Asia Pacific is poised to become a leading market for Blockchain in banking industry
Global blockchain in banking market is estimated to grow at a CAGR of 16.5% during 2018–2024.
Bangalore, India, November 26, 2018: With its recently published study “Blockchain in Banking Industry – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for blockchain in banking will continue to grow as blockchain ensures faster and secured transactions and focuses on auditability.
APAC banking and financial services industry is witnessing an increasing trend towards digital transformation by adopting a wide range of technologies including branchless banking, digital security, AI, and blockchain among others. The growing penetration of smartphone and increasing internet adoption have resulted in creating the necessary infrastructure and huge market opportunity for Fintech companies.
Since 2016, APAC banking industry is showing an increasing adoption towards blockchain-based banking services. The countries including India, China, Singapore, and Australia are leading the region’s blockchain transformation. The region has also witnessed the emergence of over 800 startups pertaining to blockchain technology and over 450 of them are focusing on banking industry. Countries including China, Japan, India, and Singapore have witnessed an increasing number of partnerships between banks and technology companies. These countries have also seen increasing partnerships of banks with leading technology companies including Intel, Google, Microsoft, Fujitsu, and IBM, aiming at developing and deploying blockchain-based banking services. Also, these banks are entering in partnerships with each other to create a platform of bank’s network aiming at collaborative blockchain application development.
“APAC is poised to become a leading market for blockchain in banking industry and it is likely to dominate other regions in terms of number of deployments of blockchain projects. Also, the region is more likely to offer blockchain-based banking services to the consumers by the end of 2018.” said Srujan, Research Analyst, Infoholic Research.
Key insights of the report include
- Major application areas
- Clearance and Settlement Systems
- Trade Finance
- Fraud Detection
- Smart Contracts
- Regulatory Reporting and Compliance
- Key blockchain types
- Inter-bank transfers
- Cross-border transfers & remittances
- Retail and P2P payments
- Corporate payments
- Industry outlook - Market trends, drivers, restraints, and opportunities