01-05-2025
- Business
- Independent Singapore
Asia to lead in financial accessibility by 2030, surpassing global average
Photo: Freepik/pressfoto(for illustration purposes only)
ASIA: Asia is set to be a global leader in financial accessibility by 2030, according to analysts at fintech group UnaFinancial. Analysts from the fintech group expect financial inclusion to improve from 2025 to 2030 in the region, estimating financial accessibility to reach 80.2%, surpassing the global average of 76.8%.
The figures are based on the group's financial accessibility index, which uses available historical data from the Global Financial Inclusion (Global Findex) Database. The index looks at how many people own accounts at financial institutions, use digital payments, have debit or credit cards, and borrow or save money. Each of these was given a weight, depending on how much it affects access to finance.
In 2023, financial inclusion in Asia was 67.2%. It was expected to go up to 69.5% in 2024. Over the last 15 years, the number has grown by 82%, surpassing the global average of 67.4%.
Analysts said that while Asia lagged behind other regions between 2010 and 2015 and matched global levels from 2016 to 2022, it has since taken the lead.
'This trend is driven by active digital transformation and improvements in the regulatory environment, which have allowed for the expansion of financial services even in remote areas,' analysts noted.
'The combination of technological innovation, educational initiatives, the expansion of digital infrastructure and the development of alternative lending creates a solid foundation for further improvement of financial inclusion in Asia,' they added. /TISG
Read also: 5 Things to expect in Singapore's banking and financial services in 2025
Featured image by Depositphotos (for illustration purposes only)
