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FinTech in ASEAN 2022:

Finance, reimagined

Policies
Contents

Foreword 1

Executive summary 2

Staying resolute: ASEAN funding braces for winter 4

Finance everywhere: Businesses try on FinTech 14

Embedded payments and rewards 22

Embedded lending 24
Embedded investing 28
Embedded insurance 30

Looking ahead: What's next for embedded finance? 32

Country insights 34

References 40
Foreword
Investments in ASEAN’s FinTech firms tracked last year’s bumper funding,
clocking in US$4.3 billion in the first nine months of 2022 – higher than the
combined sum from 2018 to 2020. While the global economy is in challenging
times, the numbers so far signal a vote of confidence in ASEAN’s FinTech
Janet Young
industry, due to its open regulatory and business environment.
Managing Director and Group Head,
Channels and Digitalisation,
As digital services continue to proliferate in the region, more companies are Strategic Communications and Brand,
finding ways to embed financial services within their apps. A travel app today UOB
may not just provide location reviews and itineraries, but also allow users to
book and pay for their flights and accommodation, split those payments into
instalments, buy travel insurance, and more. Apart from providing personalised
services and convenience to users, the move to become a FinTech-enabled app
can generate additional income streams as well as enriched customer data for
Wanyi Wong
the business.
FinTech Leader,
PwC Singapore
This is the power of embedded finance, and despite marked development in
various embedded categories like consumer payments and buy now, pay later
(BNPL), its growth potential remains high.

For this year’s FinTech in ASEAN report, the team surveyed more than 4,000
respondents and spoke with industry leaders to find out how consumers are
warming up to embedded finance, and how companies and FinTechs can tap
Shadab Taiyabi
into this promising sector.
President,
Singapore FinTech Association
We have named this edition Finance, reimagined as we have reached an
inflection point for the industry – one where key drivers like embedded finance
are contributing to the creation of accessible, user-focused digital ecosystems.

Page 1 FinTech in ASEAN 2022

Executive summary

ASEAN FinTech sees steady growth

Singapore and Indonesia
ASEAN remained an attractive proposition for
FinTech investments, amidst external pressures.
continue to lead in numbers
Investments in the region now stand at 7 per cent Both countries combined accounted for 76 per cent of
(US$4.3 billion) of global FinTech funding, up from ASEAN’s total funding, driven by mega deals (deals
2 per cent (US$863 million) in 2018. >US$100 million). Out of 163 deals that took place in
the first nine months of 2022, more than half (55 per
cent) went to Singapore-based FinTech firms.

$
Fundraising remains resolute
in the face of winter

Crypto and blockchain

While funding in the first nine months of 2022
(YTD 2022) was just shy of the US$4.5 billion funding companies saw vibrant dealmaking
received in the same period last year, it was higher
Cryptocurrency companies moved into the top three
than the combined sum from 2018 to 2020.
rank of most-funded FinTechs, after payments and
alternative lending.
However, dark clouds lie ahead, as the number of
deals made in 3Q 2022 fell to the lowest in two years.
In terms of deal flow, one in three investments in
ASEAN went to crypto/blockchain companies.
Investments in late-stage companies (Series C and
above) accounted for more than half of total
funding, as investors grew more selective, placing
a greater focus on FinTechs with a clear pathway
towards profitability.

Page 2 FinTech in ASEAN 2022

Executive summary

Indonesia and Vietnam hold big potential for growth

in embedded finance adoption

Our research unveiled an encouraging number of respondents who

have used embedded-related services. Indonesia had the highest
Embedded finance is
usage for specific services like e-commerce payment platforms and
taking root in ASEAN
BNPL, while Vietnam had the highest usage in micro-investments and
integrated insurance*, showcasing both countries' potential for further
Digital transformation, data availability and a
FinTech adoption.
drive towards the cashless economy are
increasing demand for more holistic digital user
57% 74%
experiences in the region – something embedded ASEAN ID

finance excels at. E-commerce platform payments e.g. ShopeePay

Our survey results indicate that 70 per cent of 27% 42%

ASEAN ID
respondents in ASEAN use apps with embedded
finance, with the highest being in Thailand and Buy now, pay later

Vietnam (83 per cent). Of those who use such

20% 28%
apps, almost three-quarters use them at least ASEAN MY, VN
once a week. Micro-investments

18% 23%
ASEAN VN

Insurance on travel sites/apps*

*After rebasing to total population size

Page 3 FinTech in ASEAN 2022

Staying resolute:
ASEAN funding braces for winter

Page 4 FinTech in ASEAN 2022

 Fresh from last year’s high, ASEAN FinTech
funding displayed resilience even as global
events hampered optimism.
That momentum, however, is slowing.

