Fintech | The Rise Of Super App In Asia

The Rise Of Fintech Trend In Asia

With the rise of financial technology, Asia is changing the way the world does business. Fintech has seen extraordinary growth in recent years. The rise of super app like WeChat, Grab, Go-Jek take full advantage of emerging new markets. One prominent example is WeChat Pay. This digital payment service allows its customers to make transaction payments at any time, anywhere without the need for physical buildings or infrastructure like a traditional bank.


  • Total transaction value in the Digital Payments amounts to US$1,928,753m in 2020 (according to Statista)
  • Top Deals in 2018: Ant Financial’s Alipay raised $14 billion, Baidu spinoff Du Xiaoman Financial raised $4.3 billion, Lufax raised $1.3 billion
  • Four of the top 10 fintech companies in the world are China-rooted according to H2Ventures and KPMG


  • Fintechs in Singapore picked up more than US$14,268m in 2020
  • Approximately 210 fintech firms have opened in Singapore — the fastest growth rate in Asia
  • Singapore ranks 4th in terms of importance in the global fintech industry — after the UK and the US


  • Market growth of the fintech market is expected to reach as much as $70 billion by 2020
  • According to Tracxn, FinTech firms had been invested US$458 million in 26 October 2018 — increasing 25 percent from end 2017

The Sheer Scale of Fintech

According to H2 Ventures and KPMG’s Fintech100 ranking, 34 companies from Asia have been named among this year’s top 100 global fintech innovators. China leads the way, following by India, Singapore, Japan, Vietnam, South Korea, Indonesia, Thailand and Cambodia.

Traditional Banks Vs Fintech Startups

Reality is, the rise of super app plays an important role in the banking sector. Soon, fintech startups tend to focus on services like payments. But due to the fact that the consumer base widens and the market matures, fintech startups will increasingly expand their offerings to other services like lending and insurance. As a bank, your value will be measured based on expanding these offerings.

The Rise Of Super App In Asia

As Asia quickly the rise of super app, the following 3 mobile super apps will give you a glimpse into the fintech landscape.


Together with WeChat wallet and payments, you never have to leave the app on making payment for the grab or sending money to friends. Because of the ease and convenience of mobile payments, the credit card wasn’t widely adopted in China. With a QR code, you could pay for everything, immediately: taxi, shopping… even to give changes to the few people we saw asking for money. It is fair to say that the Chinese super app takes a big step forward by launching its ‘digital wallet’. In less than a decade, WeChat Pay has turned China from a cash-only into an increasingly cash-free society.


Going back to the prominent example of Grab. Despite being known as a ride-hailing super app, Grab has moved into food delivery and financial services. According to Lim Kell Jay, regional head of Grab’s food delivery service GrabFood: “Food and financial services now generate more than 50% of the Singapore-based company’s gross merchandise volume .” Lim also said: “We started off as a ride-hailing company and built up this user base, and saw the opportunity to provide more services to users”.


With the expansion into other services in the past few years, Grab is one of the largest providers. This follows a similar strategy to Gojek. Go-Jek, which is an “everyday app” multiple services, offers everything from on-demand massage to courier services. As well as GrabPay, GOJEK — through its digital wallet arm GO-PAY — accounts for some 30 percent of the total electronic money transactions in Indonesia. Then, the financial service ran by Go-Jek brings challenges to traditional banks.

Sum Up

Given the vacuum in the financial service sector in Southeast Asia, fintech has a massive role to play in the region. But startups cannot do it all on their own. The future evolution of the sector in ASEAN will be heavily influenced by the changes at the policy level, the flow of funding, and strategic partnerships with traditional banking.



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