SINGAPORE, August 11, 2024 — Mobile fintech app usage in Southeast Asia has seen a dramatic increase, with penetration rates tripling since 2019, according to a recent report by UnaFinancial. As of May 2024, 49% of the region’s population is using mobile fintech apps, and this figure is projected to climb to 60% by 2030.
Leading the charge is the Philippines, where mobile fintech penetration has reached 63% and is expected to grow to 72% by the end of the decade. Malaysia and Indonesia also show strong adoption rates at 55% and 49%, respectively, with Indonesia experiencing the highest growth rate in the past five years, rising from 9% in 2019 to 49% in 2024.
Analysts attribute the Philippines’ leadership in fintech adoption to a combination of factors, including a significant unbanked population, proactive regulatory efforts to develop digital financial technologies, and a young, tech-savvy population with increasing access to mobile and Internet services. Indonesia’s rapid growth is similarly driven by government initiatives and a large unbanked population.
The most popular fintech app segments in the region are digital wallets and payments, which account for 35% of the market, followed by mobile banking at 18%. Lending apps have shown the fastest growth, increasing from 1% in 2019 to 5% in 2024. However, investing and cryptocurrency trading apps remain less popular, each with only 2% penetration, likely due to global economic uncertainties.
UnaFinancial forecasts continued growth across Southeast Asia, with the Philippines maintaining its lead. By 2030, Indonesia and Malaysia are expected to follow closely with 64% and 61% penetration rates, respectively. Other countries in the region, including Thailand, Singapore, and Vietnam, are also anticipated to see significant increases in fintech app adoption.
The report’s findings are based on data from data.ai, covering 8,740 fintech apps (both iOS and Android) across six Southeast Asian countries: Singapore, Malaysia, Thailand, Indonesia, the Philippines, and Vietnam.