In last year’s FinTech in ASEAN 2021: Digital takes flight report, we saw how a prolonged
pandemic still led to record FinTech funding1 in ASEAN, along with a heightened adoption
of FinTech solutions such as e-wallets, cryptocurrencies and online investment platforms.

Introduction This year, the ongoing Russia-Ukraine conflict and interest rate hikes to combat rising
inflation have spooked markets, increasing expectations of an impending recession.
These factors have also affected private investments globally as investors pull back from
2021 highs.

In this report, we review FinTech investments into six of the biggest ASEAN economies:
Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam – also referred to
as ‘ASEAN-6’.

The four other ASEAN nations—Brunei Darussalam, Cambodia, Laos and Myanmar—have
not been included in the funding analysis.

Page 5 FinTech in ASEAN 2022

ASEAN’s share of global FinTech funding rises to 7 per cent

Global FinTech funding reached US$63.5 billion up until September this ASEAN’s FinTech sector2 remained an attractive proposition amid
year (YTD 2022), crossing the halfway mark of 2021’s bumper funding. external pressures. Investments in the region now stand at 7 per cent,
up from 2 per cent in 2018.
North America, which has led in global FinTech funding for the past
three years, saw a drop of 57 per cent over its 2021 haul.

Global
FinTech
US$49B US$45B US$42B US$122B US$64B
funding

60%
Ant Financial’s US$14B Series C
funding contributed to this spike

50%
North America
Europe
US$24.5B 40%
US$20.0B
APAC
(excluding ASEAN)
30%
US$9.0B

ASEAN 20%
US$4.3B
10% ASEAN’s share of
global funding is now
7% from 2% in 2018

0%
2018 2019 2020 2021 YTD 2022
Rest of world
US$5.7B

North America ASEAN Rest of world

Total funding amount: US$63.5B APAC (excluding ASEAN) Europe

Figure 1 | Global FinTech funding trends, YTD 2022 Figure 2 | Global FinTech funding split by region, 2018 - YTD 2022

Source: Tracxn, as at 30 September 2022, accessed on 3 October 2022 Source: Tracxn, as at 30 September 2022, accessed on 3 October 2022

Page 6 FinTech in ASEAN 2022

 247
Investments reach US$4.3 billion, led by
late-stage funding 153
134
163
US$6.0B
122

Funding in YTD 2022 reached US$4.3 billion, just shy of the 1%

Pre-Series Venture Debt
US$4.5 billion funding received in the same period last year, Early Stage Private Equity US$4.3B
but higher than the combined sum from 2018 to 2020. Late Stage # of deals US$1.5B 43%

1% US$1.1B
While funding activity remained vibrant in 1H 2022, 3Q 2022 Pre-Series : Angel and Seed rounds
54%
Early Stage : Series A and B
funding fell to a quarterly low since 2Q 2021. Late Stage : Series C and beyond
US$0.9B
49%
31%
54%
Although the number of deals are lower (163 vs 194 35%

year-on-year), the average deal size increased to US$26.5 64% 40%

43%
million from US$23 million. 56%

9% 6% 3%
5% 6%
Funding into late-stage FinTechs made up 54 per cent of the 2018 2019 2020 2021 YTD 2022
YTD total, up from 43 per cent, as investors back mature
startups with a larger and more established customer base. Figure 3 | ASEAN-6 FinTech funding trends, 2018 - YTD 2022

78
67
60
56
53 54
US$ B
$2.5B 42
2.5
$2.3B

2.0

$1.4B
1.5
$1.2B $1.2B

Explore the data 1.0

$0.8B $0.8B

0.5
FinTech funding in
ASEAN-6 (2018–2022) 0
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22

Figure 4 | ASEAN-6 quarter-on-quarter funding trends, 1Q 2021 - 3Q 2022

Source: Tracxn, as at 30 September 2022, accessed on 3 October 2022

Page 7 FinTech in ASEAN 2022

Singapore and Indonesia continue
2% 5%
to dominate FinTech funding
46% 43%
Malaysia Vietnam

