Acrew Capital and Money20/20 Index Finds almost 80 % of Asian companies have a launched an AI initiative
By Money 20/20
SINGAPORE – Media OutReach Newswire - 18 December 2024 - 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 2024showcasing that 167 out of 221 top financial services companies globally have initiated AI initiatives since January 2023.
Source: Money 20/20
Money20/20 and Acrew Capital’s analysis of publicly announced initiatives reveals a region that’s increasingly vying to set the pace. 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.
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.
Generative AI
When it comes to Gen AI, Asian institutions have positioned themselves to rapidly close the gap with North America. 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. 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.
For a more in-depth analysis of the Asia-based companies, please email: [email protected] and we’ll email you the overview.
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