BRICS Fintech Market Size and Forecast by Type, End Users, Industry, Transaction Types, and Region: Statistics | 2019-2032

BRICS Fintech Market Growth and Performance

Key Takeaways:

• The fintech market size in BRICS increased to US$ 4.80 Trillion in 2023, with a year-on-year growth rate of 26.4%.
• By the end of 2032, the BRICS fintech market is on track to achieve US$ 46.71 Trillion, with a forecasted Compound Annual Growth Rate (CAGR) of 29.0% throughout the forecast period.
• The fintech digital payment market segment is estimated to hold the largest market share of 84.2% and be valued at US$ 39.34 Trillion in 2032.

BRICS Fintech Market Outlook

The BRICS fintech market is undergoing a rapid transformation, driven by technological advancements, financial inclusion initiatives, and the increasing need for alternative payment systems. As a collective economic powerhouse, BRICS nations—Brazil, Russia, India, China, and South Africa—are leveraging fintech innovations to enhance financial accessibility and redefine cross-border transactions. With fintech hubs emerging across these countries, the sector is witnessing accelerated investments, regulatory advancements, and the integration of cutting-edge technologies such as artificial intelligence, blockchain, and decentralized finance (DeFi). The BRICS fintech market size is expected to grow significantly as digital financial services gain traction among businesses and consumers, fostering a robust fintech ecosystem that supports economic diversification and global financial independence.

Expanding Digital Payments and Alternative Financial Systems

The BRICS fintech industry is witnessing a surge in digital payment adoption, fueled by the rising penetration of mobile banking, e-commerce expansion, and government-led digital initiatives. India’s Unified Payments Interface (UPI) has revolutionized real-time payments, facilitating seamless transactions both domestically and internationally, with countries like UAE and Singapore adopting UPI-based cross-border payments. In China, platforms such as Alipay and WeChat Pay dominate digital transactions, setting global benchmarks for cashless economies. Meanwhile, Brazil’s Pix payment system, launched by the Central Bank, has seen remarkable adoption, handling billions of transactions monthly and reducing dependency on traditional banking networks.

To reduce reliance on the US dollar and promote financial sovereignty, BRICS nations are actively exploring alternative cross-border payment mechanisms. Russia and China are spearheading initiatives to integrate digital yuan and the System for Transfer of Financial Messages (SPFS), an alternative to SWIFT. Similarly, South Africa is developing blockchain-powered payment networks that streamline cross-border transactions, reducing remittance costs and transaction delays. These advancements are positioning BRICS as a frontrunner in redefining global financial transactions through fintech-driven solutions.

Alternative Lending and Financial Inclusion

The growth of the BRICS fintech sector is also evident in the rise of alternative lending platforms that cater to underserved populations and small businesses. Digital lending startups in India, such as RupeeRedee and KreditBee, are leveraging AI-powered credit scoring models to offer quick, unsecured loans to individuals with limited credit history. Russia’s fintech ecosystem has seen the proliferation of neobanks like Tinkoff, which provide digital banking services with innovative credit solutions, eliminating the need for traditional banking intermediaries. 

Brazil’s Nubank, a prominent digital bank, has significantly contributed to financial inclusion by offering no-fee credit cards and flexible lending solutions to millions of unbanked individuals. Similarly, in South Africa, fintech firms such as TymeBank and Lulalend are addressing SME financing gaps through data-driven lending models. By harnessing big data and AI-driven credit analytics, BRICS nations are improving access to capital, fostering entrepreneurship, and strengthening their economies.

Regulatory Evolution and Market Collaboration

While fintech adoption is surging, regulatory frameworks across BRICS countries are evolving to strike a balance between innovation and financial stability. India’s RBI regulatory sandbox, China’s tightening oversight of fintech giants, and Russia’s focus on crypto regulations highlight the region’s proactive approach to fintech governance. Brazil’s Open Banking initiative is fostering competition among financial service providers, enabling consumers to have greater control over their financial data.

Cross-border regulatory collaboration is also gaining momentum, with BRICS nations exploring unified fintech standards to facilitate seamless financial transactions across member countries. The development of BRICS Pay, a digital payment platform designed for inter-BRICS trade, signifies a strategic shift towards fintech-enabled economic integration. These regulatory advancements are creating a structured environment that encourages fintech innovation while safeguarding financial markets from potential risks.

Regional Fintech Developments in BRICS

• China continues to lead in fintech adoption, with its government actively promoting the use of the e-CNY (digital yuan) as an alternative to traditional banking systems. With over 260 million digital yuan wallets already in use, China is setting the stage for the global adoption of central bank digital currencies (CBDCs). Meanwhile, India’s fintech landscape is thriving, with startups receiving record-breaking investments of over $6 billion in 2023, positioning the country as one of the fastest-growing fintech markets worldwide.
• Russia’s fintech industry is expanding despite economic challenges, with a notable rise in blockchain and crypto-based payment solutions. The Association for Financial Technologies Development in Russia is working on a national digital asset framework to boost fintech-driven financial services. In Brazil, fintech firms are capitalizing on Open Finance regulations, allowing seamless integration between traditional banks and digital financial service providers.
• South Africa’s fintech market is also evolving, with initiatives like Project Khokha, a blockchain-based interbank settlement system led by the South African Reserve Bank. The country’s fintech ecosystem is further strengthened by the rapid adoption of mobile money solutions such as MTN’s MoMo, which is enhancing financial inclusion, particularly in rural areas.

Future Outlook for BRICS Fintech Landscap

The BRICS fintech ecosystem is poised for continued expansion as these nations embrace cutting-edge technologies to enhance financial accessibility and economic resilience. Blockchain-based finance, decentralized lending, and AI-driven fraud prevention solutions are expected to shape the future of fintech in the region. The increasing collaboration between BRICS nations on digital payments, financial regulations, and alternative finance models will further strengthen the bloc’s position in the global fintech landscape. With fintech investments on the rise and government initiatives supporting digital transformation, the BRICS fintech market size is projected to witness sustained growth over the next decade. As financial institutions, startups, and regulators work together to address challenges and unlock new opportunities, BRICS nations are set to become global fintech leaders, driving financial innovation and economic development at an unprecedented scale.

BRICS Fintech Market Scope

BRICS Fintech Industry: Regional Coverage