Nobel Prize-winning scientist, Albert Szent-Györgyi, once said that innovation is seeing what everybody has seen and thinking what nobody thought.
His words feel fitting when I was scanning through Forbes Asia’s latest 100 To Watch list. Because if you look closely, some of the most exciting shifts in finance aren’t happening in the glass towers of New York or London, but in co-working spaces and startup hubs from Jakarta to Karachi.
Now in its fifth year, the 100 To Watch celebrates the small but fast-growing companies of Asia-Pacific that are finding creative ways to solve problems and reimagine industries.
It’s a snapshot of the region’s energy and ambition, featuring 100 privately owned firms with less than US$50 million in revenue and US$100 million in funding as of mid-August 2025.
The final cut was drawn from thousands of submissions and nominations, with Forbes editors weighing their impact, business model, innovation, growth and ability to attract capital.
What makes this year’s list especially interesting is the continued strength of fintech.
It may not have the gloss of space tech or biotech, which took quite the majority of the list, but it’s often the first to show whether a market is ready to change, and that’s exactly what these companies are doing.
We have dissected the list, and here are the fintech companies in Asia-Pacific that made it into Forbes Asia 100 to Watch.
Indonesia
With three fintech companies making the list, Indonesia’s representatives are tackling the complexities of finance in the world’s fourth-most populous nation, from business expenses to the hurdles of home ownership.
Monit
From its base in Jakarta, Monit provides an expense-management platform that helps businesses control their finances and cash flow. The service, founded in 2022, uses corporate debit cards to offer real-time insight into employee spending and automates financial reporting.
Monit’s platform also handles employee reimbursements, invoices, and subscription payments. Its client roster includes notable Indonesian companies like real estate group Ciputra and quick-commerce firm Astro.
The startup secured US$2.5 million in a Series A funding round in July, led by Cento Ventures
Ringkas
Ringkas is a fintech company focused on making home mortgage financing in Indonesia more accessible and efficient. Founded in 2022, its digital platform streamlines the process by submitting a single application to several banks at once.
The company uses AI tools to pre-screen applicants through creditworthiness and know-your-customer (KYC) checks. Additionally, the platform allows existing homeowners to transfer their mortgages to banks offering better rates and terms.
In May, Ringkas raised US$5.1 million in pre-Series A funding to improve its AI, hire more staff, and begin expanding into Southeast Asia.
Skor Technologies
Established in 2022, Skor Technologies operates an app called Skorlife that helps Indonesian consumers manage their credit scores and personal finances. In 2024, the company partnered with Bank Mayapada Internasional to launch the Skorcard credit card.
This move aims to tap into Indonesia’s low credit card penetration rate, which stands at about 6% of the population.
Back in January of this year, Skor Technologies raised US$6.2 million in a pre-Series A round led by Argor Capital, pushing its total funding to over US$12 million.
Malaysia
Malaysia is represented by two players that capture different sides of the fintech story. One is trying to reinvent business payments, and the other is attempting to democratise personal investments.
Soft Space
Led by CEO Joel Tay, Soft Space was established in Kuala Lumpur in 2012 to provide businesses with digital payment solutions, including contactless and e-wallet services.
Its main offering, SoftPOS, is a technology that transforms a merchant’s smartphone into a secure point-of-sale device, removing the need for conventional payment hardware. The platform also integrates QR code payments, e-wallet support, and tools for real-time analytics and fraud detection.
The company is expanding internationally, announcing a capital alliance last year with Japan’s GMO Financial Gate to introduce SoftPOS to the Japanese market. To support its growth, Soft Space secured US$31.5 million in a Series B1 funding round in 2023.
Versa
Operating since 2021 under CEO Teoh Wei-Xiang, Versa is a digital wealth management service for Malaysians. The platform enables users to invest in a variety of funds, including both conventional and Shariah-compliant options, while also offering tools for retirement planning and savings tracking.
Versa achieved a key milestone in 2021 when it became the first e-service platform to be licensed by the Securities Commission of Malaysia.
The company, which reports a user base of over 300,000, raised US$6.8 million in a Series A round earlier this March, with AHAM Asset Management as the lead investor.
India
Although leading the pack with 18 companies, only 2 fintech companies made it to Forbes Asia’s 100 to Watch list. Both of these fintech representatives focus on carving out specific niches in the massive consumer lending market.
Finnable
Founded in 2016, Finnable is an online lender that provides personal loans to salaried professionals in India. The Bangalore-based fintech utilises proprietary algorithms for credit assessment and deep analytics to enable fast, virtual loan approvals. It also offers customers flexible repayment schedules.
Finnable reports that it has served over 250,000 customers across India and has raised more than US$33 million in total funding from investors, including Z47, TVS Capital, and Stride Ventures.
