2019 ccaf first asean fintech industry survey 883x432 1

First ASEAN fintech industry survey

9 January 2019

The article at a glance

The University of Cambridge, Asian Development Bank Institute and FinTechSpace join to launch the first ASEAN Fintech Industry Survey. The Cambridge Centre …

The University of Cambridge, Asian Development Bank Institute and FinTechSpace join to launch the first ASEAN Fintech Industry Survey.

ASEAN Map and network on blue background

The Cambridge Centre for Alternative Finance (CCAF) at University of Cambridge Judge Business School, Asian Development Bank Institute and FinTechSpace have teamed up to launch the first ASEAN FinTech Industry Survey. This comprehensive research study will review all forms of fintech products, services and business models including peer-to-peer (marketplace) lending, crowdfunding, digital payments, trading and capital markets, asset management/wealth management and insurtech across the ASEAN region. The study will also explore the latest technologies being used by fintech companies in the region such as artificial intelligence (AI), machine learning (ML) and blockchain/distributed ledger technology (DLT).

Dr Miguel Soriano, co-leading the study at CCAF, commented on the forthcoming research: “The fintech landscape is continually evolving and impacting all products and services in the financial services industry. This research study will be essential to map the progress and development of the different products, services, business models and technologies being used by fintech companies in the ASEAN region. This study will provide important market data and analysis of the industry for all stakeholders in the ecosystem.”

Dr Hung-Yi Chen, Asia-Pacific Region Manager at CCAF noted: “It is our pleasure to partner with the Asian Development Bank Institute and FinTechSpace to conduct this inaugural study on fintech and tracking emerging dynamics and developments within this fast-changing industry in ASEAN.”

The research will be made publicly available by end of March 2019. This study will help inform policymakers and regulators, as well as facilitate dialogue and learning between industry associations and key stakeholders. As with all previous research conducted by CCAF, the findings will be presented in aggregate form either by country or product/service and no individual platform data will be divulged.

The forthcoming survey will collect responses from a variety of fintech firms across the ASEAN region, with the aim to be one of the first studies to capture a complete picture of the fintech landscape in the region. In addition, the report will serve as a guide to regulators and policymakers to identify the areas which are demonstrating the fastest growth as well as areas that are still developing. With the addition of this research study, CCAF is building on its reputation as one of the most prominent researchers regarding the digitisation of finance, having published numerous reports on all regions around the world for the past three years.

Dr Naoyuki Yoshino, Dean at Asian Development Bank Institute (ADBI) said: “There are various aspects that relate to the development of financial technologies in ASEAN countries. One is ‘access to finance’. People can use mobile phones to make their deposits and purchase a variety of financial products. Individuals and businesses can now borrow money online or through their mobile phones. Financial institutions can collect data on these borrowers and, in turn, make lending decisions easier especially as related to risk assessment. When combating information asymmetries, financial education will also play a major role for fintech firms as they engage with a variety of public and private stakeholders. Financial technology will change the way of life for many people in the ASEAN region. We believe that this ASEAN fintech study will provide key insights on the overall development of digital financial technologies in the ASEAN region.”

Ms Chih-Shan Luo, Managing Director of FinTechSpace commented: “Fintech in the ASEAN region is growing rapidly, demonstrating great potential. Given that culture, regulation and digitisation still varies widely from country to country, this is a great opportunity to study the fintech landscape in detail with CCAF and ADBI, and to have a better understanding of each economy in ASEAN. We, FinTechSpace, the one and only fintech hub in Taiwan, believe that this report will open a new window for the future collaboration between ASEAN and Taiwan, and even beyond!”

Eddie Lee, Vice President of the Singapore FinTech Association, a key industry partner for this study and previous APAC Alternative Finance reports published by CCAF, said: “We are very proud to witness and participate in the Cambridge APAC Alternative Financing report since 2016, when it was the only research that covered the alternative financing landscape in Asia Pacific region (back then and even now). We are excited to see Cambridge expand its scope in the ASEAN because ASEAN is complicated (10 different countries with different sets of regulation) yet with so much potential (600 million population). With the experience and network that the research team has accumulated in the fintech landscape, we are very eager to see and be part of the next piece of work.”

Lito Villanueva, Chairman of FinTech Alliance Philippines, said: “This initiative further promotes greater collaboration amongst fintech players within the ASEAN region. It will showcase a better understanding of the industry’s dynamics and prospects for exponential growth in building and expanding a sustainable digital finance ecosystem.”

A message from Cambodia FinTech Association, said: “We are very privileged to be able to participate in the study led by Cambridge as we believe that the fintech report across the ASEAN countries will provide deeper insights to fintech companies who like to expand regionally.”

All fintech platforms in the ASEAN region are invited to contribute to the survey below. All participating platforms will be kindly acknowledged in the report, with their respective logos displayed prominently.

For enquiries about the ASEAN FinTech Industry Survey, please contact: