Developments in fintech landscape in Asia 2024

May 22, 2024

The fintech landscape in Asia, particularly in countries like India, the Philippines, and Malaysia, has shown significant growth and development, with various emerging trends and notable statistics shaping the industry in 2024.


The Indian fintech market is expected to reach USD 111.14 billion in 2024 and grow at a compound annual growth rate (CAGR) of 30.55%, reaching USD 421.48 billion by 2029. This rapid growth is driven by the increasing demand for digital services, advancements in technology, and the rise of blockchain applications. Key segments include money transfer and payments, digital lending, and online insurance.


In the Philippines, the fintech industry is also expanding rapidly, driven by a young, tech-savvy population and increasing digital adoption. The country is seeing substantial investments in digital banks, which aim to provide financial services to the large unbanked and underbanked population. The number of fintech deals and the overall investment in the sector have been growing steadily, contributing to the financial inclusion goals of the country​.


Malaysia’s fintech sector is set for significant growth in 2024, with the market size expected to increase from USD 46.63 billion in 2024 to USD 96.09 billion by 2029, growing at a CAGR of 15.56%. Government initiatives like Penjana and the National Economic Recovery Plan are fueling innovation and startup growth. Notable developments include the expansion of Islamic fintech, driven by the growing demand for Shariah-compliant financial products and a supportive regulatory environment. Key players in Malaysia’s fintech ecosystem include Funding Societies and PolicyStreet, which focus on digital financing and insurtech, respectively​​.

Overall, the fintech industry in these countries is poised for robust growth, supported by technological advancements, government initiatives, and increasing consumer demand for digital financial services.