- Southeast Asian fintech app adoption to hit 60% by 2030.
- Philippines leads in Southeast Asia.
- Digital wallets dominate.
Mobile money mania sweeps the region
A recent UnaFinancial report reveals a dramatic surge in mobile fintech adoption across Southeast Asia.
The penetration rate has more than tripled since 2019, reaching 49% in May 2024. The Philippines leads the pack at 63%, followed closely by Malaysia and Indonesia.
This growth is fueled by factors such as large unbanked populations, supportive regulations, and tech-savvy youth.
Digital wallets rule the roost
Among fintech apps, digital wallets and payments dominate the market share at 35%, mobile banking trails at 18%.
Lending apps have shown impressive growth, jumping from 1% in 2019 to 5% in 2024. Interestingly, investing and cryptocurrency apps lag behind at 2% each, likely due to global economic uncertainties.
UnaFinancial predicts fintech app adoption will hit 60% across Southeast Asia by 2030.
The Philippines is expected to maintain its lead at 72%, Indonesia will claim second place at 64%, and Malaysia will round out the top three at 61%.
This forecast underscores the region’s rapid digital transformation and the growing importance of mobile financial services.
