SEA gains 8.1 million new fintech users in Q1: study

Fintech penetration in the region was estimated at 83.3%.

Financial technology mobile users in the Southeast Asian region grew by 2% to 428.97 million in the first quarter of the year, according to a survey by Robocash Group.

The survey garnered results from Singapore, Indonesia, Malaysia, the Philippines, Vietnam, and Thailand.

The study included 12 fintech categories such as alternative lending, blockchain, wealth management, digital banking, digital insurance, e-commerce, financial advising, payments and transfers.

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The adoption of fintech services among the population aged 15 and above in SEA has reached a penetration rate of 83.3%.

Broken down, fintech penetration amongst the countries are as follows: Singapore (94.3%), Malaysia (91.0%), Indonesia (89.0%), the Philippines (70.0%), Vietnam (64.3%), and Thailand (61.7%).