Due to Southeast Asia’s largely unbanked and underbanked populations, the region has a growing fintech ecosystem which provides innovative services such as loans and payment platforms.
With its steadily growing economy, surge in technological development and solid reputation as a start-up hub, it should come as no surprise that Vietnam’s Ho Chi Minh City has become the latest city to join Singapore’s Global Innovation Alliance (GIA) network.Launched in 2017, the GIA is aimed at providing Singaporeans, students, entrepreneurs and businesses with the opportunity to gain overseas experience, connect and collaborate with their foreign counterparts. Contributing 45 perc
With Indonesia, Philippines and Vietnam alone hosting over 10 percent of the world’s unbanked population, providing the right infrastructure to bridge this gap is key to ASEAN’s sustained growth.The unbanked and underserved form a significant part of ASEAN’s population, with research firm CB Insights recently stating that just 47 percent of adults in ASEAN had a bank account while only a third of the region’s SMEs had access to loans or lines of credit last year. The region’s financi
The millennial generation of Southeast Asia comprises of half of the region’s 644 million population. The region’s high internet penetration and growing middle class is driving the adoption of digital financial services.
The Monetary Authority of Singapore’s (MAS) announcement late last month that it will issue five digital bank licences to non-bank players is set to add value, innovation and diversity to the region’s financial hub.The five new digital bank licences will comprise of up to two digital full bank licences, which allow licensees to provide a wide range of financial services and take deposits from retail customers, and up to three digital wholesale bank licences – which allow licensees to serve sm
ASEAN’s attractive investment market, along with an expansive digital environment has led to the emergence of a vibrant start-up ecosystem across the region.
Malaysia’s tech start-up community now has a home to call its own with the launch of the HLX on Thursday, an integrated innovation centre for start-ups to collaborate with corporates to get access, coaching, funding and mentoring in one space.Housed within Menara HLA, an office tower in the heart of Kuala Lumpur, the 250,000 square foot HLX is backed by Malaysian conglomerate Hong Leong Group and is a private-public partnership (PPP) with the Malaysian Digital Economy Corporation (MDEC).&
With a growing middle class and high internet penetration rates, fintech firms are mushrooming all over the country.
Vietnam’s strong economic growth in recent years has led to the flourishing of the nation’s digital economy. The country’s economy in 2017 was deemed to be one of the best performing in the region.
2018 proved to be a fantastic year for the Vietnamese economy. Figures from the government showed that the socialist state’s gross domestic product (GDP) grew by 7.1 percent year on year in the first six months of 2018 – the fastest growth recorded since 2011. Vietnam’s impressive growth rate is expected to continue this year.As the Vietnamese economy continues to grow, consumption choices in the country have begun to change.
Southeast Asia is one of the most rapidly developing regions in the world with projected economic growth rates averaging 5.1 percent for member states of the Association of Southeast Asian Nations (ASEAN).
Financial digitalisation – the digital revolution’s system-level transformation of the entire financial ecosystem – could catalyse global efforts to finance sustainable development.
