Asia Pacific Transaction Monitoring Software Market Forecast 2020-2028
The Asia Pacific transaction monitoring software market is anticipated to register a CAGR of 15.85% over the estimated period of 2020-2028. The increase in money laundering, corruption, financial frauds, and terrorist financing activities augments market growth. In addition, different complexities in transaction processing systems in various organizations are creating positive trends for the market in the region.
The Asia Pacific transaction monitoring software market is surveyed further on the basis of markets in Thailand, Australia & New Zealand, India, South Korea, Vietnam, Japan, Indonesia, China, and the rest of Asia Pacific. Indonesia has faced money laundering due to the absence of regulation and corruption within institutions. However, the government has geared up its efforts to fight financial fraud and promote anti-money laundering through legislation. In countries like Thailand, the banks are governed by the central bank of the country. In October 2019, BOT announced that it is moving forward with a test of biometric KYC technology. In Vietnam, combating money laundering is one of the top priorities for the State Bank of Vietnam and also other relevant authorities. These factors are estimated to promote market growth in the region.
New Zealand maintains a strong AML system in an effort to protect against money laundering and terrorist financing. New Zealand is one of the countries to implement FATF’s standards in an effort to protect against money laundering and terrorist financing. Money laundering continues to be a large problem in Bangladesh despite Bangladesh taking several preventive steps.
Infrasoft Technologies, Fidelity National Information Services Inc, Oracle Corporation, SAS Institute Inc, Dow Jones, etc. are some of the renowned companies operating in the market.
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