The Asia Pacific Banking-as-a-Service Market would witness market growth of 16.3% CAGR during the forecast period (2022-2028).
Customers access services like health e-commerce, travel, retail, and telecom more frequently through these platforms. As a result, even though a financial institution is providing the financial product, a non-banking financial company can offer financial products & services under its brand to give consumers the impression that they are making a purchase from that brand.
An affordable, scalable, cloud-native platform can be developed for this purpose by a financial institution, which will reduce the cost of serving customers. A digital bank, fintech, or other third-party providers (TPP) first pays a fee to access the BaaS platform in the BaaS model. The financial institution provides access to the systems and data required to create new banking products or provide white-label banking services to the TPP by opening its APIs to them.
Launching their own BaaS platforms allows legacy institutions to advance in open banking while also creating new revenue streams. Consumers can pay a monthly fee to access the BaaS platform, or they can pay separately for each service they use. These are the two main ways to monetize BaaS. The financial services sector is moving toward a time when shared data and infrastructure will become consumers' new expectations, as several countries have already started enacting open banking regulations.
There is an increase the acceptance of mobile and online banking by developing nations in the region like India, China, and Singapore. The industry's growth is being driven by a sharp increase in e-commerce. The use of digital banking services for retail payments is encouraged by the region's high level of acceptance of mobile & internet banking. Besides that, the governments of several nations are taking several initiatives in order to enhance the BFSI sector in the region.
The China market dominated the Asia Pacific Banking-as-a-Service Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4,253.2 million by 2028.The Japan market is estimated to grow a CAGR of 15.6% during (2022-2028). Additionally, The India market would experience a CAGR of 17% during (2022-2028).
Based on Component, the market is segmented into Platform and Services. Based on End User, the market is segmented into Banks, NBFC, Government and Others. Based on Organization size, the market is segmented into Large Enterprises and SMEs. Based on Product Type, the market is segmented into Cloud-Based and API-Based. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Green Dot Corporation, PayPal Holdings, Inc., Block, Inc., Sopra Steria Group SA, Moven Enterprises, Solarisbank AG, The Currency Cloud Limited, Treezor SAS, Bnkbl Ltd., and MatchMove Pay Pte. Ltd.
Customers access services like health e-commerce, travel, retail, and telecom more frequently through these platforms. As a result, even though a financial institution is providing the financial product, a non-banking financial company can offer financial products & services under its brand to give consumers the impression that they are making a purchase from that brand.
An affordable, scalable, cloud-native platform can be developed for this purpose by a financial institution, which will reduce the cost of serving customers. A digital bank, fintech, or other third-party providers (TPP) first pays a fee to access the BaaS platform in the BaaS model. The financial institution provides access to the systems and data required to create new banking products or provide white-label banking services to the TPP by opening its APIs to them.
Launching their own BaaS platforms allows legacy institutions to advance in open banking while also creating new revenue streams. Consumers can pay a monthly fee to access the BaaS platform, or they can pay separately for each service they use. These are the two main ways to monetize BaaS. The financial services sector is moving toward a time when shared data and infrastructure will become consumers' new expectations, as several countries have already started enacting open banking regulations.
There is an increase the acceptance of mobile and online banking by developing nations in the region like India, China, and Singapore. The industry's growth is being driven by a sharp increase in e-commerce. The use of digital banking services for retail payments is encouraged by the region's high level of acceptance of mobile & internet banking. Besides that, the governments of several nations are taking several initiatives in order to enhance the BFSI sector in the region.
The China market dominated the Asia Pacific Banking-as-a-Service Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4,253.2 million by 2028.The Japan market is estimated to grow a CAGR of 15.6% during (2022-2028). Additionally, The India market would experience a CAGR of 17% during (2022-2028).
Based on Component, the market is segmented into Platform and Services. Based on End User, the market is segmented into Banks, NBFC, Government and Others. Based on Organization size, the market is segmented into Large Enterprises and SMEs. Based on Product Type, the market is segmented into Cloud-Based and API-Based. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Green Dot Corporation, PayPal Holdings, Inc., Block, Inc., Sopra Steria Group SA, Moven Enterprises, Solarisbank AG, The Currency Cloud Limited, Treezor SAS, Bnkbl Ltd., and MatchMove Pay Pte. Ltd.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Platform
- Services
By End User
- Banks
- NBFC
- Government
- Others
By Organization size
- Large Enterprises
- SMEs
By Product Type
- Cloud-Based
- API-Based
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Green Dot Corporation
- PayPal Holdings, Inc.
- Block, Inc.
- Sopra Steria Group SA
- Moven Enterprises
- Solarisbank AG
- The Currency Cloud Limited
- Treezor SAS
- Bnkbl Ltd.
- MatchMove Pay Pte. Ltd.
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Asia Pacific Banking-as-a-Service Market by Component
Chapter 5. Asia Pacific Banking-as-a-Service Market by End-use
Chapter 6. Asia Pacific Banking-as-a-Service Market by Organization size
Chapter 7. Asia Pacific Banking-as-a-Service Market by Product Type
Chapter 8. Asia Pacific Banking-as-a-Service Market by Country
Chapter 9. Company Profiles
Companies Mentioned
- Green Dot Corporation
- PayPal Holdings, Inc.
- Block, Inc.
- Sopra Steria Group SA
- Moven Enterprises
- Solarisbank AG
- The Currency Cloud Limited
- Treezor SAS
- Bnkbl Ltd.
- MatchMove Pay Pte. Ltd.
Methodology
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