FinTech

Exploring ASEAN's FinTech Landscape – An Investment Perspective

EYGlobal Emerging Markets FinTech Leader

When you hear the term ASEAN, what is the first thing that comes to mind? Rapidly evolving technologies and their growing adoption, a large population, and varied, diverse cultures – all valid points, but if you thought of FinTech, you’ve hit the nail on the head. To begin with, here’s an overview of the region in terms of its demographics.

ASEAN in Figures

ASEAN is the third-largest region in Asia. Its founding members include Indonesia, Malaysia, the Philippines, Singapore, and Thailand. Over the years, other countries in the region have gained entry to the association, thereby enjoying the benefits that come with membership. Today, ASEAN is a force to reckon with, especially when it comes to the region’s economics.

It is home to more than 630 million people with one-fourth of the population living in urban areas. ASEAN has an annual growth rate of 4.7% and has USD 119.97 billion in FDIs; it is also one of the fastest-growing regions globally and the seventh-largest economy in the world.

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ASEAN’s population is young and educated with a literacy rate of over 80%. ASEAN is also cell phone-savvy with more than 0.5 phones per person and enjoys...

Varun Mittal

EYGlobal Emerging Markets FinTech Leader

Varun Mittal is a FinTech professional leading global emerging markets FinTech practice at a global consulting & professional services firm.

As Associate Partner, Varun manages client coverage of all financial services providers across banking & capital markets, insurance, and wealth & asset management in the ASEAN region. He has worked with multiple regulators and national trade promotion agencies to develop FinTech hub ecosystems across ASEAN, India, the Middle East, the European Union, the Caribbean, and Latin America.

Previously, Varun was the first marketing and sales employee at helloPay (acquired by ANT Financial, Alibaba Group), led payments for Samsung in ASEAN, and developed regional mobile payment solutions at Singtel Group.

Varun has authored books and articles on multiple financial services domains (FinTech, InsurTech, Blockchain, WealthTech, and Payments), and has also written on regulatory compliance (RegTech), entrepreneurship and innovation. He is the co-founder of Singapore Fintech Association & ASEAN Fintech Network and works closely with startups, educational institutions, investors, and regulators across the world.

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