AI finance market races toward $92b in APAC by 2032

China, Japan, and India remain the largest markets in the region.

The Asia-Pacific (APAC) artificial intelligence (AI) in finance market is expected to grow from $8.85b in 2023 to about $91.78b by 2032, driven by rising demand for automated financial advisory services, fraud detection systems, and personalised banking services, which is driving AI adoption across the financial sector.

The market’s growth is also equal to a compound annual growth rate (CAGR) of 29.7% from 2024 to 2032, according to a report by Credence Research.

Supportive regulations, higher investment in AI startups, and advances in big data analytics are also contributing to market growth. 

The expansion of open banking systems and digital payment services is further increasing the use of AI-powered financial solutions in the region.

China, Japan, and India remain the largest markets in APAC, supported by strong fintech investment and wider adoption of digital banking. 

China leads the region in AI-based financial applications due to its established technology sector and government support for AI development. 

Japan and India are also seeing growth as digital infrastructure expands and financial institutions increase AI-driven financial inclusion efforts.

The report noted that financial institutions are increasingly using AI-powered chatbots, virtual assistants, and predictive analytics tools to improve customer service and provide personalised financial recommendations.

For example, Commonwealth Bank of Australia reported a 50% reduction in customer scam losses after introducing AI-based safety tools including NameCheck and CallerCheck. 

Meanwhile, HSBC said its SmartServe platform allowed eligible customers to open and verify accounts remotely within minutes, with 89% of eligible customers onboarded digitally and 72% describing the experience as easy.