Fintech Lending: Southeast Asia's Highest-Earning Digital Financial Service in 2023

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Cindy Mutia Annur 06/11/2023 19:43 WIB

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According to a report by Google, Temasek, and Bain & Company, fintech lending, also known as online lending (pinjol), was the largest revenue-generating sector in Southeast Asia's digital financial se

Digital Financial Services Revenue in Southeast Asia by Sector (2023)

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Digital Financial Services Revenue in Southeast Asia by Sector (2023)

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According to the report *e-Conomy SEA 2023* by Google, Temasek, and Bain & Company, the revenue of digital financial services in Southeast Asia is estimated to reach approximately US$30 billion this year.

The fintech lending sector, or online lending (pinjol), is the largest revenue generator, reaching US$19 billion, or 63.3% of the total revenue from digital financial services in Southeast Asia.

"(The) lending sector is the largest contributor to digital financial services revenue, and gross income (primarily from interest and fees) has increased sharply due to high loan interest rates," stated Google, Temasek, and Bain & Company in their report.

Next, fintech payments or digital payment services are in second place with revenue of US$7 billion in 2023. This achievement accounts for 23.33% of the total revenue of Southeast Asia's digital financial services.

According to Google, Temasek, and Bain & Company, Southeast Asian consumers are rapidly adopting digital financial services. "Cash is no longer king, as digital payments now account for more than 50% of transactions in the region," they stated.

Revenue from digital insurance services, or insurtech, is projected to reach US$2 billion in 2023.

"Market penetration for insurance remains relatively low, but digital distribution channels are gaining momentum and growth can be expected, especially in the non-life insurance sector," said Google, Temasek, and Bain & Company.

Meanwhile, the digital wealth management and investment services sector, or wealthtech, recorded the lowest revenue at US$1 billion, or 2.9% of the total revenue from digital financial services in Southeast Asia this year.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Fintech Lending: Southeast Asia's Highest-Earning Digital Financial Service in 2023

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