Southeast Asia has seen a 3588% increase in the number of fintech companies in payments, alternative lending, e-wallets and digital banking since 2000.found RoboCash Group.
RoboCash Groupof ‘SEA Fintech State of the Art 2022 ReportBetween 2000 and 2022, the total number of fintechs in Southeast Asia increased from 34 to 1254. The biggest increase he occurred between 2015 and 2020. consideration.
Robocash Group’s research aimed to understand how fintech has developed in the emerging economies of Southeast Asia. Specifically, we focused on India, Indonesia, Singapore, Philippines, Vietnam, Malaysia, Bangladesh, Pakistan and Sri Lanka.
Of these countries, India has the highest number of companies operating, the report details. A total of 541 fintech companies are based in India, accounting for his 43.1% of all fintech companies found.
After India, Indonesia hosted the second highest number of 165 fintech companies (13.2%). followed by:
- Singapore – 162 (12.9%)
- Philippines – 125 (10%)
- Malaysia – 84 (6.7%)
- Vietnam – 78 (6.2%)
- Pakistan – 51 (4.1%)
- Sri Lanka – 27 (2.2%)
- Bangladesh – 21 (1.7%)
Growth rates vary by sector
Fintech has the highest concentration in alternative lending (544, 43.4%). This is closely followed by payments and transfers (496, 39.6%). E-wallets (118, 9.4%) and digital banking (96, 7.7%) were the least populated sectors.
Robocash analysts commented on the findings in four focus sectors:
“The results show that the Philippines places the highest emphasis on these four fintech sectors, which account for 54.3% of all fintechs in the country.
“The remaining distribution is as follows: Sri Lanka – 41.5% (65), Vietnam – 37.7% (207), Pakistan 24.2% (211), Indonesia 19.4% (850), Malaysia 18.3% cents (458), Bangladesh 15% (140), India 10.5% (5176).
“The lower the share, the greater the diversification by type of fintech companies in the country and the greater competition among them.”
Funding also varies by location
Between 2000 and 2022, fintechs in the four focus sectors raised a total of $53.3 billion, earning $17.8 billion.
Robocash found that, on average, fintechs across Southeast Asia found a return of 33.4%. Fundamentally, for every dollar of funding received, fintech companies make him a little over 33 cents on average.
The majority of funding across the region was in India, with $25.6 billion (48%). Singapore got her $14.7 billion (27.6%) and Indonesia got her $7.5 billion (14.1%). By comparison, the rest of the countries raised less money:
- Philippines – $2.4 billion (3.4%)
- Vietnam – $1.8 billion (3.4%)
- Malaysia – $966 million (1.8%)
- Pakistan – $240 million (0.5%)
- Bangladesh – $24 million (0.05%)
- Sri Lanka – $307,000 (0.001%)