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It notes that while COVID-19 accelerated the digital shift, Asia-Pacific (APAC) still face significant financial inclusion challenges with 820 million unbanked and 1.8 Alternative lending: addressing credit gaps Alternative lending, including buy now, pay later (BNPL), is another booming fintech vertical in Southeast Asia.
This predicament is particularly acute for fintech firms in the Asia-Pacific (APAC) region, where the fintech sector is rapidly expanding. The Evolving Fraud Landscape APAC has seen a significant uptick in corporate data breaches, profoundly impacting fintech companies. million in 2021.
To get a sense of APAC’s up-and-coming fintech leaders, we take a look today at some of 2023’s largest VC-backed rounds fintech of funding in APAC, showcasing the startups that managed to beat the odds in the face of a challenging fundraising environment and global economic uncertainties.
Buy Now, Pay Later (BNPL) in India has experienced a rapid increase in adoption, with its share of e-commerce sales in Asia-Pacific (APAC) surging from just 0.1% Similarly, Freecharge Pay Later is no longer available, according to its website, signaling further shifts in the BNPL landscape. in 2019 to an estimated 5.8%
The MoR model not only addresses these challenges but also opens up new opportunities for suppliers, allowing agencies to offer consumers new payment options such as installment methods and buy now, pay later (BNPL) arrangements. year-over-year, with APAC experiencing an 11.7% Mastercard estimates that globally, about 1.5
Codebase Technologies , a UAE-based fintech platform provider, has launched its ‘Digibanc SME Financing’ platform to address the needs of underserved Micro, small, and medium-sized enterprises (MSMEs) across MENA and APAC. per cent from 2022 to 2031. Globally the financing gap for formal MSMEs is an estimated $5.2
Even more reassuring, 54% of FSIs surveyed in EMEA, USA, and APAC are already embedding AI into their offerings or expanding their initiatives, and 61% plan to use Gen AI in 2024. Will Generative AI in payments accelerate financial institutions on their path to increased revenue and cost optimisation?
The startup started out with buy now, pay later (BNPL) and embedded financing services before expanding to insurance, cards, and loans across various markets. A key success factor was the profitability of its BNPL business, driven by a 40% YoY surge in gross merchandise value (GMV) to US$1.5 billion and 130% YoY growth in revenue.
Twimbit, a Singaporean research and advisory firm, identifies data monetization as one of the biggest growth opportunities for banks in Asia-Pacific (APAC), which, alongside super-app platforms, financial marketplaces, banking-as-a-services and buy now, pay later (BNPL) arrangements, are projected to contribute over 40% of banking revenue by 2030.
According to the report, cashless payments are now widespread in Thailand, reaching an adoption rate of 94% in 2021. Ascend Money secured its latest round of financing in 2021, closing a US$150 million Series C at a valuation of US$1.5 since 2021. billion and becoming Thailand’s first fintech unicorn.
These include cross-border payments Airwallex , buy now pay later (BNPL) Afterpay and challenger bank Judo Capital. The majority of the APAC region’s adoption of the technology has been market-driven – however, in Australia, regulations have driven its development. The country is also home to various unicorns.
Uzum said it would use the proceeds from its Series A to advance “develop the country’s IT and logistics infrastructure”, as well as to fund its own buy now, pay later (BNPL) service. Looking ahead, Uzum plans to raise additional financing of approximately US$200 million in a Series B funding round in 2024.
Prevalence of products that influence payment cadence, such as ease of access to cash flow offerings like BNPL. The BNPL sector is already showing how it can impact customer payment hierarchy. In the UK, research by the Citizen’s Advice Bureau reports that one in three BNPL customers missed or made a late payment within the past year.
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