Despite COVID-19 headwinds, Southeast Asia’s digital economy has remained strong and resilient, adding 40 million people into the online space this year.
Usage of mobile banking apps rose across all Southeast Asian markets with Vietnam, the Philippines and Indonesia recording the strongest growth rates in monthly active users.
Indonesia + 44%
Philippines +53%
Vietnam +73%
Digital payments grew 3% this year, rising from US$600 billion in 2019 to US$620 billion in 2020. This comes on the back of declining cash usage and rising adoption of e-wallets.
In online lending, while volumes had remained unchanged between 2019 and 2020, the report projects a 32% increase to US$92 billion in 2025.
Southeast Asia is now home to 400 million Internet users, representing 70% of the region’s population.
Despite COVID-19 headwinds, Southeast Asia’s digital economy has remained strong and resilient, adding 40 million people into the online space this year.
Usage of mobile banking apps rose across all Southeast Asian markets with Vietnam, the Philippines and Indonesia recording the strongest growth rates in monthly active users.
Indonesia + 44%
Philippines +53%
Vietnam +73%
Digital payments grew 3% this year, rising from US$600 billion in 2019 to US$620 billion in 2020. This comes on the back of declining cash usage and rising adoption of e-wallets.
In online lending, while volumes had remained unchanged between 2019 and 2020, the report projects a 32% increase to US$92 billion in 2025.
Southeast Asia is now home to 400 million Internet users, representing 70% of the region’s population.
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