Cross-border money transfers have always been extremely important to Southeast Asia. Now, a sector-wide push towards digitalisation, as well as the region’s efforts to boost interoperability to circumvent the US dollar, is changing the future landscape for money transfers.
Cash has traditionally seen heavy use across several countries in Southeast Asia, driven by a lack of easily accessible banking services. This, combined with the effects of Covid-19 restrictions, shifting migration patterns and economic challenges has driven growth of fintechs in the regions that are offering more accessible e-wallet and money transfer services via mobile apps.
Southeast Asia is rapidly coming online, with a recent Google report stating that there are now over 460 million internet users across the principal economies of Vietnam, Thailand, Malaysia, Singapore, Indonesia and the Philippines – an increase of 100 million in the last few years. The pandemic has driven the use of more mobile apps and digital transfer services, which is shifting the power away from cash.
This report looks more deeply at the state of money transfers in Southeast Asia, examining what the key trends are now and how the landscape could change in the future.
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Joe is a Senior Copywriter at FXC Intelligence, writing and editing reports, news and analysis to support the company’s weekly content and client projects. Before joining FXC Intelligence, he worked as a B2B copywriter, journalist and editor covering a broad range of topics, including technology, transport, retail and the food and beverage industries. He has a BA in Philosophy from the University of Warwick.
Harriet is a Research Analyst at FXC Intelligence. She primarily focuses on pricing data from within the cross-border payments industry, studying its role within international transfers, transactions and cryptocurrency. Harriet previously worked at a market intelligence and consultancy firm specialising in banking technology. She has a degree in History from the University of Bristol.
