Digital banking has been a transformative force across the globe, but nowhere is its impact more significant than in the Asean region. According to Deloitte, Asia-Pacific leads the world in digital payment adoption, contributing two-thirds of global digital wallet spend at US$9.8 trillion.
Beyond just facilitating simple day-to-day transactions, digital banking is a vital driver of regional connectivity, creating opportunities for greater financial inclusion, cross-border trade and economic integration.
GROWTH OF DIGITAL BANKING IN ASEAN The rapid adoption of digital banking in Asean can be attributed to several factors. First, the region's youthful population - around half of Asean's population are under 30 - is driving demand for digital-first banking experiences.
The region also has one of the highest rates of mobile phone penetration in the world at over 60 per cent. Countries such as Indonesia and the Philippines have more mobile connections than people, making mobile banking platforms a natural extension for millions of users.
Moreover, many of Asean's member countries have large unbanked or underbanked populations. According to a report by Bain & Company, Google and Temasek, over 70 per cent of consumers in South-east Asia are unbanked or underbanked, with limited access to formal financial services.
With a population of more than 675 million in South-east Asia, there is huge potential in the growing Asean digital economy, which generated more than US$100 billion in revenue in 2023.
Against this backdrop, digital banking provides an effective solution by reducing the barriers to entry for financial services, especially for segments of the Asean population who may not have easy access to traditional banks. ENHANCING FINANCIAL INCLUSION One of the most profound ways digital banking is driving regional connectivity is through enhancing financial inclusion.
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DIFFERENT PERSPECTIVE
