The fintech sector in Asia is on track for consistent growth, with the volume of transactions projected to reach $19 trillion by the end of 2025. At the heart of this growth are digital payments and transfers, supported by a rapidly expanding user base and the active adoption of mobile technologies.
According to UnaFinancial’s recent research, the total volume of Asian fintech transactions reached $16.8 trillion in 2024, growing by $2.1 trillion compared to the previous year. The Asian region accounted for 48.2% of the global fintech volume, which totaled $34.8 trillion.
40.1% of the total fintech growth in Asia came from the digital payments & transfers sector (+$834 billion). Meanwhile, 21% or $435 billion was attributed to digital commerce, 32.9% ($684 billion) – to the digital banking sector and the remaining 6% ($124 billion) came from other sectors.
Historical data suggests that the fastest growing sector between 2010 and 2024 was digital investments & wealth management (increasing by 92.1% per year on average), followed by digital banking (48.6%), digital assets & blockchain (43.4%), digital lending (18.5%), digital payments & transfers – (14.4%) and digital commerce (12.9%).
“One of the key factors behind Asia’s fintech growth is the rise of super apps, which have reshaped consumer behavior. Shoppers increasingly rely on built-in solutions like digital wallets and Buy Now, Pay Later services,” – said analysts of UnaFinancial. “Additionally, several Asian governments are actively pursuing policies to develop unified payment platforms, which stimulate demand for digital financial services by reducing business costs and improving user convenience. This trend is particularly evident in emerging economies, where access to traditional banking services is limited, while smartphone penetration is rapidly growing. Another significant growth driver is the increasing need for cross-border payments between Asian countries.”
The experts anticipate that the Asian fintech market will continue growing, albeit at a slightly slower pace compared to previous years. By 2025, the market is expected to reach $18.9 trillion, increasing by $12.6% YoY. Globally, the industry is forecasted to reach $40.1 trillion, with Asia accounting for approximately 47.1% of the total.
The primary growth driver in Asia will be the digital payments & transfers sector, contributing 45% of the region’s expected market growth. This contrasts with the global figure, which is anticipated to account for just 32% of worldwide growth, underscoring Asia’s leadership in this domain.
METHODOLOGY
The study used the data on transaction volumes in digital commerce, digital payments and transfers, digital lending, digital investments and wealth management, crypto assets & blockchain and digital banking from 2010 to 2024. The data sources included Statista, Data Reportal, information from media and research. The forecast was based on Bayesian vector autoregressions.
