2024年第四季度探索亚太地区的金融科技之路：第五部分：澳大利亚和新西兰（英）2024

APAC Fintech Overview

Key Takeaways:

• APAC Fintech Ecosystem: APAC has robust fintech ecosystems driven by fast-growing economies, rising middle classes, and large underbanked populations seeking financial services.
• Regional Giants: Major players like Ant Group, Airwallex, and Grab are expanding globally but face challenges in scaling across the fragmented region due to regulatory differences and market diversity.
• Deal Activity: The APAC fintech market saw a normalization in deal activity after peaking in 2021. In H1 2024, VC deals valued at $2.3 billion were recorded, down 34.1% from $3.4 billion in H1 2023.

China, Southeast Asia, and India:

• Fintech VC Deals: China secured the largest share of fintech VC deals with $31.2 billion, followed by Southeast Asia ($26.7 billion) and India ($25.1 billion).
• Venture-Growth Deals: Venture-growth fintech deals increased from 3% to 11.3% of all VC deals by H1 2024, while early-stage deal activity declined sharply.

Geopolitical Challenges:

• US-China Tensions: Geopolitical tensions, especially US-China conflicts, are challenging fintech expansion in APAC. Capital is being reallocated from China to other regional markets due to uncertainty about Beijing's support for foreign investment.
• India's Ban: India's ban on Chinese apps complicates cross-border efforts for Chinese fintech companies.

Australia & New Zealand

Market Overview:

• Regulatory Environment: Strong regulations have created barriers to entry for new fintech entrants but have also spurred innovation in areas like banking, open banking, and lending.
• VC Deal Activity: Fintech VC deal value in ANZ is below 2021 peaks but is expected to surpass 2023 levels. Median deal size increased to $7 million in H1 2024, up 132.4% from $3 million in 2023.

Opportunities:

• Banking Sector: The banking sector is characterized by market concentration and profitable incumbents, offering opportunities for challenger banks to capture underserved segments.
• Digital Adoption: Digital-first banks like Alex Bank are disrupting the market by focusing on consumer lending and small business banking.
• Infrastructure Providers: There is increasing demand for infrastructure providers that enable seamless digital offerings, such as cloud-based core banking providers, cybersecurity solutions, and API platforms.

Open Banking:

• Regulatory Initiatives: Initiatives like Australia's Consumer Data Right and New Zealand's Customer and Product Data Bill are driving competition by enabling secure sharing of financial data.
• Fintech Innovation: The expansion of open banking into sectors beyond traditional banking is likely to drive further fintech innovation.

Payment Landscape:

• Traditional Methods: The payment landscape is still dominated by traditional methods like credit cards, making it challenging to introduce new payment solutions.
• Real-Time Rails: While real-time payment rails like the New Payments Platform have been upgraded, alternative payment methods like pay by bank may face adoption challenges due to entrenched consumer behaviors.

Conclusion

The APAC fintech market presents significant opportunities for innovation and growth, driven by large underbanked populations and rising middle classes. However, geopolitical tensions and regulatory challenges pose hurdles for expansion. In Australia and New Zealand, strong regulatory environments and growing digital adoption offer fertile ground for fintech startups to thrive.