Asia-Pacific (APAC) is home to one of the world’s fastest-growing fintech ecosystems in the world, featuring prominent players such as China’s Ant Group, India’s Paytm, and Australia’s Airwallex.
This vibrant ecosystem includes over 40 fintech unicorns, highlighting the region’s significant role in the global fintech landscape.
Despite the strong presence of local fintech leaders, APAC countries are attracting fintech solutions from the Nordics. These countries, which include Denmark, Finland, Iceland, Norway, Sweden and Greenland, are known for their advanced digital infrastructure, openness to new technologies, and collaborative spirit. They have produced around 80 unicorn startups, according to Dealroom, showcasing their vibrant innovation ecosystems.
Several Nordic fintech firms have successfully expanded into APAC, drawn by the region’s strong economic growth, high mobile and internet penetration, and its significant number of underbanked and unbanked individuals.
Today, we take a look at some of the fintech companies from the Nordics that have made notable inroads into APAC. These companies are leveraging their strong European foundations to address local needs and adapt to regional regulatory environments. They comprise both young fintech startups and larger, more established fintech firms.
SimCorp
SimCorp is a global leader in providing integrated investment management solutions, serving 40% of the world’s top 100 financial companies and over 300 of the largest financial institutions. The Danish company offers software and services supporting investment management across various functions, including front, middle, and back-office operations.
SimCorp has a notable presence in APAC, driven by strategic initiatives and partnerships that have accelerated its growth and strengthening its market presence. Last year, the firm teamed up with Japan’s NS Solutions Corporation, a major IT services company, to deliver comprehensive support to clients in the domestic investment management industry. In 2022, it formed a joint venture with Challenger, an Australian investment management firm, to form Artega Investment Administration and serve APAC investment managers and asset owners.
SimCorp has also significantly ramped up its operations by opening new offices in locations such as Manila in the Philippines and Noida in India.
SimCorp is headquartered in Copenhagen, Denmark, and operates as a subsidiary of Deutsche Börse Group.
Matter
Matter is a provider of environmental, social, and governance (ESG) and sustainability data and analytics solutions tailored for the investment industry. Founded in 2017 in Copenhagen, the company harnesses advanced technologies such as artificial intelligence (AI) and machine learning (ML) to help asset managers and investors assess the real-world impact of their investments. This enables more informed decision-making across societal, economic, and environmental dimensions.
In recent years, Matter has significantly expanded its presence in APAC, with notable success in Singapore. As a major financial hub in Asia, Singapore has proven to be a highly lucrative market for Matter where the company has inked partnerships with prominent organizations such as Singlife, which covers around 40% of the population, and Fidelity International, which manages over S$650 billion in assets.
In addition to its success in Singapore, Matter has also set its sights on expanding further into the Asian market, with a particular emphasis on Japan. The company aims to address the challenges faced by Japanese investors, including the lack of comprehensive screening information.
Lendela
Founded in 2018, Lendela operates as a loan matching platform, using a proprietary matching algorithm to pair borrowers with lenders and loans tailored to their specific financial needs, at scale and reportedly in seconds.
Users provide information about their financial situation and borrowing needs, and Lendela then matches them with highly personalised and near pre-approved loan offers from multiple lenders. This allows borrowers to compare personalised interest rates, terms, and other loan conditions before choosing the best option.
Originating in Sweden, Lendela quickly expanded across Scandinavia. Following successful expansions into South America and Spain, the company identified Southeast Asia as a key region for growth.
By forming local partnerships and adapting to recent regulatory changes, Lendela has made a significant impact in the region where it now collaborates with over ten financial and strategic partners, reaching millions of users and positioning itself as a leading innovator in the financial sector.
Last year, the company raised US$5 million in an oversubscribed Series A to further scale its model across APAC where it currently serves the Singapore, Hong Kong, and Australian markets.
Since its inception, Lendela has served over 300,000 consumers and partnered with more than 100 lending institutions.
Mitigram
Founded in 2014, Mitigram operates a digital exchange for cross-border trade transactions. The company’s platform is designed to assist corporations and financial institutions in pricing, risk assessment, and execution of trade finance transactions. It serves major global companies, including Louis Dreyfus Company, Bridgestone, Vale, Ericsson, ArcelorMittal, Trafigura, Siemens Healthineers, and over 150 banks.
Initially, Mitigram focused on serving large institutions primarily in the Nordics and continental Europe. After establishing its core platform and gaining significant traction, the company set its sights on global expansion. In early 2020, it identified Singapore as a key regional headquarters and Asia as a critical market for its expansion efforts, and by March 2020, Mitigram Asia was officially launched.
Now, Mitigram is focusing on building a high-performing sales and support team across Asia. The company has also expanded into South Korea and is now recruiting additional staff in Japan and Singapore.
Doconomy
Founded in Sweden in 2018, Doconomy is a world-leading impact tech company. The company provides tools and services to help individuals and businesses understand and reduce their carbon footprints. These include the Impact Transactions tool, which tracks the environmental impact of financial transactions; the Impact Finance solution, which aligns financial goals with emission reduction targets; and the Impact Activity module, developed with the United Nations Framework Convention on Climate Change, offering a comprehensive self-assessment of overall environmental impact.
Doconomy has made significant strides in expanding its global presence, particularly in Asia. In 2022, the company opened its first office outside of Sweden in Tokyo where it has since inked partnerships with major Japanese entities such as Credit Saison and Mitsui. Beyond Japan, Doconomy has also actively expanding its solutions in Hong Kong, Mainland China, and Singapore, building out its banking connections across Europe and Asia to support additional markets.
Doconomy serves over 100 clients in 35 markets and has forged key partnerships with prestigious organizations, including Mastercard, S&P Trucost and the World Wildlife Fund.
Article first appeared on Fintech News Singapore
Featured image credit: edited from freepik
