10 Maps Showcasing Asia’s Fintech Startups Landscape

10 Maps Showcasing Asia’s Fintech Startups Landscape

by August 22, 2023

In Asia, fintech has experienced significant growth and development, driven by rising demand for digital financial services, supportive regulatory frameworks and technological advancements.

China has emerged as a fintech leader, boasting innovative lending platforms, wealth management solutions and blockchain applications, and hosting some of the world’s most successful fintech firms.

In Southeast Asia, Singapore has become a major regional fintech hub, attracting investments and nurturing innovative startups through regulatory sandboxes and government initiatives, while Indonesia has seen its large unbanked population spur the growth of digital financial services companies.

India, meanwhile, has witnessed a fintech revolution that’s been facilitated by public digital infrastructure. The so-called India Stack, an initiative introduced more than ten years ago, is creating a unified software platform for governments, businesses, startups and developers to build upon with hopes of improved financial inclusion and increased competition in the Indian fintech sector.

To get to sense of Asia’s fintech ecosystem, we’ve selected some of the most comprehensive maps covering key markets including Singapore, Hong Kong, Indonesia and the Philippines. These maps provide an overview of each of these markets’ fintech landscape, showcasing the prominent verticals and trends.

Philippines Fintech Map 2023

The Philippines Fintech Map 2023, published in August 2023 by Fintech News Philippines in collaboration with Fintech Alliance and Alibaba Cloud has identified 285 fintech companies in the country. The largest segment is payments at 37% and lending at 20%

Source: https://fintechnews.ph/59062/fintechphilippines/the-fintech-philippines-report-2023-financial-inclusion-drive-starts-to-bear-fruit/

Created by: Fintech News Philippines

Last updated: August 2023

Fintech Thailand Startup Map 2023

The Fintech Thailand Startup Map 2023, a new startup map released by Fintech News Singapore, shows that the Thai fintech landscape is developing well, growing from 97 companies in 2020 to 107 in 2023. Blockchain is currently the prominent vertical with 21 ventures, followed by payments (14), insurtech (11) and wealhtech (11).


Source: https://fintechnews.sg/75450/thailand/fintech-thailand-startup-map-2023/
Created by: Fintech News Singapore

Last updated: June 2023

Singapore Fintech Startup Map 2023

The Singapore Fintech Report 2023, produced by Fintech News Singapore, illustrates the scale in digital lending and payments in the country as sectors like AI and blockchain record impressive growth. Despite fintech funding overall being cut back, the Singapore Fintech Map 2023 shows that the ecosystem is healthy and growing rapidly, ensuring startups remain relevant and effective.

Source: https://fintechnews.sg/81468/fintech/singapore-fintech-report-2023-pioneering-digital-currencies-and-cross-border-linkages/

Created by: Fintech News Singapore

Last updated: December 2023

Malaysia Fintech Map 2023

The Fintech Report Malaysia 2023, produced by Fintech News Malaysia and released on Oct 6, 2023, shows that the Malaysian fintech has identified 308 fintech companies in the country. Payments still dominated the industry this year, with 69 companies, followed by lending (44), e-wallets (44), and insurtech (30).

Source: https://fintechnews.my/malaysia-fintech-report-2023/

Created by: Fintech News Malaysia

Last updated: October 2023

Hong Kong Fintech Startup Map 2022

The 2022 Hong Kong Fintech Startup Map identified nearly 400 fintech startups in the city last year covering a broad range of segments. Blockchain and crypto was the largest fintech segment in the city, making up for 24% of all fintech startups. Payment ranked second (16%), followed by investments/wealthtech (13), big data/artificial intelligence (AI) (10%) and insurtech (10%).

Source: https://fintechnews.hk/17531/hong-kong/hong-kong-fintech-report-2022-hong-kongs-fintech-2025-strategy-begins-to-take-shape/

Created by: Fintech News Hong Kong

Last updated: January 2022

Fintech Vietnam Startups Map 2022

Research conducted by HyperLead, a Vietnamese affiliate marketing platform specializing in the finance space, shows that the Vietnamese fintech sector continued to grow in 2022, increasing by 13% from 156 companies in 2021 to 176 last year. Payment is the largest segment, accounting for 22.6% of all Vietnamese fintech companies, followed by personal lending and blockchain and cryptocurrency.


Source: https://hyperlead.vn/blog/news/bao-cao-thi-truong-fintech-viet-nam-2022/

Created by: Hyperlead

Last updated: March 2023

2022 China Leading Fintech 50

KPMG China released in January its selection of the top 50 leading and top 50 emerging fintech companies in Mainland China. The annual list aims to showcase a range of well-developed and technologically savvy enterprises, putting the spotlight on the fastest-growing and most innovative fintech companies in the country.

2022 China Fintech 50 Report, KPMG, 2023_page-0001

Source: https://assets.kpmg.com/content/dam/kpmg/cn/pdf/en/2023/01/china-fintech-50-2022.pdf

Created by: KPMG China

Last updated: January 2023

India’s Fintech Ecosystem

A 2022 analysis by Redpoint Ventures partner Medha Agarwal is revealing some of India’s most prominent fintech companies. These ventures are categorized by their business model and encompass verticals including blockchain, insurtech, payments, banking and more.

Fintech startup map India

Source: https://medhaa.medium.com/a-fintech-market-map-5662878aff3e

Created by: Medha Agarwal, Partner, Redpoint Ventures

Last updated: August 2022

Fintech Applications in Pakistan

A report released in April 2021 by Pakistan Fintech Network, a local trade group, shows that the Pakistani fintech ecosystem comprised more than 70 companies in 2021. Payments was the largest vertical with 46 companies, followed by investment apps (9), financial comparison platforms (7), and digital lending (7).

Fintech applications in Pakistan

Source: https://pmn.org.pk/wp-content/uploads/2021/03/Concept-Note-Pakistan-FinTech-Network-PFN.pdf

Created by: Pakistan Fintech Network

Last updated: April 2021

Cambodia’s Fintech Ecosystem 2021 (Selected players)

An analysis by Mekong Strategic Partner shows that the Cambodia fintech ecosystem comprised about 70 companies and organizations in 2020, encompassing venture capitalists (VCs), startup support initiatives, global payment leaders, and fintech startups, among other stakeholders. Mobile wallets and payment startups were the most prevalent fintech segment in 2020, comprising 22 companies.

Cambodia Fintech 2021

Source: https://www.mekongstrategic.com/post/cambodia-s-fintech-2021-10-key-trends-that-will-shape-the-fintech-industry

Created by: Mekong Strategic Partner

Last updated: October 2020