Comscore Snapshots: Online finance in the Asia-Pacific region
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In this week’s edition of Comscore Snapshots, we look at the consumption of finance-related services in the Asia-Pacific region. Our analysis includes statistics for Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, Taiwan, and Vietnam.
We include websites and mobile apps that provide financial services such as online payments, banking, trading, insurance, personal finance, and investments. Examples include Paypal and Alipay.
Top line observations:
Table 1: Pressure on the supply side due to mobility restrictions have reduced what is on offer to consumers. (For example, there are less opportunities to travel.) On the demand side, consumers are spending less in response to the economic uncertainty. This is reflected in the data: in a majority of countries in the region, traffic to finance-related sites has decreased year-on-year.
Table 2: In almost all markets, many entities have managed to reach at least 1% of online consumers. However, a small proportion of these entities have reached over 5%. The continent boasts a large and relatively young population. This, coupled with rapid urbanisation, is likely to lead to the development and adoption of innovative fintech.
Table 3: While a few traditional banks have managed to maintain a strong digital presence, in many countries the leading online finance entities are, relatively speaking, young and new to the scene. As entry barriers keep lowering, and investors line up to fund promising upstarts in fast growing markets, competition is set to intensify.
Table 1. Reach of finance-related websites and apps
Source: Comscore MMX Multi-Platform, Total Audience, August 2020, Asia-Pacific region.
Table 2. Market competitiveness and consumer adoption of finance-related sites and apps
Source: Comscore MMX Multi-Platform, Total Audience, Aug 2020, Asia-Pacific region.
Table 3. Top finance-related sites and apps
Source: Comscore MMX Multi-Platform, Total Audience, August 2020, Asia-Pacific region.
