Report: Asian fintech market to reach $72bn by 2020
The fintech industry in the Asia-Pacific region is expected to grow at a CAGR of 72.5% from 2015 to 2020, reaching $72bn, according to a report by Frost & Sullivan, published yesterday.
The positive outlook is being fuelled by the popularity in digital payments across the region. The report found an increasing adoption of cashless payments by small and medium sized enterprises.
There is also more widespread awareness of the viability of using P2P financing as well as new methods of crowdfunding using Blockchain, which the report forecasts will lead to growth in personal and business financing over the next 3-5 years.