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2023 marked a pivotal year in the Asia-Pacific (APAC) region’s approach to crypto regulation, influenced significantly by the preceding implosion of Sam Bankman-Fried’s FTX exchange and the collapse of of Terra, the algorithmic stablecoin created by Korean entrepreneur Do Kwon.
The fintech landscape in the Asia Pacific (APAC) region has been evolving at a remarkable pace, with start-ups and established companies redefining how financial services are delivered and consumed. Today, we will explore five top fintech trends in the APAC region for 2024, supported by statistics and insightful information.
Digital payment transactions have also surged, growing by 76 per cent in volume and 91 per cent in value by 2022. India’s fintech market reached $584 billion in 2022, with projections showing it could grow to $1.5trillion by 2025. India’s digital lending market reached $270billion in 2022 and likely grew to $350billion last year.
This collaboration underscores their ongoing partnership, which began with the signing of an agreement in January 2022. The gateway launch also follows successful endeavours such as the central bank digital currency (CBDC) trial in December 2023 and an agreement to enable JCB acceptance for all HLB merchants.
The region is leading the way with initiatives such as real-time cross-border payment linkages and the exploration of multi-central bank digital currency (CBDC) settlements. One of the things that we’ve noticed, and maybe more specifically in APAC, is just the number of domestic payment rails that are now instant.”
Since the launch in November 2022, the APIs has partnered with a total of six digital platforms, availing financial services to over one million MSMEs in seven markets across procurement, supply chain, delivery, fintech, payment services and e-commerce sectors. He is also a speaker for different fintech events representing Flywire.
This is a significant milestone in the strategic partnership between Soft Space and JCB, which was signed in January 2022, and follows their successful central bank digital currency (CBDC) trial in December 2023, as well as the recent agreement to enable JCB acceptance for all HLB merchants.
Its 2022-2025 Fintech Development Plan sets out to build a ‘digitalised, intelligent, green and fair’ fintech sector, focusing on eight key objectives, including the development of digital infrastructure and enhanced fintech governance. The government has also been proactive in supporting fintech growth.
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