Asia is leading in financial platform development and adoption, with Alipay building a vast ecosystem and global reach, while Revolut excels in user acquisition and financial performance. Alipay stands out with its vast ecosystem and extensive coverage, while Revolut excels in user acquisition, coverage and financial performance. Financial platforms such as Mercado Pago, Wise and GCash also rank among the top 10. Asia leads the adoption of financial platforms, with increasing traction beyond the region. Singapore, 20 February 2025 - Alipay and Revolut have secured the top positions in the TABInsights’ World’s Best Financial Platforms Ranking for 2025. These platforms are technology-driven ecosystems offering a wide range of financial services through digital interfaces. By leveraging technology, they simplify and democratise access to financial products. Other financial platforms in the top 10 include WeChat, Apple Pay, PayPal, Mercado Pago, Wise, GCash, M-Pesa and DANA. Alipay stands out in ecosystem and coverage, while Revolut excels in user acquisition and financial performance Alipay, the world’s largest financial platform, capitalises on its vast ecosystem and seamless integration with retail and payments in China. With over four million mini programmes embedded into the platform, Alipay integrates payment solutions, financial services and lifestyle offerings, providing users with a full range of financial services, from peer-to-peer payments to insurance, loans and wealth management. High transaction volumes, strong user adoption and effective cross-selling drive Alipay’s revenue and growth. Revolut, initially a currency exchange app, has evolved into a comprehensive financial platform offering services ranging from foreign exchange to cryptocurrency trading. Its customer base grew by 45%, from 26.2 million in 2022 to 38 million in 2023, surpassing 50 million in 2024. The platform’s growth is driven by a diversified revenue model, strategic market expansion and strong customer engagement. In 2024, Revolut’s gross profit surged 114%, posting a record pre-tax profit of $545 million, highlighting the scalability of its business model. Mercado Pago, Wise and GCash also rank among the top 10 Mercado Pago has evolved from a payment solution for Mercado Libre’s e-commerce platform into a comprehensive fintech ecosystem. Its integration with Mercado Libre allows access to a large user base, driving customer loyalty and cross-selling opportunities. Nearly two-thirds of its payment volume comes from transactions outside the marketplace. Wise offers multi-currency accounts, debit cards and cross-border financial tools, and has expanded its offerings with Wise Assets Interest and Stocks products in 11 European markets. With a 29% increase in active customers, reaching 12.8 million in fiscal year (FY) 2024, Wise’s growth is fueled by referrals and low customer acquisition costs. This, combined with its profitable model, led to a 229% surge in profit before tax, driven by customer expansion, higher engagement, rising interest rates and effective cost management. GCash, the Philippines' leading financial platform, serves 94 million users and six million merchants, offering services such as loans, buy now, pay later (BNPL), wealth management and insurance. Strategic partnerships with Lazada, Visa and Alipay have expanded its offerings, while GCash Overseas enables remittances and bill payments for Filipinos abroad. Asia leads the adoption of financial platforms, with increasing traction beyond the region Asia is at the forefront of financial platform adoption, with half of the top 20 platforms primarily serving the region. High smartphone penetration, a young population and rapid economic growth are driving demand for integrated digital services. WeChat and Alipay are leading the charge in China, integrating financial services with daily life through mini-programmes. Southeast Asia is witnessing rapid expansion from platforms like GCash, Grab and MoMo, addressing the needs of the underbanked with services such as loans and wealth management. In India, platforms like PhonePe, Paytm and MobiKwik are broadening digital access, while in Japan and South Korea, PayPay, Kakao Pay and Toss are integrating a wide range of financial services into daily life. In Western markets, adoption has been slower due to privacy concerns and the dominance of specialised apps. However, platforms like Revolut, Wise and Klarna are gaining ground by offering multifunctional services. Revolut has expanded into stock trading and cryptocurrency, Wise offers multi-currency accounts and investment options, and Klarna has broadened its portfolio beyond BNPL. In Africa, M-Pesa remains dominant, while Careem in the Middle East is transitioning from a ride-hailing service to a multi-service platform. In Latin America, Mercado Pago, Inter and PicPay are leading the way in financial inclusion, with Mercado Pago evolving into a comprehensive financial ecosystem. View the full World’s Best Financial Platforms Ranking here View the World’s Best Financial Platforms Ranking report here About the World’s Financial Platforms Ranking Since 2022, TABInsights, the research arm of TAB Global, has developed a comprehensive assessment of the world’s leading financial platforms. These platforms are technology-driven ecosystems that provide a range of financial services and tools, often through a digital interface such as a mobile app or website. By leveraging technology, these platforms simplify, innovate and democratise access to financial products and services. The financial platforms are ranked based on a six-dimensional balanced scorecard that evaluates their capabilities across six critical areas: customer, coverage and service scope, usage and engagement, financial performance, ecosystem and strategy and leadership. About TABInsights TABInsights is the global research arm of TAB Global, interacting with a wide spectrum of financial institutions across the Asia Pacific, the Middle East and African regions. TABInsights provides a range of custom and bespoke research for financial institutions in emerging and established markets to facilitate management decision-making process and guide business strategy. TABInsights provides strategic analysis and recommendations to institutions across all verticals including retail, transaction, risk and technology functions. Visit https://tabinsights.com/ for details. About TAB Global TAB Global owns and manages a number of world class digital content platforms namely, The Asian Banker, Wealth and Society, BankQuality.com as well as learning platforms like The Banking Academy and The Skill Store. Incorporated in Singapore, it has offices in Beijing, Dubai and support offices in Kuala Lumpur and Manila, with plans to expand to Johannesburg, London, Zurich and New York. Visit https://www.tab.global/ for details. For further information, you may get in touch with: Mr. Foo Boon Ping President and Managing Editor TAB Global M: +65 9826 9470 [email protected]
