Money20/20, a global leader in fintech events, has launched its whitepaper, The Future of Fintech in APAC, ahead of the Money20/20 Asia event in Bangkok from 22 to 24 April. The report highlights key trends and challenges shaping the fintech landscape in the Asia-Pacific (APAC) region, focusing on Southeast Asia’s growing role as a fintech hub.
Based on insights from over 50 industry stakeholders, including banks, fintech companies, and experts from across the region, the report reveals that nearly one in three stakeholders see Southeast Asia as a priority for expansion. Furthermore, more than 95 per cent of respondents emphasise financial inclusion and social good as key goals for the region.
Ian Fong, Asia Content Director at Money20/20, said the findings emphasise the importance of human-centred approaches in driving fintech success. He noted that regulators and traditional banks are increasingly open to discussions and collaborations with emerging fintech players to improve user experiences and make financial services more accessible. Fong added that this trend is helping create a more inclusive ecosystem.
APAC leads in digital payments and innovation
The report highlights APACโs leadership in digital payments, citing the rapid adoption of systems such as PayNow, PromptPay, and UPI. Non-cash payments in the region grew by 20.4 per cent year-on-year in 2024, surpassing growth rates in Europe and North America. Fintech innovations are also transforming cross-border payments, with initiatives like Project Nexus integrating instant payment systems.
Blockchain is emerging as a significant driver of innovation, with nearly 20 per cent of stakeholders identifying it as a top technology for the region. Key examples include Thailand’s SCB partnership with Lightnet and Singapore’s Project Ubin Phase 5, which showcase blockchainโs role in revolutionising cross-border transactions.
Michele Fung, General Manager at Lianlian Global, said fintech in Hong Kong is at the forefront of a dynamic evolution. She explained that the city leverages its position as a global financial hub to emphasise innovation and cross-border collaboration, supported by forward-thinking regulators. Fung added that she looks forward to exploring how Hong Kongโs leadership will influence the next wave of fintech transformation in the region during the upcoming event.
Despite challenges such as high costs and regulatory complexities, collaboration between fintechs and traditional banks is making payments faster and more affordable. The report also notes the potential of cryptocurrency and central bank digital currencies (CBDCs) to shape global payment solutions.
Embedded finance and financial inclusion
Embedded finance is highlighted as a transformative force, integrating financial services into non-financial platforms. Companies like GCash, Boost, and BigPay are enabling better access to payments, lending, and banking services. Moving away from the “super app” model, fintechs are now focusing on industry-specific solutions, often in collaboration with traditional banks.
The whitepaper also addresses barriers to financial inclusion in the region, such as low digital literacy, inadequate infrastructure, and regulatory challenges. To overcome these hurdles, nearly 20 per cent of stakeholders are focusing on market expansion, while others prioritise product innovation, partnerships, and compliance.
Money20/20 Asia, scheduled to take place in Bangkok, aims to continue the dialogue on these critical topics, fostering collaboration among stakeholders to shape the future of fintech in the region.