4% 5%
Thailand Malaysia
Singapore Singapore
Singapore and Indonesia accounted for more than 6%
12% Thailand
three-quarters of ASEAN’s total funding – Indonesia with Vietnam

a substantial 11 percentage point gain over last year. 22% 14% 33%
8%
The Philippines
Indonesia
The Philippines Indonesia
The Philippines and Vietnam saw a reduction in their share
of the pie as the number of mega deals from both countries 2021 YTD 2022
decreased significantly in YTD 2022.
US$6.0B US$4.3B
Of the 163 funding deals that took place, more than half
(55 per cent) went to Singapore-based FinTech firms. Figure 5 | Share of funding amount by country, 2021 vs YTD 2022

3%
3% Thailand
Thailand

52% 5%
55%
5%
Vietnam
Singapore The
5%
Philippines
Singapore The
8% Philippines

23%
Malaysia
7%
Indonesia 9%
Vietnam
25% Malaysia
Indonesia

2021 YTD 2022

247 deals 163 deals

Figure 6 | Share of funding deals by country, 2021 vs YTD 2022

Source: Tracxn, as at 30 September 2022, accessed on 3 October 2022

Page 8 FinTech in ASEAN 2022

Payments maintains lead in funding numbers 9%

7% 43%
77%
Apart from Vietnam, the payments category received the highest funding at 7%
US$1.9 billion across ASEAN-6. 12%
1%
4% 1%

5%
13% 22%
Alternative lending stayed in second spot (US$506 million), while the cryptocurrencies
category unseated investment tech to take third place at US$461 million.
Indonesia Malaysia
US$1,421M US$234M

6%
71% 11%
40%
11% 6%
10% 2%

45% 45%
7% 2%
7% 6%
19% 3% 16% 8%
24% 4%

3%
7%
5%
11% 1%
8% 2% The Philippines Singapore
US$337M US$1,847M
4% 4% 12%

1%

ASEAN-6 Total ASEAN-6 Total 65% 3%

2021 YTD 2022 71%

9%

US$6.0B US$4.3B 2%

8%
15%
25%

Payments Banking Tech Blockchain in Financial Services

Alternative Lending Investment Tech InsurTech
Thailand Vietnam
RegTech Cryptocurrencies Finance and Accounting Tech
US$260M US$211M

Figure 7 | Funding breakdown by FinTech categories, 2021 vs YTD 2022

Source: Tracxn, as at 30 September 2022, accessed on 3 October 2022

Page 9 FinTech in ASEAN 2022

One in three deals were from the crypto/blockchain space 12% 9%
12% 9%
Blockchain in financial services recorded the highest growth in proportion 22%
of deals across the region for YTD 2022 as investors continue to gain
10%
18% 45%
15% 7%
interest in the Web3 space. 7%
15% 18%

In Singapore, the cryptocurrencies category attracted the highest

proportion of deals despite the regulator’s push to curb enthusiasm of Indonesia Malaysia
retail investors. 41 11

13%

15%
14% 25%
27%
14% 11% 1%

20% 25% 38%

9%
7%
21% 18% 9%
9%

15% 2% 1%
7%
3%

6%
10% 13%
19% 8% 17%
The Philippines Singapore
4%
13% 8 89

9%

11%
ASEAN-6 Total ASEAN-6 Total 20%
2021 YTD 2022 11%

247 163
20%
40% 11% 44%
1
20% 11%

11%
Payments Banking Tech Blockchain in Financial Services
Alternative Lending Investment Tech InsurTech
Thailand Vietnam
RegTech Cryptocurrencies Finance and Accounting Tech
5 9

Figure 8 | Number of funding deals by FinTech categories, 2021 vs YTD 2022

Source: Tracxn, as at 30 September 2022, accessed on 3 October 2022

Page 10 FinTech in ASEAN 2022

Enter ASEAN's gaming giants YTD 2022
Company Round name Primary category Funding amount US$ (M)

Coda Payments Series C Payments 690

While the top five funded FinTechs are from Xendit Series D Payments 300
the payments category, two companies on DANA Series D Payments 250
this year’s leaderboard stand out.
Voyager Innovations (PayMaya) Series F Payments 210

