Chart courtesy of UnaFinancial (February 2024)

Number of fintechs in SEA to double by 2027

Singapore will have 867 fintechs for every 1 million people, UnaFinancial said.

The proportion of fintech companies in Southeast Asia is expected to double in three years’ time, according to a study by UnaFinancial.

A study by UnaFinancial posits that there will be 100 fintech companies per 1 million people in SEA by 2027. This is double the average fintech penetration in 2023, which is 46 fintechs per 1 million people.

Singapore and Malaysia are expected to continue leading in terms of absolute penetration of fintech per capita in the region with 867 and 60 companies per 1 million people, respectively.

Brunei (21), Vietnam (16), and Cambodia (13) will follow suit.

In 2023, Singapore has 400 fintechs per 1 million people; and Malaysia has 22 companies per 1 million people.

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The burgeoning middle class will drive up fintech growth in these markets, UnaFinancial analysts said.

“Another reason is the growth of the super-platform economy driving eCommerce, ride-hailing, food delivery and other popular services that employ digital payments and fintech,” UnaFinancial wrote in a report.

Regulatory frameworks across SEA are also highly accommodative, particularly for new digital innovations related to fintech, it added.

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