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Friday, March 29, 2024

Southeast Asia E-Money Market Report Shows Tech Firms Disrupting Banks

Despite the economic contraction amid COVID-19, electronic money payments are growing in at least three large Southeast

Asian markets due to the popularity of reloadable wallets offered by popular e-commerce and ride-hailing firms. Technology firms that combine commerce with payments will seek to extend their dominance from e-money into electronic banking.

Highlights

  • Electronic money payments are growing in at least three large Southeast Asian markets due to the popularity of reloadable wallets.
  • Nonbanks have overtaken banks as primary payment providers in Indonesia and are experiencing high growth in the Philippines.
  • Grab Holdings Inc., Sea Ltd. and Ant Group Co. Ltd. are among the e-money companies with the largest geographical footprint, offering payments in at least six countries in Southeast Asia.

Nonbanks have overtaken banks as primary payment providers in Indonesia and are…

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