The Asia Pacific Neobanking Market would witness market growth of 49.2% CAGR during the forecast period (2020-2026).
The neobanking is increasingly gaining popularity as it doesn’t require support from conventional banking institutions. Moreover, the leading banking institutions have increased their funding to develop their own platforms to increase their full-service models with digital banking services. The financial institutes are coming into partnership with fintech companies to create modern products and services to meet the increasing demand for the market. Moreover, they are also funding startups to explore new opportunities and applications.
The platforms are manufactured to fight against cyberattacks and can manage the online ecosystem in a better way. The neobanks observe the network and can simply detect when they are under attack while the conventional banks detect the attack when the damage has already been done. The main trends shaping the market outlook are customer involvement with technology and the growth in data availability. Customer involvement with the technology has increased substantially in the past decade due to the wide adoption of mobile applications for shopping goods & services and accessing content online in the banking industry. The data access & analytical abilities have increased considerably enabling companies to know the requirements of the customer in a better way.
The Asia Pacific neobanking market is estimated to develop considerably during the forecast years owing to the rising inversing investments in the fintech sector. E-commerce organizations like Alibaba Group and WeBank, have funded in China’s MyBank neobanking platform. The fintech organizations are creating their own neobanking platforms unlike their conventional counterparts as they are not loaded with legacy structures and inconvenient organizational structures. These platforms have fewer regulatory requirements as they do not provide a complete range of services. This has bolstered the development of neobanks in emerging countries like China and India.
Based on Account Type, the market is segmented into Business Account and Savings Account. Based on Application, the market is segmented into Enterprises, Personal and Others. 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 Atom Bank PLC, Monzo Bank Ltd., Moven Enterprises, N26 GmbH, Revolut Ltd., Ubank Limited, WeBank Co., Ltd., Banco Bilbao Vizcaya Argentaria SA (Simple Finance Technology), Deutsche Bank AG, and Sopra Steria Group SA (Fidor Solutions AG).
Scope of the Study
Market Segments covered in the Report:
By Account Type
• Business Account
• Savings Account
• South Korea
• Rest of Asia Pacific
• Atom Bank PLC
• Monzo Bank Ltd.
• Moven Enterprises
• N26 GmbH
• Revolut Ltd.
• Ubank Limited
• WeBank Co., Ltd.
• Banco Bilbao Vizcaya Argentaria SA (Simple Finance Technology)
• Deutsche Bank AG
• Sopra Steria Group SA (Fidor Solutions AG)
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