Across Asia, the financial technology (fintech) landscape is undergoing a remarkable transformation, with Nigeria, South Korea, and Hong Kong each emerging as dynamic centers of innovation. In 2025 and early 2026, these regions have seen explosive growth, regulatory breakthroughs, and unprecedented collaboration between government, industry, and startups—reshaping how money moves, how financial services are delivered, and what the future of finance might look like.
According to the Central Bank of Nigeria, the country’s fintech sector expanded by a staggering 70% in 2025 alone. This surge, published on February 8, 2026, reflects Nigeria’s ambition to become a continental leader in digital finance. The Central Bank isn’t resting on its laurels, either. To keep the momentum going, it’s rolling out a series of policy measures: a shared fraud-intelligence model to combat cybercrime, regulatory passporting to ease cross-border expansion for African fintechs, and the adoption of open banking and tiered Know Your Customer (KYC) frameworks to broaden access to financial services. These steps, as outlined by the Bank, are designed to balance innovation with financial stability in a sector that’s growing faster than ever before.
Meanwhile, in South Korea, the convergence of finance and technology is reaching a critical juncture. As reported on February 7, 2026, the nation’s Digital Asset Basic Act is expected to legalize the issuance of Korean-won (KRW) stablecoins within the first quarter of this year. For context, stablecoins are digital tokens pegged to fiat currencies, offering the speed and programmability of crypto with the stability of traditional money. Korea’s move comes after nearly a decade of prohibiting local coin launches, and it’s set off a race among fintech startups and traditional banks to build compliant infrastructure for what could become the backbone of the country’s next-generation financial system.
At the heart of this race is Sooho.io, a blockchain infrastructure firm that made waves at the Seoul Digital Money Summit 2026, held on February 4 at Conrad Seoul. There, Sooho.io unveiled Ezys, a cutting-edge stablecoin-based foreign exchange (FX) and settlement platform. The platform, which demonstrated a 70% reduction in FX fees through real-time stablecoin settlement, is a glimpse into a future where cross-border transfers are faster, cheaper, and more transparent. “Ezys will become a critical pipeline linking institutional liquidity with fintech demand,” Sooho.io CEO Park Ji-soo declared at the summit, according to KoreaTechDesk.
The policy debate in Korea is heating up, too. The Bank of Korea advocates for a 51% bank ownership requirement in stablecoin consortia, arguing that this ensures monetary stability. On the other side, the Financial Services Commission and the fintech industry warn that such a rule could stifle competition and innovation. Industry groups, including the Korea Internet Corporations Association, have publicly criticized the 51% rule as a protectionist measure. Legal experts, like Joo Seong-hwan of Law Firm Gwangjang, point out that similar debates are playing out in Japan and the European Union as regulators seek to define stablecoin issuance, redemption, and interest rules. For Korea, the outcome could determine whether the country becomes Asia’s first major economy to institutionalize a fully bank-integrated stablecoin framework—a move that would blend private-sector innovation with central oversight.
Korea’s established financial giants are not sitting idly by. Hana Financial Group, BNK Financial, iM Bank, and SC First Bank have formed a KRW stablecoin consortium. Shinhan Financial is piloting stablecoin payments on food delivery platforms, while Woori Financial is integrating stablecoin settlements into Samsung Wallet. Even KB Kookmin Card has patented a hybrid payment system that automatically covers shortfalls in stablecoin balances with credit cards. Fintech players like Naver Pay, Kakao Pay, and Toss are building their own stablecoin payment networks, signaling that the country’s entire financial ecosystem is gearing up for a digital money future.
Turning to Hong Kong, the city’s Cyberport is cementing its role as the region’s flagship digital technology and AI accelerator. As of early February 2026, Cyberport is home to over 2,300 community companies, including more than 400 fintech startups, 500-plus AI, big data, and robotics firms, and over 300 blockchain and Web3 players. The impact is tangible: Cyberport startups have raised more than HK$46.2 billion (about US$5.92 billion), with 17 portfolio companies listed on major exchanges and eight unicorns emerging from its community, according to the Arab Times.
Cyberport’s influence extends far beyond funding. It works closely with regulators and government agencies to accelerate the adoption of new technologies through sandboxes and proof-of-concept (PoC) schemes. The Hong Kong Monetary Authority’s GenAI Sandbox, supported by Cyberport, has tested 42 generative AI use cases with 30 banks and numerous tech partners. The city’s FinTech PoC Subsidy Scheme has already supported nearly 150 projects, while a dedicated Green FinTech PoC Subsidy Scheme has approved 60 initiatives, with a launch ceremony set for the Asian Financial Forum 2025.
Green finance is another area where Hong Kong is aiming to lead. Cyberport’s collaboration with the Green and Sustainable Finance Cross-Agency Steering Group and InvestHK produced the 2025 Green FinTech Map, which charts providers across carbon markets, ESG analytics, disclosure tools, and green digital finance platforms. Community members have won accolades at the Green and Sustainable Banking Conference and Green FinTech Competition, and Cyberport has hosted high-profile events to connect technology firms with banks and investors. These efforts underscore Hong Kong’s ambition to be a regional launchpad for cross-border fintech and green finance innovation.
Talent development is a central pillar of Cyberport’s strategy, especially within the Guangdong–Hong Kong–Macao Greater Bay Area (GBA). The GBA Fintech Two-way Internship Scheme is set to offer more than 150 placements across Hong Kong and mainland cities, targeting students in fintech-related programs. Cyberport also hosts events like the AI for Finance Solution Day, bringing together over 40 banks and insurance firms with AI technology companies for demos and matchmaking. Partnerships with industry leaders, such as Prudential, are speeding up AI development and talent building in insurance.
Recent fundraising successes highlight the global ambitions of Cyberport-linked fintechs. Riverchain raised US$5 million to expand in Hong Kong and Southeast Asia, while LeapXpert secured US$20 million to scale operations. Bowtie, an InsurTech innovator, closed up to US$70 million in Series C funding—the largest round for a digital health insurer in Asia using a direct-to-consumer model. International expansion stories abound, with companies like Libertify scaling into Hong Kong and Singapore, and eSignGlobal choosing Hong Kong as its international headquarters.
Taken together, the stories from Nigeria, South Korea, and Hong Kong reveal a continent in flux—where policy, technology, and entrepreneurial spirit are coming together to redefine the future of finance. Each region faces its own challenges, from regulatory debates to the need for cross-border collaboration and talent development. But the momentum is undeniable, and the groundwork is being laid for an era where digital money, AI, and green finance are not just buzzwords, but the pillars of Asia’s—and Africa’s—financial future.
