ASEAN embodies the aspiration of 10 uniquely different countries in Asia to bring about greater economic prosperity, and social and cultural progress for the people of ASEAN.
More than half the adult population of ASEAN is unbanked and this becomes more acute in rural areas. As a result, most of the focus of FinTechs has up until now been on payments and mobile wallets as the first step towards greater financial inclusion. The speed of FinTech adoption across ASEAN is varied, but the momentum is building.
To achieve the 2025 ASEAN Economic Community (AEC) plan for regional economic integration, three strategic measures stand out as critical for the continued development of FinTech in the region:
This report will cover the following:
ASEAN is witnessing visible growth in FinTech. In 2016, investments in the Southeast Asian FinTech market increased to US$252 million, compared with US$190 million in 2015, a rise of about 33 per cent. Total investment up to September 2017 has already exceeded that of 2016 to reach US$338 million. Most of the funding in the region is from seed and angel investors.
Find out how you can ride on the growth opportunities in ASEAN with our FinTech in ASEAN: The Next Wave of Growth whitepaper, in collaboration with Singapore FinTech Association.
The term Financial Technology (FinTech) has come to mean innovative financial solutions that have harnessed technology in new and creative ways. Read on to understand the key types of FinTech innovations.