TNG Digital Series A Payments 168

Singapore’s Coda Payments—which helps
gaming publishers monetise their digital Sky Mavis Series B Blockchain in Financial Services 150

content—and Vietnam’s Sky Mavis—which Funding Societies Series C Alternative Lending 144

publishes the non-fungible token TONIK* Series B Banking Tech 131

(NFT)-based Axie Infinity, with its own
Opn Series C Payments 120
in-game economy—represent how the
Pintu Series B Cryptocurrencies 113
digital economy is shifting towards
Average funding amount: US$228M
virtual worlds.
Table 1 | Top 10 funded FinTech firms in ASEAN-6, YTD 2022
10 mega deals, amounting to US$2.2 billion,
2021
accounted for 52 per cent of all FinTech Company Round name Primary category Funding amount US$ (M)
funding in ASEAN.
Mynt Series D Payments 475

Advance Intelligence Group Series D Alternative Lending 400

Grab Financial Group Series A Payments 300

MoMo Series E Payments 300

VNPAY Series B Payments 250

Bolttech Series A InsurTech 247

Ajaib Series B Investment Tech 243

TSLC Series B Alternative Lending 225

Xendit Series C Payments 215

NIUM Series D Payments 200

Average funding amount: US$285M

Table 2 | Top 10 funded FinTech firms in ASEAN-6, 2021

Source: Tracxn, as at 30 September 2022, accessed on 3 October 2022

*Tracxn classifies Tonik as a FinTech headquartered in Singapore, with the digital bank operating in the Philippines.

Page 11 FinTech in ASEAN 2022

Number of new FinTech firms at
record low
New firms 586 406 262 623 127
There were 127 new FinTech firms3 set up this year across
ASEAN-6.
263
249
This represents a record low – even when compared with 293
287
2020, during the height of the pandemic’s restrictions.
178
While capital may seem to be in shorter supply, venture 167 263
capitalists (VCs) we spoke with were still upbeat about the 250 1580
1538
growth prospects for the region, citing the innovation on 144
the ground, talent, ideas and financial needs that remain 223
1299
to be addressed.
1192

1036 289
285

260
Compared with the last bull market, maybe it's 243 612
600
called winter, right? But if you compare (funding 208
now) to pre-pandemic, it’s still summer. 523
475
418
Liu Gen Ping Total number
Partner, Vertex Ventures of FinTech 944 993
691 757
firms operating 583
by country

2018 2019 2020 2021 YTD 2022

Explore the data

Indonesia The Philippines Thailand
FinTech firms in Malaysia Singapore Vietnam
ASEAN-6 (2018–2022)

Figure 9 | Growth in FinTech firms by country, 2018–YTD 2022

Source: Tracxn, as at 30 September 2022, accessed on 14 October 2022

Page 12 FinTech in ASEAN 2022

Foreword
Bracing for a funding winter: Notes from the VCs’ desk:
5 tips for FinTechs from VCs
Early-stage companies need to convey the Companies that continue to do well amidst the
right message to investors, understand how to winter tend to have internalised a discipline to
position their company and what makes sense build a healthy business. Building healthy is
Business sustainability trumps growth
in the early stages of growth. not mutually exclusive from building for
Pay attention to gross margins, unit economics billion-dollar scale. Using this winter to focus
and having a clear pathway to profitability. Scott Krivokopich on fundamentals then opportunity, not just for
Co-founder and Managing Partner, 1982 Ventures
when the thaw or spring comes, but any
season, will be key.
Lead with a plan
Tan Yinglan
Figure out your milestones in the next 12-18 Founding Managing Partner, Insignia Ventures Partners
Investors will look upon companies with a lean
months to position for the upswing when business model and stable margins favourably.
the economy recovers.
Ben Cheah
Partner, InnoVen Capital Right now, companies must be thinking really
Reprioritise your business focus hard about where is their growth and what is
their use of proceeds? Who's that entity they
Rather than try to win on all fronts, double
can sell to and continue the vision? They just
down in a key domain area that you are
Investors are now much less forgiving of these need to continue the vision.
good at.
high-burn, high-growth companies. There is a Frank T. Troise
renewed focus on profit margins, unit economics Managing Partner and CEO, SoHo Advisors
and path to profitability.
$ Stay nimble and adaptable
Justin Hall
Market conditions and regulations can Partner, Golden Gate Ventures
change fast. Learn to react swiftly. Founders should always build the firm to last
because you can never really time the market.
They should always plan for the long run.

