Introduction
The South Asian Association for Regional Cooperation (SAARC) comprises eight member countries: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
Digital banking has the potential to become a significant business in South Asia, in contrast to the majority of East Asia, because the market need is genuine, regulators are motivated to provide support to digibanks, and incumbents are not as well-positioned to sabotage and/or co-opt the digital upstarts.
In this article, we will explore the top 10 fintech powerhouses in SAARC nations that are driving innovation, financial inclusion, and transforming the economic landscape of South Asia.
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Top 10 Fintech Powerhouses in SAARC
1. Paytm (India)
Key Services:
- Mobile wallet services
- Bill payments
- Peer-to-peer transfers
- Online shopping
- Financial products like insurance and mutual funds
- Paytm Payments Bank offering savings and current accounts
Noida-based Paytm (pronounced “pay through mobile”) is an international financial technology business that focuses in digital payments and financial services.[4] Vijay Shekhar Sharma established One97 Communications’ Paytm in 2010. Merchants can accept QR code, Soundbox, Android-based payment terminal, and internet payment gateway payments from consumers using the company’s mobile payment services. Paytm offers microcredit and buy now, pay later to consumers and merchants in conjunction with financial institutions. Besides bill payments and money transfers, the firm offers ticketing, retail brokerage, and online games.
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- PhonePe (India)
Key Services:
- UPI-based payments
- Recharge and bill payments
- Digital gold trading
- Mutual funds investment
- Insurance products
- Peer-to-peer transfer and merchant payments
PhonePe Group leads India’s fintech industry. The PhonePe digital payments app, its flagship product, launched in August 2016. The firm has quickly become India’s top consumer payments app. PhonePe Group has grown into financial services (Insurance, Lending, & Wealth) and consumer tech (Pincode and Indus Appstore) from its digital payments leadership.PhonePe Group, an Indian technology company, has a portfolio of enterprises that aim to provide every Indian an equal chance to advance by unlocking money and services. PhonePe leads the UPI market with 47% in 2023 because to its ease of use and accessibility.Walmart and Tiger Global Management invested heavily in PhonePe. Last worth $12 billion, the company is positioned itself for development in wealth management and insurance.
- Bkash (Bangladesh)
Key Services:
- Mobile wallet and money transfers
- Bill payments and airtime top-ups
- Microloans
- Domestic and international remittances
- Merchant payments
- Mobile savings and insurance services
Bangladesh’s financial landscape has changed thanks to bKash. Founded in 2018, bKash became famous for its convenience, security, and regulated transactions. A simple layout and wide range of features make the app accessible to millions. It was named the best Financial Innovation at Bangladesh Innovation Award 2018 for its simplicity and utility. BKash has increased financial inclusion, notably for the unbanked and underbanked. Access to financial services, less cash use, and convenience are its effects. Young people’s love of the app highlights its influence on Bangladesh’s digital payments.
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- Lendahand (Sri Lanka)
Key Services:
- Peer-to-peer lending for SMBs
- Investment opportunities for global investors
- Business loans and financing
Lendahand promotes fair lending to reduce global inequality. This method encourages entrepreneurship and independence in emerging and developing nations and allows them to shape their destiny. Investors get cash benefits and the gratification of helping others.All Lendahand-financed enterprises and entrepreneurs must support its purpose. Thus, our partnership goes beyond money. They collaborate with our portfolio companies and meet with entrepreneurs often. We also track their functional area social impact. Emerging market entrepreneurs require €8 trillion. Due to several factors, local banks are typically unreliable. Your investment gives entrepreneurs stable capital to expand their enterprises and ensure their future.
- EBL (Eastern Bank Limited) Fintech (Bangladesh)
Key Services:
- Digital banking and mobile banking
- Mobile wallets and e-commerce payments
- Business banking solutions
- Remittance services
Since 1992, EBL has traveled. EBL became one of the nation’s most valuable banks in 30 years. A growth attitude has helped EBL achieve profitability and contribute to the nation’s economic progress. EBL’s success comes from its corporate governance, innovation, and service quality. EBL, a modern and progressive Bangladeshi bank, symbolizes stability.Eastern Bank, the leading bank in Bangladesh, aims to help clients handle market uncertainties and expedite Bangladesh’s transition to a trillion-dollar economy by 2040 by offering a complete product range.
Eastern Bank is a top lender in areas such as RMG, electricity, aviation, infrastructure, food, pharmaceuticals, steel, and telecom. Over 60% of bank loans is in manufacturing.70% of their loans to SME entrepreneurs are collateral-free. about the past three years, they have financed about taka 60.36 billion in the SME sector.
The Eastern Bank funded the first human vaccination in Bangladesh. Eastern Bank accounts for 5% of the country’s overall trade volume in trade business. Eastern Bank aims to become a regional bank with presence in China, Myanmar, and Hong Kong.
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- Fawry (Pakistan)
Key Services:
- Bill payments
- Digital wallets
- Mobile money transfer
- Merchant payments
- Online payments
Fawry has raised significant funding from investors such as Sequoia Capital, which has enabled it to expand into new markets such as Pakistan.
- PayFast (Pakistan)
Key Services:
- Online payment gateway
- Merchant payment solutions
- Mobile wallet and payments
- Bill payments and remittances
PayFast has received backing from local investors and is set to grow as the demand for digital payment services in Pakistan continues to rise.The State Bank of Pakistan-licensed PayFast payment gateway makes online payment processing easy for enterprises. Through cards, bank accounts, mobile wallets, or Raast, they enable secure and rapid checkout.
They help transform Pakistan’s payment landscape by introducing simple and secure digital payment solutions– ideal for e-commerce merchants, billing entities, and freelancers– with a commitment to delivering high-value customer service to our clients. Over 500 retailers are served and counting!
- MobiCash (Afghanistan)
Key Services:
- Mobile money transfers
- Bill payments
- Mobile banking
- E-commerce payments
MobiCash is backed by local and international investors, enabling it to expand its services across Afghanistan.
Merchants and service providers can accept payments from users using MobiCash. Available on Google Play. MobiCash makes secure payments using QR codes, bill numbers, and Apple Pay and Samsung Pay. MobiCash supports debit, credit, and prepaid cards. MobiCash has no hidden costs.
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- Xpress Money (Sri Lanka)
Key Services:
- International money transfers
- Bill payments
- E-wallet services
Xpress Money has a robust global presence, backed by investors and partnerships with local financial institutions.
World-leading money transfer brand Xpress Money operates on five continents. The brand has grown rapidly and expanded to 180 countries since its founding in 1999 under distinct ownership. Since being acquired by new owners and a new holding company in the Abu Dhabi Global Market (ADGM), XM has become one of the most reliable money transfer brands in the world, offering Direct to Accounts, Mobile-Wallet Credits, and Cash Payout.
- Finbox (Nepal)
Key Services:
- Small business loans
- Credit scoring and financial analytics
- Peer-to-peer lending
Finbox is still in the early stages of growth and has attracted initial investments from local investors who believe in its potential to drive financial inclusion. Nepalese fintech company Fintech Nepal Private Limited provides financial technology services and solutions.
Conclusion
As the digital economy continues to grow, these fintech companies will play a vital role in driving economic development and ensuring that more South Asian people have access to the financial services they need. The potential for further growth and expansion in this region is immense, and these companies will be at the forefront of this transformation.
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