PwC’s Latest Report Highlights Resilience and Future Opportunities in ASEAN FinTech
PwC has released its report titled FinTech in ASEAN 2024: A Decade of Innovation, which reviews the transformative changes in global FinTech over the past decade, noting its impact on financial services and its role in advancing digital inclusion worldwide. The report acknowledges, however, that the sector still faces significant challenges, as recent geopolitical tensions and economic pressures have led to a decline in funding.
While ASEAN FinTech funding is expected to fall for a third consecutive year, PwC’s analysis indicates emerging signs of resilience in the region. The report reflects on key developments over the last decade and identifies potential catalysts that could drive the next phase of FinTech growth in ASEAN.
Despite a global reduction in FinTech funding, PwC observed that ASEAN has shown relative stability. According to the report, funding across the ASEAN-6 countries (Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) declined by less than 1% year-on-year in the first three quarters of 2024, totaling approximately US$1.4 billion. This minimal decline stands in stark contrast to North America and Europe, where FinTech funding dropped by over 35%, highlighting ASEAN’s adaptability and resilience amid global challenges.
PwC’s report further notes that over the past decade, the ASEAN FinTech sector has evolved from a source of disruptive innovation to an integral part of the financial services ecosystem. As the sector matures, the focus is increasingly shifting toward emerging technologies that could drive future growth.
The report identifies three technologies—generative AI, quantum computing, and blockchain—as likely catalysts for transformation, each with the potential to redefine the development, delivery, and experience of financial services in ASEAN.
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