ASEAN’s Maturing and Diversifying Fintech Ecosystems

The ASEAN region continues to see growing demand for innovative digital solutions in the financial services sector. Vietnam and Singapore-based consumer and fintech agencies saw positive profit performances in 2024 and Q1 2025, driven by strong e-commerce and fintech activities. Meanwhile, Thailand’s PromptPay, as part of its National e-Payment Master Plan, also dominated account-to-account (A2A) transactions, accounting for 44% of e-commerce and 41% of POS transactions in 2024.

Beyond traditional e-commerce services, fintech companies in the region are offering multifunctional AI-driven financial assistant services, as they adapt to rising competition. In the Fintech Thailand Map 2025 report, nascent services such as wealthtech and regtech are emerging in Thailand’s fintech landscape, while regional fintech players are also expanding their presence in the country.

In the public-private area, governments and private institutions are partnering to foster fintech innovation. For example, Malaysia’s public-private-owned PayNet recently launched the PayNet Fintech Hub, which will convene fintechs, startups, and global industry players in relevant sectors, such as banking, finance, and technology. The objective is to scale up Malaysia’s local fintech ecosystem through training, funding and global exposure.

Despite growing global trade uncertainty, ASEAN’s fintech sector is a “bright spot” for the region, adapting and evolving its scope of coverage and depth of financial service activities. Analysts project that ASEAN’s digital financial services, such as lending and payment transactions, will reach as much as USD 300 billion and USD 2.4 trillion by 2030, respectively.