Digital banking adoption is set to grow considerably in Asia, according to Finder.com’s Digital Banking Adoption Report.
Vietnam, the Philippines and Malaysia are forecasted to have an 18 percentage point increase in digital bankers over the next five years – well above the global average of 11 percentage points.
Hong Kong, Indonesia and Singapore are also expected to see aggressive growth rates between 12-14%. Meanwhile, Japan is actually forecast to have the smallest growth of any country included in the study of just 4%.
The report also reveals that by 2026 Brazil will have the highest percentage of digital bankers (50%) out of the 30 countries included in the study, followed by Vietnam (42%), Indonesia (39%), Malaysia (38%) and the Philippines (36%).
Hong Kong and Singapore will then rank 10th and 13th with just under a third of adults expected to hold digital bank accounts (32% and 30%).
Finder’s global fintech editor, Elizabeth Barry, says digital-only banking adoption in most Asian markets is set to grow faster than the global average.
“We’re set to see an average increase in digital banking adoption of 11 percentage points across the 30 countries included in the study, which puts most of the Asian countries included in the research far ahead of the global average.”
Barry noted countries with a large unbanked population such as Vietnam, the Philippines and Indonesia are set to benefit as the growth in digital banking will allow for greater financial inclusion.
“As digital banks become more prevalent in the region, we’ll hopefully see greater financial inclusion in Asia.”
You can find the full report, including infographics and a breakdown by age, gender and region here.