July 30, 2021International news
Asia Pacific shows explosive growth in demand for Fintech apps
The State of Finance App Marketing tracked data on finance app usage across the globe, across five categories of apps. They include digital banks, traditional banks, financial services, loans, and investments.
It was found that there were over 1230 Fintech apps available in APAC, and marketers have spent US$ 244 million to acquire new users in 2020 alone.
India and Indonesia, together with Brazil, make up almost half of global Fintech app downloads. On the whole, developing markets show 70% more finance app installs as opposed to developed markets. Indonesia, the Philippines, Thailand, and Vietnam all saw Fintech app demand grow in 2020.
E-wallets, lending and investment platforms are the most common apps downloaded. For example, Indian users had a clear preference for financial services, which made up over 80% of downloads While Indonesians, on the other hand, over 75% of users have downloaded apps for either financial services or lending.
