Global fintech transactions reached US$34.8 trillion in 2024, with Asia contributing 48.2% ( US$16.8 trillion ). The transaction volume in Asia increased by US$2.1 trillion from 2023. Digital payments and transfers are the primary drivers of this growth. Asia’s fintech sector is projected to expand further, with transaction volume reaching US$19 trillion by the end of 2025, marking a 12.6% year-on-year increase.

Digital payments and transfers lead fintech transaction growth in Asia, accounting for 40.1%, or US$834 billion, of the increase in 2024, according to a survey by UnaFinancial. This is followed by the digital banking sector, which contributed 32.9% of fintech growth in Asia ( US$684 billion ). Meanwhile, digital commerce accounted for 21% of the fintech growth, while the remaining 6% ( US$124 billion ) came from other sectors, the survey shows.

“One of the key factors behind Asia’s fintech growth is the rise of super apps, which have reshaped consumer behaviour,” says analysts at UnaFinancial. “Shoppers increasingly rely on built-in solutions like digital wallets and Buy Now, Pay Later ( BNPL ) services.

“Additionally, several Asian governments are actively pursuing policies to develop unified payment platforms, stimulating demand for digital financial services by reducing business costs and improving user convenience. This trend is particularly evident in emerging economies, where access to traditional banking services is limited, while smartphone penetration is rapidly increasing. Another significant growth driver is the growing demand for cross-border payments between Asian countries,” UnaFinancial adds.

In the Philippines, for example, a large unbanked population remains. Digital payment fintech companies typically charge a fee for money transfers. To improve financial inclusion, the Bangko Sentral ng Pilipinas ( BSP ) announced last year that it would eliminate fees on certain electronic fund transfers, specifically for personal transactions up to a specified limit and payments to micro-merchants.

Asia is positioned as a key player in the digital banking industry.  Market volume in the region is projected to reach US$780 billion in 2025 and US$1.12 trillion by 2029, according to Statista. The market is also expected to witness a significant increase in net interest income, with a strong compound annual growth rate ( CAGR ) of 9.47% in 2025-2029.

China, particularly Hong Kong, holds the largest share of digital banking transactions in Asia, as more users become familiar with and trust digital banking services. A survey conducted by the Hong Kong Association of Banks’ ( HKAB ) Digital Banking Education Taskforce in 2024 reveals a significant increase in trust towards digital banks among individuals and small and medium enterprises ( SMEs ). Over 97% of individual users and 99% of SMEs expressed satisfaction with digital banks’ security measures.

User awareness of digital banks has also increased substantially, with over 80% of individual users and 92% of SMEs believing they have a strong understanding of digital banking services. This indicates that users are increasingly utilizing a wider range of services beyond deposits.