Among the findings of a recent report, Fulfilling its Promise – The Future of Southeast Asia’s Digital Financial Services Industry, from Bain & Company, Google and Temasek, it shows that Southeast Asia represents one of the world’s largest and fastest-growing regions; however, around 75 percent of consumers in the region are currently underbanked or unbanked, with limited access to financial services. Digital financial services offer accessibility to this potential consumer base, given the region’s high smartphone penetration and engagement, facilitating greater customer adoption of embedded financial services.
The report includes data from consumer and merchant surveys, corroborated with expert interviews and databases. This research forms part of the 2019 e-Conomy SEA report, which covers the six largest markets in the region: Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
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