It is no secret that investors seem to be re-engaging with the FinTech sector, with global interest rates set to fall and investors looking for growth opportunities. Southeast Asia is a hive of FinTech companies, leading the world in a range of different technology based products and services. Unsurprisingly, a recent report by UnaFinancial suggests significant short to medium term growth in the Southeast Asia financial technology sector.


Singapore is leading the way


Singapore has always had a strong FinTech sector, leading the way with technology across various products and services. In 2023, Singapore had 400 FinTech companies per 1 million people, which is expected to increase to 867 by 2027.


To put this into perspective, Singapore has a population of 5.5 million people, while the UK has a population of over 67 million people. Data from 2023 showed the UK had a FinTech sector comprising of 1600 companies (around 24 per million people). Singapore, with a population less than 10% of the UK, had 2200 FinTech companies in 2023. That’s quite a significant difference!


Other countries leading the way


It is safe to say that Singapore is head and shoulders above any other FinTech market in the Southeast Asia region. The same report shows that by 2027:-


· Malaysia is expected to have 60 FinTech companies per million people

· Brunei is forecast to have 21 per million people

· The figure for Vietnam is 16 per million people

· Cambodia is expected to have 13 FinTech companies per million people


FinTech is an area of innovation which could revolutionise the economies of many Southeast Asian countries.


Looking at the broader Southeast Asia market


We have to go back to 2019 to see the Southeast Asia market as a whole, with a similar number per million to the UK today. The following figures will put the overall Southeast Asia FinTech market into perspective:-


· There were 20 FinTech companies per million people in 2019

· 25 per million in 2020

· 33 per million in 2021

· 38 per million in 2022

· 46 per million in 2023


In the future, the estimates from 2024 onwards are as follows:-


· 56 per million people in 2024

· 68 per million people in 2025

· 82 per million people in 2026

· 100 per million people in 2027


As you can see from the figures, Southeast Asia is expected to be one of the leaders in the global FinTech sector. This also puts into perspective the astonishing forecast that there will be 867 FinTech companies per million people in Singapore!


Why is the Southeast Asian region so strong?


There are several factors to consider when looking at the FinTech sector across the broader Southeast Asian region. Firstly, we have the growing middle classes, which are already fuelling growth in the FinTech sector. There is also significant expansion with regard to digital platforms, which are driving economies. These include e-commerce, ride-hailing, food delivery, and an array of other services that require digital payment and FinTech companies.




While the UK is recognised as one of the larger FinTech sectors in the world, looking at the figures for Singapore and the wider Southeast Asian community puts everything into perspective. There is no doubt that the switch to digital services and digital platforms is fuelling growth in FinTech companies at a time when investors are rediscovering their risk appetite. If the forecasts in this report are played out over the next few years, that will be a significant achievement!

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