The world’s next fintech leader? Asia

Where is the world’s biggest fintech market? Soon, the answer will be Asia Pacific.

As this infographic from the “Global Fintech 2023: Reimagining the Future of Finance” report by Boston Consulting Group (BCG) shows, fintech revenues for the region are projected to hit US$600 billion by 2030.

This estimate is based on the compound annual growth rate, which is expected to be a whopping 27%.

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The report notes that most of this growth will be driven by what BCG calls “emerging APAC” countries such as China, India, and Indonesia – markets that have large fintech companies, underbanked populations, and a tech-savvy and young middle class.

India, a country where smartphones are ubiquitous but bank accounts are not, has 190 million unbanked adults, according to the report. When you look at it like that, US$600 billion doesn’t seem such a large number after all.