ASEAN Fintech Company Growth Slows Since 2018

Technology & Telecommunications

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Reza Pahlevi 19/11/2021 11:40 WIB

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By September 2021, only 107 new fintech companies had been added.

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Growth of Fintech Companies in ASEAN

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The 2021 Fintech in ASEAN report reveals a slowing growth in the number of financial technology (fintech) companies in ASEAN.

The number of fintech companies increased by 586 in 2018. The following year, growth slowed to 411 companies.

Growth continued to decelerate, reaching only 278 companies in 2020. By September 2021, the increase was just 107 companies.

The same report attributes this slowdown to the maturing fintech industry, with more advanced companies attracting a larger share of investor funds.

ASEAN is one of the regions with rapid fintech industry growth. Singapore, Indonesia, and Malaysia are key growth centers for this industry.

Editor : Annissa Mutia

"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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