Digital Financial Services - Google Temasek e-Conomy SEA 2019
1. SEA 400 million adults, 104 million fully "BANKED" enjoy full access to financial services. 98 million "UNDERBANKED" and 198 million "UNBANKED".
2. Five Financial Services are ripe for transformation in the digital era : Payments Remittance, Lending, Investment and Insurance.
3. Digital Payments are expected to cross $1 trillion by 2025.
4. Digital lending on track for a $110 billion loan book by 2025.
5. They can be broadly classified into four main buckets: Pure-play Fintechs, Consumer Technology Platforms, Established Financial Services Players and Established Consumer Players.
Pure-play Fintechs are independent players that have emerged to compete in a particular segment with a new business model or technology. They include companies such as Momo, the Vietnamese payments app, Stashaway, the digital wealth management service, and Akulaku, the Indonesian digital lender. Many of these companies have successfully grown their user base by addressing specific pain points related to access, convenience, value and transparency. However, they face high customer acquisition costs (CAC) and it remains to be seen whether they can generate an even higher lifetime value (LTV) to be financially sustainable. The ability to fund their balance sheets to scale their business models is also untested.
Consumer Technology Platforms count among their ranks regional Internet companies such as Gojek, Grab, Lazada and Sea Group. When it comes to Financial Services, these companies’ biggest asset is their established customer base, which transacts online using their core services such as Transportation, Food Delivery and e-Commerce. These platforms have introduced payment services to facilitate transactions on their core services initially, but from there, they are well positioned to offer other Digital Financial Services such as lending, investment and insurance, often in partnership with Financial Services institutions.
Established Consumer Players include the likes of telcos and retailers. These companies can reach a broad base of consumers through their physical distribution networks, all the way to most rural areas. The key challenges holding them back from exploiting the opportunity at hand are the relative lack of Financial Services expertise and IT systems that are not usually designed to offer compelling user experiences.
Established Financial Services Players are companies that have been in the business the longest: banks, insurers and other financial institutions. They have the most experience and expertise of the four but most of them struggle to roll out superior digital services, hampered by legacy IT systems as
well as a thin talent bench in areas that matter the most, such as software development, digital marketing and data science.
e-Conomy SEA 2019 The Gross Merchandise Value (GMV)
Full report : https://www.temasek.com.sg/en/news-and-views/subscribe/google-temasek-e-conomy-sea-2019.html
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From：林友志 （Lim Yu Chee) 012-7685809 / Makubex718@gmail.com
