The Asian banking sector has experienced a series of sharp growths since the turn of the century, and now accounts for almost 40% of the global market.

According to data from Oliver Wyman, the Chinese market saw quickest rise, up 15% in CAGR between 2010 and 2016, with total market value up from $21 trillion to $40 trillion. Vietnam came second, its market was up 12%. Japan suffered the ignominy of being the only market to contract, at a -2% growth. The US banking sector, for comparison, grew by 4% in the same period.

Related: Asia’s Core Banking Systems – a Case Study

ICBC dominates the rankings for largest bank, with assets totalling $3.47 trillion. China Construction Bank comes second, with total assets of around $3 trillion. The Agricultural bank of China and the Bank of China follow, with assets of $2.82 and $2.61 trillion each. Chinese domination in the top five is finally broken by Mitsubishi UFJ, which holds assets of $2.59 trillion.

Chinese banks have also seen exceptional return on equity, with almost all of them offering returns above 12%.

The region’s growth is, however, under threat. The number of non-performing loans have increased, while the slowdown of the Chinese market remains a cause for concern. A strong US dollar and protectionism is also a challenge to traditional capital flows.

Cloudy with a chance of malware

A majority of Asian banks are in the first stages of cloud maturity, according to IDC Financial Insights research. Super-regional institutions, it predicts, will set the pace and best practices in the location, control, ownership, and management of data in the cloud.

The region was also a hotbed for malware in 2016. More than 317,822 instances of banking malware were detected by research firm Trend Micro with Asia ranking as the most infected and attacked region on the planet.