Asia Pacific Fintech-as-a-Service Market Size, Share & Industry Trends Analysis Report By Technology (Blockchain, API, Artificial Intelligence, RPA), By End Use, By Type, By Application, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific Fintech-as-a-Service Market would witness market growth of 17.4% CAGR during the forecast period (2022-2028).
The debut of ARDEN in May 2022 was announced by Brightwell Payments, a company that provides financial solutions for sending money securely anywhere in the world. AI-powered risk-detection technology aids fintech organizations in safeguarding their cardholders' personal information and financial assets. Around the world, banks are embracing AI-enabled safety solutions, and AI gives banks the benefit of digitization.
It also makes it possible for them to interact with other fintech companies. Financial institutions offer apps that need UPI, a fingerprint, or face recognition. One of the most popular digital payment systems in India is called UPI, and it was designed to allow for quick payment processing. Financial institutions use AI to handle and analyze data from many sources to produce crucial insights. Banks may employ these creative fixes to overcome difficulties they encounter when offering services like loan administration and payment processing.
Numerous banking applications provide tailored financial guidance to help users reach their financial objectives, monitor their income and expenses, and carry out other financial tasks. Advances in finance fueled by AI are mostly to blame for this customization. Financial services use AI to safeguard the private data of their clients. AI is essential in preventing situations of fraud by quickly reviewing large algorithms.
AI can also assist in the study of consumer data for persons whose credit histories have already been destroyed or who don't have any at all. Peer-to-peer (P2P) companies evaluate the behavior of potential clients and weigh the risks of doing business with them. Businesses are using Fintech-as-a-Service more and more to streamline their operations and boost productivity. Numerous businesses are now adopting FaaS for two strong reasons: customer pleasure and client retention.
The developed metropolis of Hong Kong has a high percentage of internet and mobile phone access, which provides a strong basis for the city's fintech ecosystem. According to Invest Hong Kong, there are 600 startups and fintech businesses in the nation. In a similar vein, 86 percent of regional banks already use or intend to use fintech solutions for all financial services. The city is among the top five developed markets in the world for consumer fintech adoption. Hong Kong's fintech companies have raised over 1.1 billion dollars in venture capital since 2014. Insurtech, blockchain, data analytics, Know Your Customer (KYC) and digital identification utilities, wealth tech, digital payments, securities settlement, and other fintech opportunities abound in Hong Kong.
The China market dominated the Asia Pacific Fintech-as-a-Service Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $55,697.9 million by 2028. The Japan market is estimated to grow at a CAGR of 16.7% during (2022 - 2028). Additionally, The India market would experience a CAGR of 18.1% during (2022 - 2028).
Based on Technology, the market is segmented into Blockchain, API, Artificial Intelligence, RPA, and Others. Based on End Use, the market is segmented into Insurance, Bank, Financial Lending Companies, and Others. Based on Type, the market is segmented into Payment, Fund Transfer, Loan, and Others. Based on Application, the market is segmented into Compliance & Regulatory Support, KYC Verification, Fraud Monitoring, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PayPal Holdings, Inc., Mastercard, Inc., Upstart Network, Inc., Block, Inc., Envestnet, Inc., SoFi Technologies, Inc., Rapyd Financial Network Ltd., Solid Financial Technologies, Inc., Synctera Inc., and Railsbank Technology Ltd. (Railsr).
Scope of the Study
Market Segments Covered in the Report:
- Artificial Intelligence
By End Use
- Financial Lending Companies
- Fund Transfer
- Compliance & Regulatory Support
- KYC Verification
- Fraud Monitoring
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- PayPal Holdings, Inc.
- Mastercard, Inc.
- Upstart Network, Inc.
- Block, Inc.
- Envestnet, Inc.
- SoFi Technologies, Inc.
- Rapyd Financial Network Ltd.
- Solid Financial Technologies, Inc.
- Synctera Inc.
- Railsbank Technology Ltd. (Railsr)
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