SEA leads fintech density as Asia gap widens

Singapore recorded 619 fintech companies per 1 million people.

Southeast Asia (SEA) is the most financial technology-dense sub-region in Asia, with Singapore leading all markets.

SEA holds an average of 14 firms per one million people, according to a study by Singapore-based UnaFinancial. 

The study analysed 19 economies across Southeast Asia, East Asia, South Asia and Central Asia using a per-capita measure to compare fintech density. 

Singapore leads the region with 619 fintech companies per million people.

South Asia ranked second with an average of 9.0 fintech firms per million people, largely driven by India at 11.1.

Central Asia and East Asia followed with averages of 5.8 and 4.8, respectively. 

The report noted that Central Asia is expanding from a lower base. Kazakhstan’s fintech sector grew from about 50 companies in 2018 to 200 in 2024, whilst Uzbekistan increased from 24 to 103 over the same period. 

Uzbekistan has also produced its first technology unicorn and is rolling out a fintech development strategy for 2025 to 2030. 

UnaFinancial said there is a gap of more than 300 times between the most and least dense fintech markets in Asia, indicating uneven development across the region. 

It added that improvements in digital infrastructure and access to capital could support faster growth in lower-density markets. 

The study used fintech company data from Tracxn, along with figures from InvestHK, industry reports and national regulators. 

Population estimates were based on World Bank data for 2024, and regional averages were calculated on a population-weighted basis.