Southeast Asia FinTech Startups Flourish

The year 2015 has seen a meaningful commitment from Southeast Asia to the FinTech sector. FinTech is a disruptive technology that has brought change in the customer experience for financial services. With Silicon valley being first in respect of the investment in FinTech, Asia is now catching up with it.

The exponential increase in FinTech Startups has been led primarily by the Internet, increased penetration of smartphone technology and other reasons, including data storage on a big scale, the development of sophisticated algorithms and authentication techniques, such as fingerprint technology. Banks and other institutions are facing tough competition from non-financial institutions with the kind of services provided by them such as digital payments, investment services and online lending.

Continuing our world FinTech haul after looking at London, New York, Hong Kong, Singapore and other international FinTech hubs, we decided to take a closer look at the Southeast-Asian FinTech ecosystem.

FinTech Startups

Let’s look at some of the interesting FinTech companies of different sizes operating in SE Asia in the following chart:


Lenddo: Lenddo is an online platform that helps members use their social connections to build creditworthiness and access local financial services.

LoanSolutions: LoanSolutions offers access to credit for the different financial needs by connecting borrowers to multiple lending partners in a single loan application online.

Ayannah: Ayannah offers a host of digital financial services in the Philippines that focus on serving the needs of the 100 million resident Filipinos as well as the 12 million overseas Filipinos around the world. Founded in 2014, the Philippines-based bitcoin exchange offers a bitcoin wallet app that allows users to buy and sell bitcoins. It even works as a mobile remittance service by converting bitcoins to Philippines pesos. Users can select an outlet from the app’s long list of banks and payment processors, with useful notes advising how much each charges in fees. Some processors will deliver cash door-to-door, others allow for customer pickup. To send money from overseas, it’s possible to send bitcoins directly from an existing balance. A user can initiate the remittance in-app and deposit cash in any bitcoin ATM around the world. The app provides a QR code for the ATM to scan, and pesos are delivered automatically to the preferred destination by the next business day.

PayMaya: PayMaya is a digital financial solution that empowers consumers and businesses, providing payment solutions for all e-commerce needs. PayMaya is a joint venture two global leaders: PLDT, the pioneer in mobile banking and mobile wallet services in the Philippines, and Rocket Internet, the world's largest Internet platform outside of the US and China.

Dragonpay: Dragonpay provides alternative online payment solutions to businesses of all sizes. Through their gateway, customers can purchase goods or services online, and pay for it using cash or check at physical, brick-and-mortar payment counters, ATMs, mobile wallets or through online bank debit. Developing countries like the Philippines have a very low penetration of credit cards and banking in general. This makes alternative payments an important part of any online selling strategy.

PesoPay: PesoPay is the leading online payment gateway in the Philippines, allowing merchants to accept online payments via credit cards, debit payments and even over-the-counter cash payments.

Tagcash: Tagcash allows merchants and communities to create points-based customer loyalty, microtransaction or virtual currency programs.

VMoney: VMoney is an extensive end-to-end financial solution for businesses and consumers which offers integratable online payments and fund disbursements for online and retail merchants, government institutions, medical organizations, educational facilities and business enterprises.

Satoshi Citadel Industries: Satoshi Citadel Industries ( Inc.), is a FinTech startup company which is building the ecosystem for bitcoin in the Philippines. The company seeks to streamline financial services by creating Bitcoin solutions that reduce the costs of using and transferring money.

Some well-established FinTech startups that we can look upon:

BanKO: BPI Globe BanKO is the Philippine’s first mobile phone-based, microfinance-focused savings bank. It was established in 2009 as a milestone partnership between the Bank of the Philippines Islands (BPI), the oldest operating bank in Southeast Asia; Globe Telecom, a leading telecommunications company; and Ayala Corporation, one of the biggest and most respected conglomerates in the Philippines.

GCash: GCash was launched in 2004 starting as USSD-based mobile payment, but today offers a full range of smartphone mobile money services.

Smart Money: Smart Money, one of the first ewallet services in the Philippines provided by telco Smart Communications, provides a payment service for both merchants and online shoppers.


Moka Teknlogi Indoesia: Moka is a Jakarta-based startup that focuses on building mobile point-of-sale (mPOS) for restaurants and retail. Moka charges its users a monthly subscription fee, depending on the number of items they carry. Transaction data is stored in the cloud which means business owners can access real-time sales data anytime, anywhere.

Jojonomic: Jojonomic is a mobile personal financial application that will revolutionize the way people manage their finance.

Cermati: They are a technology startup that engages in the Indonesian financial technology area. The company is based in Jakarta and was founded by ex-Silicon valley engineers. The company products allow people to easily make the best financial decision for their situation.

Veryfund: Veryfund’s app consolidates incoming transfer from and to multiple banks, and also consolidates multiple bank balance in a single screen. It makes it easier for the seller to verify which goods already being paid for, and which ones need to be shipped. CekAja is a FinTech startup that lets Indonesians compare and apply for a variety of financial and general insurance products like personal loans, credit cards, conventional deposits and Syariah deposit (i.e., they follow Islamic principles).

The firm is a brand under Compare88, a financial comparison company that serves all of Southeast Asia.

