Driven by changing consumer habits and new-technology adoption, innovators are setting up a stronger presence in strategic APAC cities
The digital payments industry in the Asia Pacific region is experiencing rapid transformation, with Singapore emerging as a focal point for regional innovation and expansion, accounting for 70% of global digital wallet transactions. Among the forerunners are China, Japan, and Singapore in terms of adoption
This growth is being driven by both consumer demand for convenience and businesses’ increasing need for flexible, robust payment solutions.
Buy Now, Pay Later (BNPL) services and cryptocurrencies are also gaining traction, particularly among younger consumers, while central bank digital currencies are being piloted in China and India. Also, cross-border payments are set to nearly double in volume by 2032, with APAC’s share projected to rise to 36.8%.
In Singapore, its central bank has implemented policies and grant schemes that encourage experimentation and collaboration, making the city-state an attractive base for global fintech firms seeking to serve diverse the region. Reflecting these trends, a global payment infrastructure provider, Primer, recently incorporated in the country after reporting a 239% year-on-year increase in payment volume across APAC. The firm’s move is part of a wider pattern of international fintechs establishing a presence in Singapore to access local talent and form strategic partnerships, further reinforcing the city’s status as a regional hub for digital payments innovation.
In the year ahead, the global payment technology firm is predicting particularly strong adoption of its open infrastructure in China, fueled by accelerating interest from gaming, travel and the creator economy. In operating across 30 markets without a physical office, Primer has stayed true to its remote-first roots, an approach that enables the firm to operate seamlessly across markets. Incorporating in Singapore will allow Primer to more easily access the city state’s in-demand talent pool, where its headcount has more than doubled over the past four years.
As digital payments become ever more central to commerce in the region, fintech investments and technology innovators will be attracted to set up a stronger presence, with both established players and new entrants contributing to a rapidly evolving financial landscape.
