 2025, at the Queen Sirikit National Convention Center in Bangkok, Thailand.
Learn more about the report here.
