Recent research from UnaFinancial reveals that mobile fintech app penetration in Southeast Asia has reached 49% in 2024, with projections indicating growth to 60% by 2030. The highest adoption rates are expected in the Philippines (72%), Indonesia (64%), and Malaysia (61%).
Singapore, August 6, 2024 — According to the latest report, mobile fintech adoption in six Southeast Asian countries has more than tripled since 2019, reaching 49% in May 2024. With a penetration rate of 63%, the Philippines is in first place. Malaysia (55%), Indonesia (49%), Thailand (45%), Singapore (45%), and Vietnam (32%) are next.
Analysts at UnaFinancial, attribute, “the Philippines’ leadership to several factors, including a substantial unbanked population, regulatory initiatives fostering digital financial technologies, a significant proportion of young, tech-savvy individuals, and increasing mobile and internet penetration. Indonesia also shows remarkable growth, with fintech user levels rising from 9% in 2019 to 49% in 2024. Indonesia’s fintech industry benefits from government support and a sizable unbanked population, similar to the Philippines.”
The predominant segments within fintech apps are digital wallets and payments (35%) and mobile banking (18%). Lending apps represent the fastest-growing segment, increasing from 1% in 2019 to 5% in 2024. Conversely, investing and cryptocurrency trading apps show the lowest penetration levels (2% each), likely due to decreased investment activity amid global economic instability.
UnaFinancial projects that the proportion of fintech app users in Southeast Asia will rise to 60% by the end of 2030. The Philippines is expected to maintain its lead with a 72% penetration rate, followed by Indonesia at 64%, Malaysia at 61%, Thailand at 50%, Singapore at 48%, and Vietnam at 41%.
The analysis by UnaFinancial considered data from data.ai on the number of active users of fintech applications starting in May 2019. The study encompassed 8,740 apps (iOS and Android) across six Southeast Asian countries: Singapore, Malaysia, Thailand, Indonesia, the Philippines, and Vietnam.
