Demand for Fintech solutions in ASEAN is underpinned by the rapid adoption of technology, high-levels of mobile usage and rising rates of internet penetration in addition to an increasingly urban, literate and young population.
With Singapore’s status as a global financial hub and the growing regional banking power of cities such as Kuala Lumpur and Bangkok, ASEAN is looking to take a more prominent role in global fintech development.
With roughly $2.2trillion in annual trade flows and over 50,000 financial institutions providing banking services to consumers and businesses, financial technology is at the core of the ASEAN growth story. Consider that only 27% of consumers and SMEs are formally banked, while an even smaller share (3%) are protected by insurance. Online payments and mobile wallets account for 43% of the ASEAN Fintech sector and offer another major area of opportunity.