State of FinTech in ASEAN
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.
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, an increasingly urban, literate and young population, as well as a segment of consumers and small and medium sized enterprises (SMEs) underserved by traditional banking solutions. These factors and the economic potential of ASEAN have also attracted large numbers of investors to the region.
This report is produced by and supported by
This is a joint paper developed as part of our collaboration with United Overseas Bank (UOB), Singapore FinTech Association and the ASEAN FinTech Council. The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made.