Rising giants of Asia and the Pacific
The most recent report by KPMG and HSBC, which analyzed new economic enterprises in Asia and the Pacific, presented companies with great potential to influence the global business landscape in the next decade. These enterprises are expected to stimulate the local and regional economy with their dynamics and new outlook. Thus, it heralds the end of the old financial services industry. Moreover, forecasts say emerging Asia-Pacific markets will grow 20% faster than the rest of the world.
A report by KPMG economists and the international banking company HSBC shows that more than a quarter of new startups are linked to blockchain. We are talking about non-exchangeable tokens, NFT and DeFi. They have outpaced the charging of electric vehicles and many other new technologies. But there were only five in the top 100 emerging giants. Catheon Gaming, which creates play-to-earn platforms, ranked highest.
The report covered 12 countries in the Asia-Pacific region, but most of the new technology companies are from China and India. It is even more puzzling that China itself prohibits cryptocurrency trading, although its digital counterpart yuan (e-CNY) is in regular circulation and is approved by around 4.5 million sellers. India, in turn, allows cryptocurrency trading, but expects traders to pay high taxes.
This state of affairs begins with the recent changes that have taken place in this region. First of all, a huge change in the financial services market. The interest in cryptocurrencies is growing. More apps are popping up that support them. Consequently, more cryptocurrency providers and more traders emerged.
The report also includes companies from the DeFi industry — Finder, which allows you to compare financial products, or Alpha Fintech — a cloud-based payment processing platform and GBST Holdings — a platform for capital markets offering financial and administrative services.
According to the study, around 1,780 companies identify with the blockchain industry, which is in the top 20 industry sub-sectors. So it’s no surprise that this is reflected in the development of digital assets and metaverse.
