Robocash Group, a Singapore-based provider of digital financial services, has released a report based on the usage data from 2442 financial mobile apps. The main classification metric was the Herfindahl-Hirschman economic competition index1, which indicates the degree of equal distribution of services among market participants.

It was found that the Digital Banking sector is the most competitive in the SEA, with a score of 9,692 on the HHI (reverse) index. The fintech market in the SEA region as a whole has scored 9,643 points on the HHI (reverse) index, which is considered highly competitive as well.

Digital Banking ranked the most competitive sector in three out of the ten countries analysed2: in Brunei, Vietnam and Indonesia. The least competitive sectors are the Human Resources and Payroll in Malaysia. 

“Half of the fintech markets in the SEA region exhibit a high level of concentration, while the remaining 25% each are classified as moderately or highly competitive. The future of the financial services market in SEA will undoubtedly be strongly influenced by digital banking. The sector's growth and competitiveness are expected to continue soaring, presenting both exciting opportunities and considerable challenges for all players in the landscape”, commented by analysts at Robocash Group.

The full report is available by clicking on the link: https://shorturl.at/fqLZ2