Overshadowed SE Asia represents vast Fintech potential

While the focus on technology and Fintech development in the Asia-Pacific has been dominated by China and India, Southeast Asia likewise is emerging as an ideal location for Fintech companies to thrive due to its growing population open to new forms of financial services.

The region’s top six economies (Singapore, Indonesia, Malaysia, the Philippines, Thailand and Vietnam) combined have a population of around 580 million, of which half are below 35 years old. Moreover, it has a sizable unbanked population, primarily found in Indonesia, the Philippines and Vietnam. Looking to capture the region’s opportunity, several Fintech-focused organizations have started to carve out a market for themselves. 

In addition, Southeast Asian fintechs focusing on payments processes have flourished under the current pandemic conditions as the use of physical cash has dropped under social-distancing measures. Other areas of Fintech growth include those focused on alternative financing for small and medium-sized enterprises, and wealth management platforms.