Propelld
Based in Bangalore, Propelld is a finance company specialising in the education sector. Founded in 2017, it offers a variety of “Study Now, Pay Later” loans for students in India.
These financing options, which include collateral-free loans and income-sharing agreements, can be used for higher education and vocational training at over 4,000 partner institutions.
In May, Propelld secured approximately US$30 million in a Series C funding round led by WestBridge Capital.
Japan
The fintechs from Japan showcase a focus on using AI and cloud technology to serve both individuals and the demanding corporate sector.
Fivot
Established in 2019, this Tokyo-based fintech startup operates two main services. The first is IDARE, a mobile app for personal savings and investments.
The second, Flex Capital, uses AI to provide loans to startups, approving them in just three to ten business days, a significantly faster timeline than traditional Japanese banks.
Fivot has raised US$20.1 million from investors such as SBI Investment and SMBC Venture Capital.
Loglass
Loglass is a cloud-based software company founded in 2019 that provides AI-powered tools for business planning. Its platform helps companies collect and analyse sales, budget, and personnel data to make their planning processes more efficient.
The company’s customer base includes major Japanese firms like Nomura Real Estate Holdings and Toppan Holdings. Loglass has raised at least US$68 million to date, including an approximate US$50 million Series B round last year.
Pakistan
Pakistan’s two honorees highlight the diverse approaches within fintech. One focuses on Shariah-compliant B2B financing, and the other tackles the cash-based e-commerce market.
Haball
Headquartered in Karachi, Haball is a B2B fintech firm founded in 2017 that focuses on Shariah-compliant supply chain financing.
The company provides digital invoicing, working capital financing, and tax compliance services to businesses in Pakistan.
Haball reports that it has processed over US$3 billion in payments so far. In April, the company raised US$52 million in a pre-Series A round, which included US$5 million in equity and US$47 million in strategic financing from Meezan Bank.
PostEx
PostEx operates as a hybrid logistics and fintech company for Pakistan’s e-commerce sector.
Launched initially as a delivery service in 2020, the company pivoted to offering upfront cash payments to online merchants, collecting the payment from the customer upon delivery. This model helps sellers with cash flow management.
After acquiring competitor Call Courier in 2022, PostEx became the largest e-commerce delivery service in Pakistan. Last August, it raised US$7.3 million to fund its expansion into the Middle East.
Singapore
As a major financial hub, Singapore is represented by a B2B fintech player with a decidedly global ambition.
Finmo
Founded in 2021, Finmo is a B2B platform specialising in global payments and treasury management.
Under the leadership of CEO David Hanna, the company provides services such as real-time payments, foreign exchange risk management, and automated compliance tools. Finmo has obtained regulatory licenses to operate in multiple key markets, including Singapore, Australia, New Zealand, Canada, the U.S., and the U.K..
In February, the fintech company raised US$18.5 million in a Series A round co-led by Quona Capital and PayPal Ventures, with Citi Ventures also participating.
Philippines
In the Philippines, the focus is on building the foundational infrastructure for the country’s rapidly growing digital economy.
NetBank
Launched in 2019, NetBank delivers digital financial services through a rural bank it acquired.
The company, led by CEO Gus Poston, caters to the Philippines’ growing fintech community by offering services like loan management, payments, and disbursements. Its client list includes major players like Smart Money, TikTok, and Lazada, with backing from investors such as Beenext and Kaya Founders.
According to the company, NetBank secured fundings from BEENEXT, January Capital, Oak Drive Ventures, Kaya Founders, and Boleh Capital in March this year.
Hong Kong
Hong Kong’s entry focuses on empowering the backbone of its economy, its small merchants.
KPay
Established in 2021, KPay provides both online and offline payment collection services for small merchants. The company is based in Hong Kong and also operates in Singapore and Japan, serving nearly 60,000 merchants and enabling fund transfers in 18 different currencies.
In addition to payments, KPay offers an online platform with business management tools for payroll and expenses. Last December, the company raised US$55 million in a Series A round to help fund its expansion in Southeast Asia.
New Zealand
From New Zealand comes a solution tailored for the growing global population of freelancers and self-employed workers.
Hnry
Hnry is a platform founded in 2017 that offers automated accounting and tax services for self-employed individuals.
The Wellington-based startup provides a pay-as-you-go service that automatically manages invoicing, expense tracking, and tax filings.
After raising US$22.7 million in a Series B round in 2023, Hnry expanded its operations beyond Australia and New Zealand by launching its services in the U.K. this February.
Map image: Edited by Fintech News Singapore based on an image by Zeb Studio via Freepik.
Featured image: Edited by Fintech News Singapore based on an image by Harryarts via Freepik.
