China financial services lead APAC with $3t by 2035

Vietnam is projected to expand 9.1% annually followed by Indonesia at 8.9%.

China is expected to remain Asia-Pacific’s (APAC) largest financial services market by value, according to analysis by Deloitte Access Economics.

Its financial services value added is forecast to rise from about $1.4t in 2024 to around $2.7t in 2035, representing annual growth of 6.1%.

Under Deloitte’s high-growth scenario, financial services value added in APAC could double from $2.4t in 2024 to $4.8t by 2035, equivalent to compound annual growth of 6.5%.

India is expected to record faster growth, with financial services value added forecast to increase at an annual rate of 10% to about $460b by 2035. 

The Philippines has the highest projected growth rate amongst the markets covered, at 12% a year, followed by Vietnam at 9.1%, Indonesia at 8.9%, Malaysia at 7.8% and South Korea at 7.3%.

Other projected annual growth rates include Thailand at 7.1%, Australia at 5.6%, New Zealand at 5.5%, Hong Kong at 5.1%, Singapore at 4.9%, Japan at 4.3% and Taiwan at 3.4%.

The United States is forecast to increase its financial services value added from $2.5t to $4.3t by 2035, representing annual growth of 4.9%. 

The EU and UK are projected to rise from $1.1t to $2.1t, with annual growth of 6.4%.

Deloitte said the forecasts measure financial services value added as the sector’s contribution to gross domestic product after accounting for the inputs used to provide financial services. 

The figures are based on Deloitte Access Economics analysis published in 2026.