$ Consider raising even when

Founders can explore bridge financing – while Liu Gen Ping
you don't need the money
it might not be a big upside from the last Partner, Vertex Ventures
Always make sure you have a strong war financing round, but if you're a great company,
chest of at least 18 months in the bank. you can always claim back dilution. That is
going to be the kind of mood for the next few
quarters. Be aggressive. If you don't win, you can only lose.
Weisheng Neo
James Tan
Partner, Qualgro Ventures
Managing Partner, Quest Ventures

Page 13 FinTech in ASEAN 2022

Finance everywhere: Your account

€ SGD
Businesses try on FinTech

Page 14 FinTech in ASEAN 2022

 According to the e-Conomy SEA 2022 report by Google, Temasek and Bain &
Company, Southeast Asia’s internet economy could reach up to US$1 trillion
in gross merchandise value by 2030, driven by the migration of consumers
and businesses online.

As businesses look to tap ASEAN’s thriving internet economy, FinTech offers

businesses the opportunity to expand their existing services and plug gaps
in the customer journey. In this chapter, we explore the growth of embedded
finance across ASEAN, delving deeper into embedded payments and
rewards, embedded lending, embedded investing and embedded insurance.

Observations were gleaned from a consumer survey, coupled with in-depth

interviews with VCs and players in the embedded finance space. The case
studies at the end of this chapter illustrate how embedded finance is taking
shape from the perspective of embedders, enablers and providers.

Research methodology

Survey In-depth interviews with Desk research

Policies

4,313 8 9 3 Analysis of
respondents venture firms with an regional embedded
across capital embedded FinTech finance across
ASEAN-6* firms finance angle associations ASEAN-6

*An electronic survey was conducted between Jun-Jul 2022 across Indonesia, Malaysia, Singapore,
Thailand and Vietnam, while a supplementary survey ran in the Philippines from Jul-Aug 2022.

Page 15 FinTech in ASEAN 2022

Embedded finance: A short guide

What is embedded finance? What's driving this trend in ASEAN?

Embedded finance is the integration of financial services within the products

Consumer demand
and infrastructure of a non-financial entity.
The pandemic has accelerated the reliance on digital services.
Take for example, a travel app. With embedded technology, customers can go Customers are now accustomed to purchasing things online and
one step further by booking air tickets, travel insurance and accommodation have higher expectations of seamless digital experiences.
at the same time, and even splitting those payments up over an extended
period. All without having to be redirected to any third-party destination. Ecosystem of partnerships
The region’s superapps have provided a blueprint in areas such
as fostering partnerships. Embedded finance could thrive as
Through embedded finance, the financial logistics of any given more parties explore partnerships to leverage and expand
transaction fade into the background, thereby reducing friction existing business models.
and providing a seamless experience across the entire process.
Technology and infrastructure
FinTechs and tech startups have been building the infrastructure
for others to build upon, such as 'plug and play’ Application
Programing Interfaces (APIs). These are not just in core areas
like payments, but also in non-core domains like Know Your
Buy travel insurance
Customer (KYC) and credit scoring.
Pay for flight tickets

Embedded finance is ubiquitous, cutting across different

Pay for hotel
verticals and industries. Its power lies in its ability to
reduce user flow friction, ensuring that the most relevant
financial service is presented at the right time.
Split payments over 6 months
Wilson Beh
President, FinTech Association of Malaysia

Page 16 FinTech in ASEAN 2022

Embedded finance value chain

In an embedded finance relationship, three core

How can businesses and users benefit?
participants contribute to the distribution of digital
Who's Embedded finance can offer a safe, straightforward, and economical
products on a single interface: the embedder,
involved? way for non-financial entities to package necessary services customers
enabler, and provider. The fourth party, the user,
completes the ecosystem and makes it transactional. might require into a single, manageable model.

New lines of revenue

Embedder : Non-financial brands that integrate financial solutions
Benefits for businesses Enriched customer data
into their products.
Increased conversion rate
Enabler : Firms that develop applications to connect embedders
with providers to enable distribution, in areas like credit,
Greater convenience
payments, compliance, data connectivity and KYC.
Benefits for consumers Multi-function interface
Provider : Regulated banks and financial institutions that provide financial
Contextual, accessible services
services like lending, insurance, and payment processing.

