Money20/20, the world’s leading fintech show, and the place where money does business has together with Acrew Capital launched “ALL IN ON AI: Financial Services Adoption Index 2024 showcasing that 167 out of 221 top financial services companies globally have initiated AI initiatives since January 2023.
However, the story of adoption isn’t uniform. Some markets are sprinting ahead, while others make calculated moves. What does the picture look like in Asia? Money20/20 and Acrew Capital’s analysis of publicly announced initiatives reveals a region that’s increasingly vying to set the pace. With the world’s highest regional engagement rate, Asian markets are showcasing a striking range of approaches. 32 Asian financial services companies were part of the global report and after more in-depth analysis of the Asian companies participating in the report, Money20/20 and Acrew Capital found a number of interesting findings.
Key findings:
North America Dominates, But Asia Rises
The state of AI adoption across regions delivers expected patterns and some surprising results. The leaderboard highlights this nuanced story: while North American firms command the top spots, Asian institutions are making their presence felt. Xero is the standout leader in Asia, its six initiatives also make it a global leader, punching above its weight relative to larger companies on the overall leaderboard. Japan’s financial giants—Rakuten, Mizuho, and Mitsubishi UFJ—along with India’s Paytm have each launched three significant AI initiatives, placing them among the global top performers. This is evidence that Asia’s leading financial institutions are pursuing AI with strategic aggression.
A global high of AI initiatives launched in Asia
Almost 80% of Asian companies have launched an AI initiative. In total, out of the 32 companies from Asia (including Oceania), 25 of those, or 78%, have announced initiatives publicly. This is a global high and a testament to the region’s ability to leapfrog traditional development cycles. These 25 companies have launched 44 initiatives, averaging 1.76 per company. This impressive number reflects strategic aggression rather than merely following the global AI playbook. Backed by proactive government policies and a digital-first economy, Asian financial institutions are transforming AI from a competitive advantage into a competitive requirement.
North America is the clear leader with 77% of the companies AI active.
Almost 65%, or 142, of the companies profiled are from North America—reflecting the size and sophistication of the region’s market. And its companies are active.110 companies are deploying AI initiatives, translating to a 77% engagement rate. Yet, the true story of AI adoption is much deeper. These 110 companies have launched 279 distinct initiatives—a staggering figure equating to more than 2.5 initiatives per company.
Generative AI
When it comes to Gen AI, Asian institutions have positioned themselves to rapidly close the gap with North America. The data points to a region whose players are actively shaping the course of Gen AI in financial services. The regional leaderboard of Gen AI leaders shows the ambition and momentum in the region. New Zealand’s Xero stands out with five Gen AI initiatives, placing it at the forefront not just in Asia but globally. What makes Xero’s leadership noteworthy is its relative size compared to the few companies that rank higher globally.
Japan’s financial giants are setting the pace in Asia. Mizuho Financial Group and Rakuten each have three Gen AI initiatives, illustrating Japan’s technology leadership. Other notable players include Paytm from India, Ant Group from China, Grab from Singapore, and Sapiens from Israel, each with two Gen AI initiatives, demonstrating the depth of regional adoption. In total 29 Gen AI initiatives were identified in Asia, showcasing the region’s remarkable momentum in Gen AI.
“Although our report shows that North America is leading the way in AI adoption in financial services, we are discovering that Asian companies are not far behind. The data, especially regarding generative AI, demonstrates significant investment and commitment in Asia. With companies like Xero and Mizuho Financial Group driving multiple AI initiatives, we are confident that Asia continues to challenge North America. At Money20/20 Asia in Bangkok next April, the most influential leaders in AI and fintech will convene to discuss new AI initiatives, use cases, and products across our five stages. We can’t wait to share more insights in person with the industry,” said Scarlett Sieber, Chief Strategy and Growth Officer at Money20/20.
Methodology
Research tracked over 300 AI initiatives from more than 200 fintech and financial services companies, including public and private firms with valuations of $5B or more. The data spans initiatives publicly announced between January and October 2024, sourced from company press releases, websites, and industry announcements. The study analyzed trends across nine industries, focusing on AI applications in product development, customer experience, risk management, and internal operations. For a more in-depth analysis of the Asia-based companies, please email: [email protected] and we’ll email you the overview.
