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Jakarta Post

Promise of digital financial services in Southeast Asia

  • Aadarsh Baijal and Usman Akhtar

Singapore/Jakarta   /   Thu, January 23 2020   /  01:44 am
Robust business: A sales officer promotes an app-based loan service to potential customers during an expo in Jakarta. Digital financial services in Indonesia are predicted to generate US$8.6 billion in revenue over the next five years. (JP/Dhoni Setiawan)(JP/Dhoni Setiawan)

Robust business: A sales officer promotes an app-based loan service to potential customers during an expo in Jakarta. Digital financial services in Indonesia are predicted to generate US$8.6 billion in revenue over the next five years. (JP/Dhoni Setiawan)With a population of 570 million and a booming gross domestic product (GDP) expected to reach US$4.7 trillion by 2025, the six largest markets in Southeast Asia — Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam — represent one of the world’s fastest-growing regions. Within the region, the digital financial services industry holds big potential that could be unleashed if fundamental underlying challenges are addressed.By 2025, we expect digital financial services to generate $38 billion in revenue, with Indonesia accounting for $8.6 billion of that sum. Based on research conducted by Bain & Company in colla...