Substantial Growth in Payments & Transfers, Alternative Lending, E-Wallets and Digital Banking Sectors Over the Past Two Decades
- Money Transfers
- 09.02.2023 11:35 am
It has been estimated that by 2022, the total amount of fintech businesses involved in Payments & Transfers, Alternative lending, E-Wallets and Digital-banking increased from 34 to 1254. This is a massive 3588% rise over the two decades, accounting for 15.4% of all operational fintech companies.
India has the highest number of companies operating within its borders, amounting to 541 (43.1%). This is followed by Indonesia with 165 (13.2%), then Singapore with 162 (12.9%), and Philippines with 125 (10%). Malaysia, Vietnam, Pakistan, and Sri Lanka are home to 84(6.7%), 78(6.2%), 51(4.1%) and 27 (2.2%) organisations respectively while Bangladesh has the smallest number at 21 (1.7%).
Amongst the companies surveyed, 43.4% are concentrated in the Alternative Lending area, followed by Payments & Transfers (39.6%), E-Wallets (9.4%) and Digital-banking (7.7%).
From the year 2000 to 2022, the Alternative Lending sector experienced the most significant increase at 6700%, followed by Payments & Transfers - growing 3207%, E-Wallets - 2850% and Digital Banking - 1271%.
Commenting on the results, the analysts said: “The results show that the Philippines puts the most emphasis on these four fintech areas, which constitute 54.3% of all fintechs in this country. The rest of the distributing goes as follows: Sri Lanka - 41.5% (65), Vietnam - 37, 7% (207), Pakistan 24.2% (211), Indonesia 19.4% (850), Malaysia 18.3% (458), Bangladesh 15% (140), India 10.5% (5176). The lower the share, the higher the diversification by types of fintech businesses in the country and the competition between them.”
For deeper insights, all the record figures, and broad range of market data, download the full data-driven State of SEA Fintech 2022 Report.