- March 10, 2021

Comscore Snapshots: online finance in the Asia-Pacific region

Alex Gevers
Alex Gevers
Senior Insights Manager

In this week’s edition of Comscore Snapshots, we look at the usage 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 Paytm, Paypal, Alipay, and Dana.

Top line observations

Table 1: Reach of online finance within the digital population is particularly high in India and particularly low in Vietnam. In terms of year-on-year growth, Indonesia and Australia stand out. In Indonesia, this is partly due to the growth of fintech solutions such as Dana and Ovo. In Australia, it is partly due to the increase uptake in services provided by Paypal, Adyen, and the Commonwealth Bank of Australia as well as stock trading services such as eToro. 

Table 2: India has one of the largest digital populations in the world, and as a result the number of finance entities that reach 1% or more of the digital population is the highest in the APAC region.

As we discussed in our white paper “ Digital and CTV trends to watch in 2021”, a combination of market size, openness, large talent pool, and intense competition will no doubt spur financial innovation that will influence the financial industry worldwide. 

­­Table 3: A look at the largest financial entities in terms of reach shows that both traditional bricks and mortar banks as well as relatively young fintech companies are taking hold. Moreover, it appears that each country is growing its own mix of national champions. Given the fragmented regulatory background, it remains to be seen how much cross-border consolidation within that space is achievable in the coming years.

Table 1. Reach of online finance-related websites and apps 

  % reach of total digital population Year-on-Year percentage points variation
 (Jan 2021 vs Jan 2020)
Australia 34.8 9.8
China 52.6 -6.3
Hong Kong 35.2 -4.1
India 78.9 -3.8
Indonesia 58.8 15.3
Japan 23.1 -1.9
Malaysia 60.1 2.2
Singapore 31.6 3.8
Taiwan 35.3 -6.5
Vietnam 3.8 -1.3

Source: Comscore MMX Multi-Platform, Total Audience, Jan 2021, Asia-Pacific region. (N.B. desktop only for all markets except India, Indonesia and Malaysia which include mobile)

Table 2. Market competitiveness and consumer adoption of online finance-related sites and apps 

  Number of financel-related websites or mobile apps that reach more than 1% of the total digital population
Australia 12
China 19
Hong Kong 20
India 40
Indonesia 25
Japan 14
Malaysia 27
Singapore 18
Taiwan 19
Vietnam 0

Source: Comscore MMX Multi-Platform, Total Audience, Jan 2021, Asia-Pacific region. 

Table 3. Top online finance-related sites and apps 

Country Entity Description
Australia Commonwealth Bank of Australia Full-service bank
China ALIPAY.COM eCommerce payment platform
Hong Kong HSBC Full-service bank
India PAYTM.COM eCommerce payment system
Indonesia DANA.ID eCommerce payment system
Japan Mitsubishi UFJ Financial Group Full-service bank
Malaysia Maybank Group Full-service bank
Singapore DBS Group Full-service bank
Taiwan CMoney Corporation Investment and financial management company
Vietnam VIETCOMBANK.COM.VN Full-service bank

Source: Comscore MMX Multi-Platform, Total Audience, Jan 2021, Asia-Pacific region.

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