The Asia Pacific Blockchain In Retail Banking Market would witness market growth of 83.4% CAGR during the forecast period (2022-2028).
Financial organizations frequently have to decide how to manage risk based on scant information that may be obtained from a small number of brokerages and agencies. Sometimes the data are even nonexistent. A creditworthiness assessment may not be possible for the unbanked, underbanked, and microenterprises. As a result, banks frequently exercise caution when approving credit.
The KYC processes, which include photo and address verification as well as biometric verification, can take up to three months to complete in some cases. Banks must pay a high KYC fee in addition to the time it takes to check consumers. In retail banking, blockchain technology facilitates the KYC procedure. The way that blockchain is being used in banking right now is to store client data there. This makes it possible for banks to access KYC-related data.
States and banks in India are becoming more and more interested in blockchain technology as a result of its potential to increase transparency. In order to promote a safe and secure financial environment by assuring improved traceability of money movement, banks are investigating blockchain-based trade finance projects. In the future years, the banking industry will likely be significantly disrupted due to the RBI's approach toward blockchain-based trade financing.
The China market dominated the Asia Pacific Blockchain In Retail Banking Market by Country in 2021; thereby, achieving a market value of $3,050.8 million by 2028. The Japan market is estimated to grow a CAGR of 82.3% during (2022 - 2028). Additionally, The India market would experience a CAGR of 84.5% during (2022 - 2028).
Based on Component, the market is segmented into Infrastructure & Protocols, Application & Solution and Middleware. Based on Type, the market is segmented into Public, Private and Hybrid. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Application, the market is segmented into Remittances, Risk Assessment and KYC & Fraud Prevention. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Blockchain In Retail Banking Market is Projected to reach USD 37.8 Billion by 2028, at a CAGR of 81.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, Cognizant Technology Solutions Corporation, IBM Corporation, Microsoft Corporation, Digital Asset Holdings, LLC, Tata Consultancy Services Ltd., Unicsoft LP, Axoni (Schvey, Inc.), Ping An Insurance (Group) Company of China, Ltd., and Santander Bank, N.A.
By Component
By Type
By Enterprise Size
By Application
By Country
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