This is the Most Popular Digital Financial Service in ASEAN

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Adi Ahdiat 08/12/2022 16:10 WIB

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According to a WEF survey, the most popular digital financial service in ASEAN is online non-cash transfer or payment services.

Types of Digital Financial Services Frequently Used by ASEAN Residents (July-August 2022)

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Types of Digital Financial Services Frequently Used by ASEAN Residents (July-August 2022)

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According to a World Economic Forum (WEF) report, the most popular digital financial service in ASEAN is online cashless transfer or payment services.

Of the approximately 90,000 people surveyed, 46% frequently use such services.

Others frequently use digital financial services for saving, borrowing money, investing, or other purposes, but the proportion is smaller, as shown in the graph.

"The ASEAN digital generation continues to increase its use of digital financial services. E-banking and e-wallets are the most widely used digital applications after social media," said the WEF in its ASEAN Digital Generation Report, December 2022 edition.

On the other hand, the WEF assesses that the utilization of digital finance in ASEAN is still uneven.

"Our survey found a significant gap in financial literacy and digital literacy, with 24% of respondents admitting they have never learned to manage their finances," said the WEF.

"There are also fears of hidden fees, ambiguous contract terms, and complicated application usage. All of these are obstacles to adopting financial services," it continued.

According to WEF findings, only one-fifth of the ASEAN digital generation has access to credit, investment, and insurance. They also found that several groups receive inadequate financial services: rural populations, micro-businesses, and women.

"These gaps and obstacles need to be addressed through multi-stakeholder collaboration to improve digital literacy, financial literacy, strengthen cybersecurity, and increase access to digital financial services," it concluded.

This survey was conducted by the WEF and Sea Group between July and August 2022. A total of 90,373 respondents were surveyed across six ASEAN countries: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

The majority of respondents (70%) were young people aged 16-35. 52% of respondents were women and 48% were men. There were also 27,000 respondents who were micro, small, and medium-sized enterprise (MSME) actors.

"Respondents represent the ASEAN digital generation as the main digital consumers today," said the WEF.

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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