Provider Enabler Embedder Consumer

1

$ 2 $100
4
What we see across our investments is that the rise of
embedded finance in the region is driven by the demand for
3
more holistic digital user experiences. Financial services are
not just for payments anymore; it has become a fundamental
Figure 10 | Participants in the embedded finance value
part of one’s digital identity and overall digital experience.
chain may have overlapping roles
Moving forward, nearly every tech company will have some
level of embedded finance in their product or service.
These roles may overlap depending on the capabilities of each entity (see Figure 10):

1 Typically, the enabler links the provider to the embedder via APIs. Tan Yinglan
2 Certain enablers could also provide financial services directly to the embedder. Founding Managing Partner, Insignia Ventures Partners
3 Providers may work with embedders directly via APIs.
4 As capabilities deepen, embedders can also provide their own financial service.

Page 17 FinTech in ASEAN 2022

Snapshot of embedded finance in ASEAN
Explore the data
Integrated apps with built-in financial services offer an opportunity for users to
Embedded
adopt digital financial services, especially for those from rural areas with minimal
finance in ASEAN
access to banking services. We asked respondents across ASEAN their thoughts
on using such apps. Here's what we found.

Are consumers aware of embedded finance apps? Have they used such an app?

More than four in five survey respondents (81 per cent) were An average 70 per cent of respondents reported using such apps.
aware of embedded financial services.
Usage in Thailand and Vietnam is highest at 83 per cent.
Respondents in the Philippines and Vietnam held a resounding
lead in this regard at 91 per cent and 90 per cent respectively. Singapore’s lower usage may be due to a more mature financial
ecosystem and the high penetration of credit cards.

ASEAN-6 81% 19% ASEAN-6 70% 30%

75% 25% 61% 39%

81% 19% 76% 24%

91% 9% 70% 30%

67% 33% 55% 45%

88% 12% 83% 17%

90% 10% 83% 17%

Yes No Yes No

Figure 11 | Awareness of embedded finance apps across ASEAN-6 Figure 12 | Usage of embedded finance apps across ASEAN-6

Question:
Are you aware of apps that have built-in financial and banking Question:
services that allow consumers to pay for various services that they use? Have you used an app like this?

Base: All. Total: 4,313 / ID: 652 / MY: 674 / PH: 559 / SG: 1,013 / TH: 665 / VN: 750 Base: All. Total: 4,313 / ID: 652 / MY: 674 / PH: 559 / SG: 1,013 / TH: 665 / VN: 750

Page 18 FinTech in ASEAN 2022

Snapshot of embedded finance in ASEAN

How often do they use it? Why do they use it?

74 per cent of consumers who use apps with embedded Payment convenience is the main reason driving usage across
finance use them at least once a week – with the highest ASEAN, except in Singapore, where users favour rewards points
in Vietnam at 85 per cent. and discounts.

ASEAN-6 18% 42% 14% 9% 11%

Makes payments easier 70%

12% 46% 13% 11% 11%

Instant payments 59%

19% 39% 11% 14% 7% 10%

Reward points/discounts 54%

8% 39% 15% 14% 10% 14%

I don’t have to carry cash 45%

17% 36% 18% 11% 13%

Investments and trading 29%

19% 42% 17% 10%

Buy now, pay later options 28%

26% 50% 9% 7%
Integrated insurance services 20%

Every day Several times a week Once a week Once in two weeks
Point-of-service lending 14%
Once a month Do not use regularly Never

Figure 13 | Frequency of usage of embedded finance apps across ASEAN-6 Figure 14 | Reasons for using embedded finance apps across ASEAN-6

Question: Question:
How often do you use such an app? For what purpose do you use integrated apps that have built-in financial services?

Base: Respondents who have used apps with built-in financial services. Base: Respondents who have used apps with built-in financial services.
Total: 3,031 / ID: 396 / MY: 514 / PH: 391 / SG: 554 / TH: 551 / VN: 625 Total: 3,031 / ID: 396 / MY: 514 / PH: 391 / SG: 554 / TH: 551 / VN: 625

Page 19 FinTech in ASEAN 2022

Embedded finance

Page 20 FinTech in ASEAN 2022

 Categories of
embedded finance Lending
Embedded lending integrates loans or instalment
Embedded finance includes, but is not
payments through non-financial products or services.
limited to, these five categories: payments,
$ lending, investing, insurance and banking. Buy now, pay later Housing / Auto loans
All these services can be accessed by the
consumer without having to be redirected Earned wage access Point-of-sale financing (includes B2B)
$
$ to third-party destinations.

