Asia’s fintech growth is exposing a clear gap between advanced payment innovation and financial inclusion, as AI-led systems expand while large populations remain unbanked.
This was the focus of a recent episode of the Payment Expert podcast, recorded live from Money20/20 Asia in Bangkok. Hosted by Lewis Thompson, the discussion featured Payment Expert’s Senior Journalists’ Callum Williams and Kieran O’Connor, who examined how the region is moving beyond infrastructure build-out to delivering measurable impact.
Asia is leading on several fronts. China’s AI-driven “super apps” continue to scale, while Japan is testing tokenised deposits through multi-bank shared ledgers. O’Connor noted that Asian markets are now setting the pace globally, with faster execution and broader adoption than Western counterparts.
A major talking point was the shift towards tokenised deposits. Banks are favouring these over stablecoins due to regulatory concerns. Tokenised deposits use existing banking rails to enable real-time settlement via blockchain. Japan is at the centre of this trend, combining tokenisation with central bank digital currencies and AI to support B2B payments.
Thailand highlights how localisation drives adoption. Its PromptPay system has reached 92 million registered accounts, while QR code payments are standard across merchants. Businesses also integrate multiple regional payment methods, allowing tourists to pay with their domestic wallets.
Despite this progress, inclusion remains a challenge. Rural communities and older populations continue to rely on cash, with limited access to mobile banking and low digital literacy. In some markets, users adopt digital infrastructure only to withdraw cash, showing a lack of trust in new systems.
The three concluded that innovation alone will not solve these issues. As payments become more complex, the industry risks excluding the users it aims to reach. Bridging the gap will require simpler solutions, better education and stronger localisation.
