Wednesday, 2024 February 28

6 fintech companies in Southeast Asia to watch out for

Fintech encompasses a broad scope of services, including payments, lending, wealth management, and blockchain infrastructure. The sector represents a new way to reach people who previously didn’t engage financial institutions for their monetary needs.

Here are six fintech service providers that may have bright futures ahead of them in Southeast Asia.

#1: Thai firm Synqa is expanding blockchain payment solutions in Southeast Asia

Synqa was the developer of the OMG network, previously known as OmiseGo, an Ethereum-based money transfer and payments tool. The platform was sold to Hong Kong-based Genesis Block Ventures last December.

Ezra Don Harinsut (left) and Jun Hasegawa have their ear on the ground for new ways to apply blockchain technology. Photo courtesy of Synqa.

#2: Robo-advisor Endowus is eyeing an expansion into Hong Kong

Singapore’s wealth management sector is crowded, but Endowus recently snatched an investment from UBS AG, Samsung Ventures, and Singtel Innov8, making it one of the top players. It also has plans to land in Hong Kong by the end of 2021.

Endowus CEO Gregory Van (left) told KrASIA that his firm’s biggest rivals are traditional retail banks and fund management platforms. Photo courtesy of Endowus.

#3: SeedIn is helping local MSMEs with short-term financing in Philippines

SeedIn facilitates online loans funded by both retail investors and other financing partners. Even with double the interest rate of traditional bank loans, the number of companies it financed grew by 240% in 2020.

manila philippines
For now, retail investors on SeedIn enjoy attractive yields, despite the high risks and fees involved. Photo of Manila by Luca Bucken on Unsplash.

#4: MyMy is Malaysia’s first sharia-compliant neobank

MyM is one of 50 companies bidding for digital banking licenses issued by Malaysia’s central bank. Five permits will be granted in the first quarter of 2022.

MyMy
After learning of the size of Southeast Asia’s unbanked population, Joe McGuire (third from left) co-founded MyMy specifically for the region’s Muslim users. Photo courtesy of MyMy.

#5 and #6: Tonik and Unobank land digital banking licenses in the Philippines

Both companies are controlled by firms headquarterd in Singapore. Their operations in the Philippines are aimed at 71% of the country’s 72 million adult population that remains unbanked.

The Philippines’ unbanked population represents young people with a median age of 24 that are underserved by the conventional banking system. Photo source: Shutterstock.

Read this: As millions come online each year, rural Indonesia is in for monumental changes

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36Kr Global Writers
36Kr Global Writers
The tech ecosystem is roaring. Unicorns valued at billions of dollars have emerged worldwide, while venture capital and strategic investors are constantly on the lookout for the next big thing. 36Kr Global is committed to establishing ties between global stakeholders and providing the most vital information about China’s tech scene and capital markets.
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