Canada has the highest growth rate of fintech adoption across six markets, according to research shared by Tipalti.
A new study, conducted by Tipalti, analyzed factors “such as global fintech adoption rates, Google searches for fintech by country and the regions that have the highest virtual capital funding to uncover the biggest Fintech adoption hotspots.”
Across the six markets that were researched, there “are just three that are above the 60% average for fintech adoption rates as of 2019: the UK, Singapore and Hong Kong.”
In fact, despite having “one of the largest fintech economies in the world, the US has just a 46% fintech adoption rate, the lowest of the six markets.”
In terms of the growth of fintech adoption rates, Canada leads the way. The adoption rate in 2015 was just 8%, which “increased to 50% in 2019, and the average growth rate was 151.39% from 2015 to 2019.”
Following Canada, the UK and Singapore had “the next highest adoption growth rates, at 134.52% and 122.32%, respectively.”
The market with the lowest growth rate for fintech adoption “was Hong Kong, at an average of just 59.65%, below the total average of 93.65%.”
Further research shows:
- North America is the region with the highest amount of venture capital funding into its fintech industry as of 2022. Of the global capital funding that has gone into fintech in 2022, 56.3% has gone specifically to the North American fintech market.
- Japan had the lowest adoption rate of fintech amongst the country’s digitally active population, at just 34% as of 2019. This sees Japan lagging behind other countries in Asia, such as China and Singapore. However, this is largely due to the innate nature of Japan’s financial environment, which is extremely conservative and risk-averse. As a result, fintech investment is very low in the country.
- China emerges as the country with the highest fintech adoption rates. As of 2019, 87% of China’s digitally active population has adopted the use of fintech. Tied with India, these two countries have been leading the fintech market for years.