143 views
Photo from Pixabay

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%. 

ALSO READ: Number of ATMs in APAC continue to fall in 2022

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.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Banks grapple through era of disruption by being the disruptor
Companies are facing not just tech transformations but also shorter skill lifespans for their workforce.
Retail Banking
What Makes BNI's API Service Stand Out in the Open Banking Era?
Until December 2023, the bank's application programming interface attracted 4,000 customers and generated transactions worth IDR 828 trillion in the past year.