HaloMoney: HaloMoney is Indonesia's most comprehensive financial products and services comparison platform. As the local subsidiary of CompareAsiaGroup, the company aims to empower Indonesian consumers by providing in-depth information on products and services available in the market.

Veritrans: Established in 2012 to pave a reliable infrastructure for digital payment, Veritrans is an online payment gateway dedicated to serving Indonesian e-commerce merchants.

Doku: Doku is a e-payments solution provider. Doku offers two products

DOKU Wallet: a digital wallet in the form of a mobile application that allows for online purchases and other transactions. Customers can top up their wallets through ATM machines, convenience stores or by linking their credit cards.

DOKU MyShortCart: a payment gateway for small and medium enterprises (SMEs). This product allows merchants to implement different payment methods into their system. is a website in Indonesia to help you compare and determine the best place to obtain financial products, such as loans, credit cards, insurance, and deposits.

Stockbit: Stockbit is a social platform that redesigned information sharing for stock investors and traders in Indonesia. Engineered and designed by traders for traders.

Codapay: Codapay is an alternative payment gateway in Southeast Asia. The company enables merchants to accept payments in Indonesia, Malaysia, Philippines, Thailand, and Singapore using payment channels that every consumer can use, even if they don't have a credit or debit card: direct carrier billing, bank transfers, cash payments at convenience stores, and physical vouchers.


Omise CO.: Omise Co. provides a payment solution that enables the stores to accept credit and debit card payments as well as bill payments, allowing shoppers to pay by their online banking accounts, ATMs and banks.


iMoney Group: iMoney Group is a financial services and referral business with clientele that includes top financial institutions in the Asia-Pacific region.

Aturduit: Headquartered in Kuala Lumpur, Malaysia, Indonesia is fully owned by iMoney Group.

iMoney is SE Asia's biggest and fastest-growing financial comparison portal with headquarters in Kuala Lumpur and operations in Singapore, Indonesia, Philippines, Hong Kong and Thailand.

They compare credit cards, loans, broadband and insurance by providing consumers with the convenience of online comparison and the benefit of telephone-based advice.


Payoo: Recently, VietUnion launched Payoo on mobile phones. This application assists users to pay bills for electricity, water, telephone, TV, Internet and finance more comfortably with a few manipulations.

MoMo: Launched in June 2014, MoMo is a mobile wallet service offered in partnership with Vinaphone. It allows users to pay online and make person-to-person money transfers within a few seconds. The MoMo app allows customers to make transactions such as buy game credits, top-ups and bill payments.

1Pay: 1Pay is a mobile payment app and arguably one of the leading mobile payment platforms in Vietnam.

Launched in 2013, 1Pay, a subsidiary of mWork (one of Vietnam’s biggest mobile game affiliate networks), provides merchants with access to the API key and SDK to integrate payments via mobile for their games, content, or mobile apps.

The solution allows users to pay by SMS, online and via prepaid cards for purchases via their mobile phone.

LoanVi: Loanvi is an online peer-to-peer lending platform for personal loans in Vietnam. Founded in 2015, the startup aims at bridging the gap between underbanked individuals and investors by creating an accessible channel for individuals to acquire loan financing and for investors to earn solid fixed-income returns.

FundStart: Founded in 2015, FundStart is a crowdfunding platform that allows artists and project leaders to raise fund from the crowd, turning dreams into reality with funds coming from the community.

The Vietnamese FinTech startup seeks to allow the community to find the best projects to support/project owners to engagers with backers and get media attention to reach success.

Money Lover: Money Lover is a finance management app that allows users to track their expenses over time and manage their monthly and annual budget. Among its features, Money Lover supports multiple accounts, has a cloud sync solution so we can access your financial data on all devices as well as auto-backup.

Events - Looking to go to some exciting events in Southeast Asia?

Mobile Money & Digital Payments Asia

Jakarta, Indonesia

Led by Asia’s banks, operators and technology experts, the Mobile Money & Digital Payments Asia conference is a three-day event that will cover a number of topics aimed at exploring the realities of a cashless future, the progress towards a fully interoperable landscape and the embedding of social payments in the core of traditional banking structures.

Speakers will include senior executives from the World Bank, Commonwealth Bank, the Bitcoin Foundation, the International Financial Corporation, Ericsson, ANZ Bank, Myanmar Citizens Bank, Vietnam International Bank, Startupbootcamp Singapore, and more.

Retail Banking Asia:

Kuala Lumpur, Malaysia

This event brings together distinguished personnel from banks, government bodies and technology companies to discuss and address crucial issues on how to seize new opportunities in retail banking and wealth management while making it beneficial for all stakeholders.

Bank Tech Asia:

Jakarta, Indonesia

BankTech Asia – Jakarta 2016 is a banking technology conference to network with key industry influencers and decision makers, recognize leading-edge products and solutions, and discuss best practice strategies for applying innovation within your organization.

The event will gather key industry influencers and decision makers and will include speakers from VP Bank, Isaca International, DBS Bank and ISC2.

The Asian Banker Summit:

Hanoi, Vietnam

The Asian Banker Summit is the region's largest annual meeting of global thought leaders and senior industry practitioners, it is the foremost forum for engaging on global themes bringing together global thought leaders and industry specialists.

The Asian Banker Summit is several conferences in one. The Asian Banker Summit comprises of several complementary dialogues that reflect the complexity of today's industry dynamics.