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FinTech in ASEAN 2022: Finance, reimagined

金融2023-05-01新加坡金融科技协会丁***

AI智能总结

FinTech in ASEAN 2022: Finance Reimagined

Key Findings:

Resilient Investment: Despite global economic uncertainties, investments in ASEAN’s FinTech sector reached US$4.3 billion in the first nine months of 2022, indicating continued confidence in the region’s FinTech industry and its expanding middle class.
Growth Potential of Embedded Finance: The adoption of embedded financial services within digital ecosystems is growing, offering new revenue streams and customer data to businesses. Key sectors like consumer payments, Buy Now, Pay Later (BNPL), micro-investments, and insurance are leading the way.
High Demand for Holistic Experiences: With a surge in digital transformation, data availability, and the push toward a cashless economy, there is a growing demand for integrated digital user experiences, driving the popularity of embedded finance.
Industry Maturity and Selectivity: Investors are becoming more selective, favoring late-stage companies with clear pathways to profitability, accounting for over half of the total funding.
Crypto and Blockchain Boom: Cryptocurrency companies have moved into the top three most-funded FinTech sectors, reflecting a vibrant deal-making environment within the industry.

Detailed Insights:

ASEAN’s Position in Global FinTech Funding: In the first nine months of 2022, ASEAN FinTech investments amounted to 7% of global FinTech funding, up from 2% in 2018, signaling a strong regional presence and attractiveness.
Country Dynamics: Singapore and Indonesia collectively accounted for 76% of the total funding in ASEAN, with more than half of the deals directed towards Singapore-based FinTech firms. Indonesia showed significant growth compared to previous years.
Funding Trends: While overall funding reached US$4.3 billion, marking a slight decrease from the same period in 2021, the number of deals dropped to the lowest in two years. Late-stage companies received the majority of funding, reflecting a trend towards more mature startups.
Category Breakdown: The payments category led in funding, followed by alternative lending, with cryptocurrencies overtaking investment tech to secure the third position, highlighting a surge in interest and investment in blockchain technologies.
Adoption and Usage Patterns: An average of 70% of respondents in ASEAN use apps featuring embedded finance, with the highest usage rates observed in Thailand and Vietnam at 83%. Almost three-quarters of these users engage with these apps at least once a week, indicating a high level of integration and reliance on embedded financial services.

Summary: The FinTech landscape in ASEAN is robust, with resilient investments and growing adoption of embedded financial services across multiple sectors. The industry is maturing, with a focus on profitability and selective investment strategies. Cryptocurrencies are emerging as a key area of interest, and there is a clear demand for holistic digital experiences that seamlessly integrate financial services. The future of FinTech in ASEAN looks promising, driven by technological innovation and the evolving needs of a digitally-savvy population.

