Introduction

Over the past decade, an astounding rate of growth in scientific excitement and empirical research have spanned several fields and subfields of banking and finance, which are now becoming a dominant force in Asia’s economic development. A new line of inquiry along the continuous development of innovative technology steered extensive economic literature. Observers reckon that profound changes are afoot, and we need to keep up with such vast Asia’s unique fast-expanding reality. With growing economic and social unevenness and upward-trending financial markets, the region has become synonymous with becoming a laboratory for researched-focused, tech-based knowledge. For example, the five largest banks in the world reside in Asia, and they attract now international investors. Their businesses, as well as banks’ assets in the region, expanded nonstop, indeed outpacing what has been occurred elsewhere. Countries such as China, Indonesia, Thailand, etc. have among the largest commercial banking assets in the world, that is, an endless scope for credit supply coupled with booming market capabilities ahead. China has the world’s highest share of the digitally active population in money transfer and payments, financial planning, savings, investment, and borrowing; India might become one of the leaders in insurance. Traditional commercial banks are being challenged by the adoption of new fintech, and Chinese fintech companies’ revenues surpassed that of the United States, having accounted for more than 50% of global revenues. The Asia Pacific bank industry expenditures on new technological solutions ranked first in 2017, although some countries are lagging the fintech development in Asia and trying to catch up. Scholars and professionals have become aware of the region’s density and capabilities.