Southeast Asia is a historically underbanked region. Consider this: Bain reports that banking penetration remains at about 50% on average, compared to 95% in the US and the UK. More than 7 in 10 adults remain underbanked. Even in Singapore, that figure still stands at 4 in 10. Despite this, Asia and emerging markets have been at the forefront of payments transformation as the opportunity in the region is massive. With the GDP of the six-largest economies slated to hit $4.7 trillion within five years, the value of digital payments is estimated to surpass $1 trillion in the same period. |