Payments Banking
Embedded payments integrates Embedded banking refers to non-financial
financing and digital payment processing companies offering their users banking products
Embedded
seamlessly into the retail journey. like a savings account or a branded card.
finance
E-wallets Rewards Cryptocurrencies Linked accounts Debit / Credit cards

Investing Insurance
Embedded investing offers various platforms Embedded insurance provides relevant and
a springboard to seamlessly integrate personalised insurance to customers at a time
investing into their vertical offerings. when they need it most.

Robo investing Micro investing After-sales coverage Auto insurance

Round-up investing Travel insurance Rent protection

Page 21 FinTech in ASEAN 2022

 Embedded payments and rewards
Payments are the bedrock of FinTech applications – In our survey, 70 per cent of those who use On the rewards front, the estimated US$200 billion4
and by extension, embedded finance. End-to-end embedded finance apps say that these apps global market for rewards solutions is expected to
payment processes allow consumers to complete make payments easier (see Figure 14). Payments converge with FinTech to offer more value to customers,
their online purchases via their preferred payment via e-commerce platforms is also on the rise, with disrupting traditional loyalty programmes with embedded
method. Businesses are also seeing how embedding more than one in two respondents using this variations and even crypto and stock rewards.
such processes and owning the entire value chain method (see Figure 15), no doubt fuelled by the
can contribute to better customer engagement and rise in online shopping since the pandemic. In the following page, we look at how two companies

revenue streams. are embedding payments and rewards into their

product offerings.

100%

90%
89

80%

70% 74

67 67 67 Cash
66
60% 64 64 63 63 63
62
59
E-commerce payment platforms
57 57
54
57 (e.g. ShopeePay, Lazada wallet)
50% 52 52 52 52 52
51 51
49
47 47 48 Mobile card payments
45
40% 42 43 (e.g. Apple Pay, Samsung Pay)
38 38 37 37
35 QR code payments
30% 32
(e.g. GrabPay, FavePay)
26
20% 22 Peer-to-peer payment services
21
(e.g. PayNow, PromptPay)
15 15
10%
Physical credit/debit cards

0%
ASEAN-6 Indonesia Malaysia The Philippines Singapore Thailand Vietnam

Figure 15 | Payment methods most used across ASEAN-6

Question:
People are increasingly turning to new payment and transaction services. Which of the following have you used in the last six months?

Base: All. Total: 4,313 / ID: 652 / MY: 674 / PH: 559 / SG: 1,013 / TH: 665 / VN: 750

Page 22 FinTech in ASEAN 2022

Case studies: Embedded payments and rewards

Setel by Petronas is Malaysia’s first fuel e-payment application that The Kris+ app, powered by Singapore Airlines (SIA), allows users to enjoy
works on smartphones and the Apple Watch. Using Setel, consumers exclusive deals, lifestyle privileges and bonus miles online and at retail
can pay for fuel from inside their car, earn Mesra rewards points when partner outlets in Singapore and overseas.
paying at a variety of retail partners, track their monthly fuel spending
and download receipts for easier claims. Kris+ started out as KrisPay, a mobile wallet developed by the SIA group
to extend customer loyalty beyond flying. Back then, users were required
Setel users can also pay for street parking via the app, or opt for to pay and accrue KrisPay miles via several steps that involved getting in
automated parking payments at selected parking lots. For electric and out of the app – a cumbersome customer experience. To solve this,
vehicle drivers, Setel can help locate the nearest EV charging station the team redeveloped the app as Kris+, a lifestyle rewards digital
and pay for the charge. platform with embedded Apple/Google Pay functionality in 2021.

In addition, customers can get instant quotations and purchase With Kris+, customers can now pay and accrue miles in one seamless
customised motor insurance right from the Setel app. process. Users can even make partial payments with their accrued miles,
a benefit that was non-existent previously.

Featuring its partner merchants, the app also allows users to book hotels
and make restaurant reservations.
We started by observing customers’ behaviour pain points at the
petrol station and introduced an enhanced refuelling experience.
Through continuous engagement with our customers, we also look
for new ways to elevate their experience with us that extends
beyond fuelling. Setel has and will continue to expand the mobility When we first started, we were looking for solutions to extend the
ecosystem through introduction of new services that complements KrisFlyer loyalty programme outside of flying and into customers’
our customers’ journey of ownership and maintaining their daily lives. We were also looking at how we could enhance our
vehicles. Embedded finance is a natural default to enable a seamless digital capabilities and be more innovative in the non-air, lifestyle
transaction with us. spaces. That was how Kris+, SIA's very own lifestyle digital
platform, was born.
Mazlin Erawati
CEO, Setel Jeanette Lee
General Manager of the SIA Lifestyle Ecosystem and Head, Kris+

