Chennai: Despite investments in the fintech space edging lower to $4.1 billion, India was the top economy in the Asia Pacific region to attract investments in 2024. Among the large economies of the region, China and India saw decline in investments, but India remained the top destination attracting funds. Total fintech investment in India slipped from $4.4 billion to $4.1 billion, while China saw a drop from $2.6 billion to just $687 million between 2023 and 2024. However, the largest deals in the region were recorded in countries other than China and India. The $334 million investment into DMI Finance from Mitsubishi UFJ Financial Group was one of the largest deals in India. Niwas Housing Finance, Mintifi and Finova Capital were the other fintech companies that received funding in 2024. In the Asia Pacific region, Australia saw fintech investment more than double from $839 million to $2.1 billion year-over-year, while investment in Japan held steady at $662 million. Total fintech investment in the ASPAC region fell to $11.4 billion in 2024 — the lowest level seen since 2014. The decline was driven by several factors, including geopolitical uncertainties associated with the mass changes to governments globally, the continued focus on efficiency and cost cutting among many corporations, and the continued softness in China’s fintech sector. While the payments sector remained quite a hot area of investment throughout the region, lending-focused solutions continued to struggle, according to KPMG. Globally, fintech investments at $95.6 billion were the lowest since 2017.
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