Breaking News
Penetration of fintech applications in SEA to reach 84% in 2023
Fintech apps have increased their rate of penetration in Southeast Asia by 3.3 times over the last five years. In 2023, it is to grow by another 2 p.p. , as forecasted by the analytical centre of Robocash Group.
By the end of 2022, the total number of unique FinTech users in Southeast Asia reached 420.5 million people. This is a 3.5% (+14.4 million) increase compared to the year prior.
The penetration of fintech services in the region had experienced a significant boost. At the end of 2022, total penetration reached 81.8%, with the e-commerce sector holding the most weight at 56.6%.
By the end of 2023, the penetration rate of fintech users is expected to increase from 81.8% to 83.7%. That said, some changes are anticipated in their overall distribution in the SEA. The share of e-Commerce users may increase from 56.6% in December 2022 to 58.3% in December 2023. Meanwhile, the share of Digital Investments will decrease from 1.7% to 0.4%. Notably, strong growth awaits the Payments & Transfers sector – from 2.97% to 5.49%.
Robocash Group analysts comment: “It is worth noting that this is a market assessment under normal circumstances. In addition, the state and regulatory measures present an important factor affecting the fintech market in the SEA. However, the Southeast Asia fintech market remains one of the most dynamically developing in the world. The region continues to attract the attention of global players and investors, and this trend will continue in the coming years.”
*The analysis is based on data on the population aged 15+ in Singapore, Thailand, Malaysia, Bangladesh, Indonesia, Cambodia, Philippines, Vietnam, Laos, Myanmar, Brunei.
In total, 2442 mobile financial applications in Southeast Asia (IOS and Android) were analysed. The monthly data from 2018 to 2022 was collected from the data.ai service. The target indicator was the number of active users at the end of each month.
Companies In This Post
- Kanastra Raises $30 Million Series B from F-Prime to Spearhead Brazil’s Private Credit Infrastructure Development Read more
- I&M Bank Launches Tanzania’s First Mastercard World Elite Debit and Multi-Currency Prepaid Cards on OpenWay’s Way4 Platform Read more
- Sage Unveils Next-Generation, Integrated Cloud HR & Payroll Solution for Mid-Sized Businesses in South Africa Read more
- Atom Bank Bolsters Family Support By Increasing Maternity and Paternity Leave Read more
- EXCLUSIVE: “To Boldly Go…” – Toine van Beusekom, Icon Solutions in ‘Discover Sibos 2025 Read more
Atom Bank Bolsters Family Support By Increasing Maternity and Paternity Leave
Atom bank, the saving and lending specialist, has today announced a significant enhancement to its maternity and paternity leave policies.
Nubank Applies for U.S. National Bank Charter
Nubank has applied for a national bank charter with the Office of the Comptroller of the Currency (OCC) of the U.S
Clearstream and Vyntra Sign Extended Agreement at SIBOS to Enhance Transaction Observability and Customer Experience
Clearstream, part of Deutsche Börse Group, and Vyntra, formed from the union of Intix and NetGuardians, today announced the signing of an extended agreement.
Wellness Blind Spot: A Quarter of Brits Ignore Their Financial Health
New research from Revolut, the global fintech with over 12 million customers in the UK, shows that while the wellness conversation is dominated by mental and physical health, financial wellbeing is largely absent – despite its direct impact on stress and overall wellness.
Crunchfish and CMA Small Systems Enter Strategic Partnership
Crunchfish AB and CMA Small Systems (CMA) have entered a strategic partnership to deliver next-generation financial infrastructure solutions for central banks and financial institutions worldwide. By combining Crunchfish’s pioneering Digital Cash technology with CMA’s experience in mission-critical systems, the partnership will enable payment ecosystems that are secure, modern, and resilient both online and offline.
Eltropy Delivers Exclusive Early Access to Rich Communication Services (RCS) for Community Financial Institutions
Eltropy, the leading digital conversations platform for community financial institutions (CFIs), today announced exclusive early access to Rich Communication Services (RCS), giving credit unions and community banks the same branded messaging capabilities that major banks reserve for their premium communications.
Finova Partners with Escode to Launch Escrow as a Service for Lenders
Finova, the UK’s largest cloud-based mortgage and savings software provider, has announced a strategic partnership with Escode, a global leader in software resilience and part of NCC Group, to extend the reach of Escrow as a Service (EaaS) to financial services clients.
Kanastra Raises $30 Million Series B from F-Prime to Spearhead Brazil’s Private Credit Infrastructure Development
Kanastra, a financial technology company providing technology infrastructure and services for private credit funds and securitizations, today announced a $30 million Series B round led by F-Prime, with contributions from the International Finance Corporation (IFC), the World Bank's investment arm, as well as follow-on investments from current investors Kaszek, Valor Capital, Quona Capital and Itaú, Latin America's largest bank. The new capital will be used to accelerate product development, deepen automation across the private credit funds lifecycle, and expand Kanastra's client base.
I&M Bank Launches Tanzania’s First Mastercard World Elite Debit and Multi-Currency Prepaid Cards on OpenWay’s Way4 Platform
I&M Bank Tanzania, in partnership with Mastercard and OpenWay, has introduced the country's first Mastercard World Elite debit and multi-currency prepaid cards. Powered by OpenWay's Way4 digital payments platform, the new products cater to the evolving needs of Tanzania's affluent and middle-market customers by offering lifestyle privileges, advanced security, and seamless international transactions.
Sage Unveils Next-Generation, Integrated Cloud HR & Payroll Solution for Mid-Sized Businesses in South Africa
Today, Sage, the global leader in accounting, financial, HR and payroll technology for small and mid-sized businesses (SMBs), launches its integrated Sage HR & Payroll Advanced solution for mid-market companies in South Africa. Targeted at organisations with high-complexity payroll needs, the all-in-one, cloud-based payroll and HR software is a powerful step forward in simplifying how mid-sized businesses pay, manage and engage their people.
Atom Bank Bolsters Family Support By Increasing Maternity and Paternity Leave
Atom bank, the saving and lending specialist, has today announced a significant enhancement to its maternity and paternity leave policies.
EXCLUSIVE: “To Boldly Go…” – Toine van Beusekom, Icon Solutions in ‘Discover Sibos 2025
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Owen Morton and the Fintech Behind Daily Payouts: A New Standard for Prop Firms
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
EXCLUSIVE: “Turning Back the Tide” – Maya Tuyen Reisinger, G+D and Simon Rosenberger, Parley for the Oceans in ‘The Fintech Magazine’
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]