Fintech in Asia Pacific: Digital Payment Platforms

November 2019

Fintech is transforming financial products and services at a rapid rate around the world. The Asia Pacific region is the most obvious example of the transformation, and the payments industry is a perfect example of what is happening. This strategy brief will use case studies to illustrate how fintech through digital payment platforms has fundamentally changed the payments industry. The categories discussed are mobile payments and wallets, remittances and mobile point of sale.

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Key Findings

Pursuit of going “cashless” is working

Governments in many Asia Pacific markets have made going “cashless” a key priority in recent years, and we are now seeing positive results from previously adopted regulations. Cash use is down throughout the region, more consumers are banked, and competition has increased in financial products and services.

Loyalty and rewards driving fintech adoption

In developed Asia Pacific markets, competition has intensified as markets are flooded with payment platforms. This has rapidly increased adoption and made companies look to reduce costs and provide additional value to payments.

Rethinking creditworthiness

Traditional financial institutions’ approach to determining creditworthiness resulted in many qualified consumers not having access. Fintech’s development of alternative measures, like shopping behaviour, might provide a better guide.

Demographic factors point to sustained growth

Throughout the region, younger consumers have more disposable income, greater access to technology and a better understanding of how to use it. This will ensure continued growth of fintech throughout the forecast period.

Consumer demand for financial services increasing

A strong economic performance throughout the region over the past decade is producing a large middle class in the region. This consumer segment is fuelling the need for financial products and services.

Digital payment platforms increasing transaction value

Digital payment platforms are increasing the value of transactions by leveraging the data created. This additional value can be distributed to merchants to increase acceptance, and to consumers to increase adoption.

Fintech is taking a regional approach

Many successful fintechs have become regional and international companies, with customers around the world. A clearer regulatory environment is breaking down borders and providing greater opportunities for expansion.


Fintech in Asia Pacific
Fintech being driven by policy
Fintech and digital payments in Asia Pacific
Key findings

Mobile Payments and Wallets

Cash is still king in Southeast Asia, but this is changing
Southeast Asia’s super-app, Grab, expands into digital finance
Building app stickiness through an ecosystem approach
Grab Financial Group enables the unbanked to gain access to credit
Opportunity for Grab to serve the unbanked through digital finance
Chinese card payment market
Alipay/ANT Financial
How ANT financial became a leading lender
Bright prospects for ANT Financial and Alipay

Remittances and International Transfers

The remittance and payments landscape in Hong Kong
Two different approaches to revolutionising remittances
How Transwap works
How Bitspark works
Several macro-indicators will support growth of the remittance market
Ageing population and rising internet penetration drive the industry
Other promising indicators for the industry
Competitive landscape is crowded

Mobile Point of Sale

LINE Pay in Japan
LINE Pay in Japan
LINE Pay in Japan
Kakao Pay in South Korea
More than a payment app
Potential for the platform going forward


Key findings
Digital payment platforms providing value to consumers and merchants
The future of mobile payment platforms


Defining the cost of policy

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Data parameters and report definitions


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