Southeast Asia's cash in circulation to rise by 11.1% by 2027
Singapore is less cash-reliant compared to other markets in the region.
The total cash or money supply in the Southeast Asia (SEA) region is expected to grow 11.1% or $415.3b by 2027, according to a study by Robocash Group.
The region, which includes the Philippines, Malaysia, Singapore, Indonesia, Vietnam, Laos, Thailand and Brunei, reached $309.7b cash in circulation for 2022.
Whilst the value of broad money accounted for $3.3t, 0.5% higher than in 2021.
By the end of 2022, the proportion of cash within the overall currency in the countries of SEA stood at 9.4%.
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It is anticipated that the share of cash in the region will further expand to 11.1%, equivalent to $415.3b, by the culmination of 2027.
Among the countries in SEA, Vietnam holds the highest proportion of cash denominated in US dollars, accounting for 24.4% or $75.5b.
This was followed by Thailand with 19.7% or $61.0b, and Indonesia follows closely with 18.6% or $57.7b.
On the other hand, Singapore stands out as a nation that relies less on cash transactions compared to many other countries in the region. This characteristic has been bolstered by the country's digital transformation efforts.