Asia Pacific Artificial Intelligence in Fintech Market

by James · August 9, 2022

Dublin, Aug. 09, 2022 (GLOBE NEWSWIRE) — “Asia Pacific Artificial Intelligence In Fintech Market Size, Share & Industry Trends Analysis Report By Component (Solutions and Services), By Deployment (On-premise and Cloud), by Application, by Country and growth forecast, 2022 – 2028” report has been added ResearchAndMarkets.com’s Offering.

The Asia Pacific Artificial Intelligence in Fintech market is expected to witness a market growth of 17.7% CAGR during the forecast period (2022-2028).

Artificial intelligence improves outcomes by using approaches derived from human intellect but applied on a non-human scale. Fintech firms have been transformed in recent years as a result of the computational arms race. In addition, almost infinite amounts of data are changing AI to unprecedented heights, and smart contracts may simply be a continuation of the current market trend.

In the banking industry, AI is used to look at a person’s entire financial health, keep up with real-time changes and offer tailored advice based on fresh incoming data by examining cash, investment and credit accounts. Banks and fintech companies have profited from AI and machine learning because they can process large amounts of data on clients. This information and data is then compared to arrive at conclusions about which services/products the customers want, which has benefited from the development of customer relationships.

Hong Kong is a developed metropolis with high rates of mobile phone usage and internet access, providing a solid foundation for the city’s fintech ecosystem. According to Invest Hong Kong, the country is home to approximately 600 fintech companies and startups. Similarly, 86% of local banks have implemented or plan to implement fintech solutions across all financial services. Consumer fintech adoption in the city was ranked among the top five in the world’s developed markets. Since 2014, Hong Kong fintech companies have raised over $1.1 billion in venture funding. Digital payments, securities settlement, wealthtech, electronic Know Your Customer (KYC) and digital identification tools, insurtech, blockchain, data analytics and other fintech opportunities abound in Hong Kong.

The HKMA introduced the Fintech Supervisory Sandbox (FSS) in September 2016, allowing banks and their partner technology companies to pilot their fintech projects with a small number of consumers without having to meet all of the HKMA’s supervisory standards. This arrangement allows banks and technology companies to collect data and feedback from users to improve their new efforts, allowing them to implement new technology solutions faster and for less money. Due to this government support and huge investments in advanced solutions, the growth of the regional artificial intelligence in fintech market is expected to escalate in the forecast years.

The Chinese market dominated the Asia Pacific Artificial Intelligence in Fintech Market by Country in 2021, and is expected to continue to be a dominant market until 2028; thereby achieving a market value of $1,908.9 million by 2028. The Japan market is poised to grow at a CAGR of 17% during (2022-2028). Additionally, the Indian market is expected to exhibit a CAGR of 18.4% during (2022-2028).

Scope of the study
Market segments covered in the report:
By component

Upon deployment

Upon application