FinTech in ASEAN 2024: A Decade of Innovation

Over the past decade, the global FinTech landscape has evolved rapidly, transforming financial services and driving digital inclusion worldwide.

Yet, challenges remain, as recent geopolitical uncertainty and economic headwinds have led to funding cuts. While ASEAN FinTech funding is projected to decline for the third consecutive year, signs of resilience are emerging.

In our FinTech in ASEAN 2024: A decade of innovation report, we reflect on the pivotal moments that have shaped the industry over the last 10 years and explore the potential catalysts that might fuel the next wave of FinTech growth in the region.

A glimpse of what our report will cover

Chapter 1: Resilience in the face of decline

Despite a global FinTech funding downturn, ASEAN has shown resilience. In the first three quarters of 2024, funding across the ASEAN-6 economies (Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) declined by less than 1 per cent year-on-year, totalling US$1.4 billion.

This stability contrasts with North America and Europe, where funding dropped over 35 per cent. ASEAN's steady investment flows underscore the region's adaptability and strength amid global challenges.

Chapter 2: From disruption to development: 10 years of FinTech innovation in ASEAN

The past decade has seen the ASEAN FinTech landscape evolve from disruptive innovation to becoming an integral part of the financial services ecosystem.

Chapter 3: Catalysing the future of ASEAN FinTech

As the ASEAN FinTech ecosystem matures, attention is turning towards the next wave of technologies that will drive growth and innovation.

Three technologies - Gen AI, quantum computing, and blockchain - are emerging as potential catalysts for transformation, capable of reshaping how financial services are conceived, delivered and experienced.

Unlock ASEAN FinTech's next chapter