The Asia Pacific API Banking Market should witness market growth of 25.3% CAGR during the forecast period (2023-2030).
Application programming interface (API) banking relates to using APIs by banks and financial institutions to enable external developers, enterprises, and third-party applications to access their systems and services. API facilitates secure and regulated communication and integration between diverse software systems, allowing for seamless data exchange and functionality integration. In addition, it has revolutionized the financial industry by facilitating quicker innovation, enhanced consumer experiences, and increased collaboration between banks and FinTech businesses. In addition, it has enabled developers and companies to utilize banking services and data to create innovative products and services.
By incorporating banking services into customers' routine activities, API allows banks to provide enhanced customer experiences. Banks are investing in developer support resources and extensive API documentation to enable seamless integration and encourage developers to utilize their API. They offer software development kits (SDKs), API documentation portals, and developer forums to help developers create applications using their API. This strategy enhances the developer experience and expedites the adoption of API banking services. In addition, banks are holding hackathons, developer challenges, and API sandboxes to foster innovation and attract developers. These programs enable programmers to experiment with APIs, build new applications, and demonstrate their solutions. For example, OCBC Bank in Singapore hosts an annual API hackathon dubbed "APIfication," which encourages developers to create innovative banking applications using the bank's APIs.
Moreover, several banks have launched API marketplaces to provide a variety of APIs to developers and FinTech companies. These marketplaces facilitate collaboration, innovation, and the co-creation of novel finance services. DBS Bank in Singapore, for instance, introduced the DBS Developers platform, which provides over 200 APIs for developers to create innovative banking solutions.
The Asia-Pacific region is trying to adopt open APIs, and numerous nations are preparing. This region could quickly adopt open banking due to a large number of people under 30, the adoption of new technology, and the propensity to look to fintech businesses for services. The forerunners are South Korea, the first nation to launch a common API infrastructure across financial institutions; Hong Kong’s Monetary Authority, mandating Tier 1 banks to open their APIs; and Singapore, whose Monetary Authority is investigating an ASEAN-wide industry sandbox. Australia has firmly committed to open banking, and as part of a new open banking deal with the federal government, all major banks would be required to make banking data accessible to people. All of these initiatives and efforts would significantly propel the growth of the regional market.
The China market dominated the Asia Pacific API Banking Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9,964.5 million by 2030. The Japan market is registering a CAGR of 24.5% during (2023-2030). Additionally, The India market would showcase a CAGR of 26.1% during (2023-2030).
Based on Component, the market is segmented into Solution and Service. Based on Deployment, the market is segmented into On-premise and Cloud. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC (Alphabet Inc.), BankProv (PROVIDENT BANCORP, INC.), TIBCO (The Information Bus Company) Software. Inc., FidyPay (Jambopay Express Pvt Ltd), Oracle Corporation, Razorpay Software Private Limited, Infosys Limited, IBM Corporation, SAP SE and Salesforce, Inc
Application programming interface (API) banking relates to using APIs by banks and financial institutions to enable external developers, enterprises, and third-party applications to access their systems and services. API facilitates secure and regulated communication and integration between diverse software systems, allowing for seamless data exchange and functionality integration. In addition, it has revolutionized the financial industry by facilitating quicker innovation, enhanced consumer experiences, and increased collaboration between banks and FinTech businesses. In addition, it has enabled developers and companies to utilize banking services and data to create innovative products and services.
By incorporating banking services into customers' routine activities, API allows banks to provide enhanced customer experiences. Banks are investing in developer support resources and extensive API documentation to enable seamless integration and encourage developers to utilize their API. They offer software development kits (SDKs), API documentation portals, and developer forums to help developers create applications using their API. This strategy enhances the developer experience and expedites the adoption of API banking services. In addition, banks are holding hackathons, developer challenges, and API sandboxes to foster innovation and attract developers. These programs enable programmers to experiment with APIs, build new applications, and demonstrate their solutions. For example, OCBC Bank in Singapore hosts an annual API hackathon dubbed "APIfication," which encourages developers to create innovative banking applications using the bank's APIs.
Moreover, several banks have launched API marketplaces to provide a variety of APIs to developers and FinTech companies. These marketplaces facilitate collaboration, innovation, and the co-creation of novel finance services. DBS Bank in Singapore, for instance, introduced the DBS Developers platform, which provides over 200 APIs for developers to create innovative banking solutions.
The Asia-Pacific region is trying to adopt open APIs, and numerous nations are preparing. This region could quickly adopt open banking due to a large number of people under 30, the adoption of new technology, and the propensity to look to fintech businesses for services. The forerunners are South Korea, the first nation to launch a common API infrastructure across financial institutions; Hong Kong’s Monetary Authority, mandating Tier 1 banks to open their APIs; and Singapore, whose Monetary Authority is investigating an ASEAN-wide industry sandbox. Australia has firmly committed to open banking, and as part of a new open banking deal with the federal government, all major banks would be required to make banking data accessible to people. All of these initiatives and efforts would significantly propel the growth of the regional market.
The China market dominated the Asia Pacific API Banking Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9,964.5 million by 2030. The Japan market is registering a CAGR of 24.5% during (2023-2030). Additionally, The India market would showcase a CAGR of 26.1% during (2023-2030).
Based on Component, the market is segmented into Solution and Service. Based on Deployment, the market is segmented into On-premise and Cloud. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC (Alphabet Inc.), BankProv (PROVIDENT BANCORP, INC.), TIBCO (The Information Bus Company) Software. Inc., FidyPay (Jambopay Express Pvt Ltd), Oracle Corporation, Razorpay Software Private Limited, Infosys Limited, IBM Corporation, SAP SE and Salesforce, Inc
Scope of the Study
By Component
- Solution
- Service
By Deployment
- On-premise
- Cloud
By Enterprise Size
- Large Enterprises
- Small & Medium-sized Enterprises
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Google LLC (Alphabet Inc.)
- BankProv (PROVIDENT BANCORP, INC.)
- TIBCO (The Information Bus Company) Software. Inc.
- FidyPay (Jambopay Express Pvt Ltd)
- Oracle Corporation
- Razorpay Software Private Limited
- Infosys Limited
- IBM Corporation
- SAP SE
- Salesforce, Inc.
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Asia Pacific API Banking Market by Component
Chapter 6. Asia Pacific API Banking Market by Deployment
Chapter 7. Asia Pacific API Banking Market by Enterprise Size
Chapter 8. Asia Pacific API Banking Market by Country
Chapter 9. Company Profiles
Companies Mentioned
- Google LLC (Alphabet Inc.)
- BankProv (PROVIDENT BANCORP, INC.)
- TIBCO (The Information Bus Company) Software. Inc.
- FidyPay (Jambopay Express Pvt Ltd)
- Oracle Corporation
- Razorpay Software Private Limited
- Infosys Limited
- IBM Corporation
- SAP SE
- Salesforce, Inc.
Methodology
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