Country ranking based on worldwide bank assets 2009-2050
Growth in Asia Most Asia-Pacific countries have been experiencing high gross domestic product (GDP) growth in the past few years. China, in particular, has been able to maintain a robust growth rate. However, many economists attribute this to an effect known as “catch-up growth”, where a country’s GDP grows quickly due to rapid industrialization. Once a country completes this catch-up phase, it grows at a more modest pace.
Other long-term factors A number of long-term factors threaten to disrupt the banking sector, including regulatory pressure and a number of technology-driven factors. Financial technology, or fintech, is a term depicting the group of companies from the technology sector that work on development of innovative financial and banking solutions, for example in online payments and peer-to-peer loan sectors.