Youraccount SGD € FinTechinASEAN2022:Finance,reimagined BNPL $ Policies Contents Foreword1 Executivesummary2 Stayingresolute:ASEANfundingbracesforwinter4 Financeeverywhere:BusinessestryonFinTech14 Embeddedpaymentsandrewards22 Embeddedlending24 Embeddedinvesting28 Embeddedinsurance30 Lookingahead:What'snextforembeddedfinance?32 Countryinsights34 References40 JanetYoung ManagingDirectorandHead,GroupChannelsandDigitalisation,StrategicCommunicationsandBrand, UnitedOverseasBank WanyiWong FinTechLeader,PwCSingapore ShadabTaiyabi President,SingaporeFinTechAssociation Foreword InvestmentsinASEAN’sFinTechfirmstrackedlastyear’sbumperfunding,clockinginUS$4.3billioninthefirstninemonthsof2022–higherthanthecombinedsumfrom2018to2020.Whiletheglobaleconomymaybeinforchallengingtimesahead,thenumberssofarsignalavoteofconfidenceinASEAN’sFinTechindustry,alongwithitsrisingmiddleclass. Asdigitalservicescontinuetoproliferateintheregion,morecompaniesarefindingwaystoembedfinancialserviceswithintheirapps.Atravelapptodaymaynotjustprovidelocationreviewsanditineraries,butalsoallowuserstobookandpayfortheirflightsandaccommodation,splitthosepaymentsintoinstalments,buytravelinsurance,andmore.Apartfromtheconveniencetousers,themovetobecomeaFinTech-enabledappcangenerateadditionalincomestreamsaswellascustomerdataforthebusiness. Thisisthepowerofembeddedfinance,anddespitemarkeddevelopmentinvariousembeddedcategorieslikeconsumerpaymentsandbuynow,paylater(BNPL),itsgrowthpotentialremainshigh. Forthisyear’sFinTechinASEANreport,theteamsurveyedmorethan4,000respondentsandspokewithindustryleaderstofindouthowconsumersarewarminguptoembeddedfinance,andhowcompaniesandFinTechscantapintothispromisingsector. WehavenamedthiseditionFinance,reimaginedaswehavereachedaninflectionpointfortheindustry–onewherekeydriverslikeembeddedfinancearecontributingtothecreationofaccessible,user-focuseddigitalecosystems. $ Fundraisingremainsresoluteinthefaceofwinter Fundinginthefirstninemonthsof2022(YTD2022)reachedUS$4.3B–justshyoftheUS$4.5Bfundingreceivedinthesameperiodlastyear,buthigherthanthecombinedsumfrom2018to2020. However,darkcloudslieahead,asthenumberofdealsmadein3Qfelltothelowestintwoyears. Investmentsinlate-stagecompanies(SeriesCandabove)accountedformorethanhalfoftotalfunding,asinvestorsgrewmoreselective,placingagreaterfocusonFinTechswithaclearpathwaytowardsprofitability. Cryptoandblockchain companiessawvibrantdealmaking Cryptocurrencycompaniesmovedintothetopthreerankofmost-fundedFinTechs,afterpaymentsandalternativelending. Intermsofdealflow,oneinthreeinvestmentsinASEANwenttocrypto/blockchaincompanies. SingaporeandIndonesiacontinuetoleadinnumbers Bothcountriescombinedaccountedfor76percentofASEAN’stotalfunding,drivenbymegadeals.Outof163dealsthattookplace,morethanhalf(55percent)wenttoSingapore-basedFinTechfirms. ASEANFinTechseessteadygrowth ASEANremainedanattractivepropositionforFinTechinvestments,amidstexternalpressures.Investmentsintheregionnowstandat7percentofglobalFinTechfunding,upfrom2percentin2018. Executivesummary Executivesummary EmbeddedfinanceistakingrootinASEAN Digitaltransformation,dataavailabilityandadrivetowardsthecashlesseconomyareincreasingdemandformoreholisticdigitaluserexperiencesintheregion–somethingembeddedfinanceexcelsat. Oursurveyresultsindicatethatanaverage70percentofrespondentsinASEANuseappswithembeddedfinance,thehighestbeinginThailandandVietnam(83percent).Ofthosewhousesuchapps,almostthree-quartersusethematleastonceaweek. Indonesiastandsoutasabigmarketforembeddedservices Thehighregionalawarenessofembeddedfinancialservices,alongwithshiftingcustomerneeds,havefannedadoptionofembeddedtechnologywithinmaturedigitalecosystems–includinge-commerce,retail,andfooddelivery. Ourresearchunveiledanencouragingnumberofrespondentswhohaveusedembedded-relatedservices: 57%ASEAN E-commerceplatformpaymentse.g.ShopeePay 74%ID 27%ASEAN 42%ID Buynow,paylater 20%28% ASEANMY,VN Micro-investments 34%ASEAN 47%ID Insuranceone-commercesites/apps 33%ASEAN Insuranceontravelsites/apps 49%ID Stayingresolute: ASEANfundingbracesforwinter Introduction Freshfromlastyear’shigh,ASEANFinTechfundingdisplayedresilienceevenasglobaleventshamperedoptimism. Thatmomentum,however,isslowing. Inlastyear’sFinTechinASEAN2021:Digitaltakesflightreport,wesawhowaprolongedpandemicstillledtorecordFinTechfunding1inASEAN,alongwithaheightenedadoptionofFinTechsolutionssuchase-wallets,cryptocurrenciesandonlineinvestmentplatforms. Thisyear,theongoingRussia-Ukraineconflictandinterestratehikestocombatinflationhavespookedmarkets,increasingexpectationsofanimpendingrecession.Thesefactorshavealsoaffectedprivateinvestmentsgloballyasinvestorspullbackfrom2021highs. Inthisreport,wereviewFinTechinvestmentsintosixofthebiggestASEANeconomies:Indonesia,Malaysia,thePhilippines,Singapore,ThailandandVietnam–alsoreferredtoas‘ASEAN-6’. ThefourotherASEANnations—BruneiDarussalam,Cambodia,LaosandMyanmar—havenotbeenincludedinthefundinganalysisastherewerenodealsrecordedasatthethirdquarterof2022. ASEAN’sshareofglobal

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