UOB, PwC, SFA – FinTech in ASEAN 2024: A Decade of Innovation

The joint report by UOB, PwC Singapore, and the Singapore FinTech Association, titled "FinTech in ASEAN 2024: A Decade of Innovation," provides an in-depth analysis of the fintech landscape in the ASEAN region over the past ten years. The report highlights that despite a global downturn in fintech funding, the ASEAN-6 economies (Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) demonstrated resilience, with funding declining by less than 1% year-on-year in the first three quarters of 2024, totaling US$1.4 billion. This stability contrasts with North America and Europe, where funding dropped over 35%. The study also notes that ASEAN fintech funding has surged more than tenfold since 2015, driven by sectors like payments and alternative lending. Looking forward, the report identifies emerging technologies like generative AI, quantum computing, and blockchain as catalysts for future growth.