Asia’s fintech sector is experiencing substantial growth, with transaction volumes projected to hit US$19 trillion by the end of 2025.
This surge is largely fuelled by digital payments and transfers, underpinned by a growing user base and the widespread adoption of mobile technology.
According to recent research by UnaFinancial, the total volume of fintech transactions in Asia reached US$16.8 trillion in 2024, an increase of US$2.1 trillion from the previous year. This places Asia as a major player in the global fintech arena, accounting for 48.2 per cent of the total global fintech volume, which was US$34.8 trillion.
Digital payments and transfers are the primary drivers of growth, contributing 40.1 per cent (+US$834 billion) of the total fintech expansion in Asia. Digital commerce accounted for 21 per cent (US$435 billion), digital banking for 32.9 per cent (US$684 billion), and other sectors made up the remaining 6 per cent (US$124 billion).
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While digital payments lead the current growth, historical data from 2010-2024 indicates that digital investments and wealth management grew most rapidly at an average of 92.1 per cent per year, followed by digital banking at 48.6 per cent.
Analysts at UnaFinancial attribute the sector’s growth to the rise of super apps, which have transformed consumer behaviour, with shoppers increasingly using built-in features such as digital wallets and buy-now- pay-later services.
Additionally, several Asian governments are implementing policies to develop unified payment platforms, which are promoting the demand for digital financial services by cutting costs for businesses and improving user experience. This trend is especially prevalent in emerging economies with limited access to traditional banking and a growing rate of smartphone usage. The increasing need for cross-border payments is also a key factor.
The Asian fintech market is expected to grow to US$18.9 trillion by 2025, representing a 12.6 per cent year-on-year increase. Globally, the fintech industry is forecasted to reach US$40.1 trillion, with Asia contributing approximately 47.1 per cent of this total.
The digital payments and transfers sector will remain the primary growth driver, contributing 45 per cent of Asia’s market growth, in contrast to a global figure of 32%, indicating Asia’s dominance in this sector.
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