Page 23 FinTech in ASEAN 2022

 Embedded lending

Embedded lending refers to loans offered directly by non-financial

brands to consumers, bypassing the role of traditional lenders.
Usually, the credit limit is lower for unsecured loans, and the risk of
default is dependent on the business model – some embedders
ASEAN-6
work with banks or enablers to disperse the loan, while others
take on the risk themselves.
Credit card
42% 37% 28% 39% 45% 51% 57%
instalment plans

Buy now, pay later (BNPL) BNPL schemes

27% 25% 42% 28% 37% 16% 26%
e.g. Atome
A common example of embedded lending in action is on the
checkout page of merchant apps or e-commerce platforms. Along
I prefer to
with various ways to pay, users are offered the option of splitting 42% 48% 43% 44% 35% 42% 33%
pay upfront
their bill into monthly instalments, to be repaid via a BNPL service.

Our research found that while traditional credit card instalment Figure 16 | Preferred pay later methods across ASEAN-6
plans are favoured by 42 per cent of respondents across
ASEAN-6, BNPL has room to grow especially in Indonesia, where
42 per cent say they have used or intend to use BNPL services Question:
Some retailers offer the option of pay later plans for purchases (electronics,
(see Figure 16). As roughly half the population in Indonesia are fashion items, etc). Which pay later methods have you used or intend to use?
unbanked5, with limited access to traditional financial products
Base: All. Total: 4,313 / ID: 652 / MY: 674 / PH: 559 / SG: 1,013 / TH: 665 / VN: 750
like credit cards, BNPL platforms offer users a way to better
manage their monthly cash flow.

Page 24 FinTech in ASEAN 2022

Case studies: Embedded lending

Given the increased interest in the BNPL market, it is expected that Leading BNPL player Atome was first launched in Singapore in 2019 and
digital banks will try to capitalise on the embedded finance trends now operates in 10 markets across Southeast Asia, Greater China and
through their own apps, and on partner platforms. Enter TMRW by Japan. The company aims to empower shoppers by giving them time
UOB, a digital bank which aims to optimise the customer experience flexibility in terms of payments.
through AI-driven insights and a smart savings tool.
On the other hand, merchants who partner Atome can use their model
TMRW’s strategy to adapt their BNPL payment scheme to the rise of of flexible payments to drive sales from new customers in the market.
e-commerce activities is best exemplified through TMRW Pay. With Currently, the company has over 15,000 partnerships with leading online
TMRW Pay, customers can enjoy deferred payment services with zero and offline retailers across the beauty, fashion, fitness, lifestyle and
interest and fees for the first 90 days, instant credit approval, a TMRW homeware industries.
digital bank account and debit card.
To enter new markets, Atome leverages partnerships with existing
In Indonesia, TMRW has worked with partner platforms like Garuda and ecosystems by embedding themselves into them, as well as going directly
Dinomarket to offer TMRW Pay to the platforms' users. This strategy has into the market and serving customers. The former strategy has helped it
allowed TMRW to attract 3-4x more young professionals to their app, overcome market entry hurdles such as language barriers, cultural
while keeping them digitally engaged. preferences, and legal and regulatory framework issues.

We see more industries converging, where banks are orchestrating Verticals and channels are going to see digitalisation and that is
embedded finance plays across ecosystems, be it payments, where embedded finance is going to play a key role. Atome is
lending, or even insurance. As a result, things become more industry agnostic, and we are excited about the prospects of
intuitive relative to the customer's experience. proliferation across all industries, from healthcare to retail to F&B
and travel/hospitality.
Arvid Swartsenburg Umair Javed
Head of Digital Strategy, UOB TMRW Digital Group Head of M&A and Corporate Development,
Advance Intelligence Group

Page 25 FinTech in ASEAN 2022

 $ Earned wage access Partnership model

Earned wage access (EWA), also known as instant pay or 2

1
on-demand pay, is a financial service provided by employers Employee Employer verifies remainder
Employee withdraws
salary with EWA provider
from upcoming salary
to employees – usually hourly wage workers – by giving them then pays balance
access to their accrued salary before the end of their pay
cycle. While the United States and Europe lead the EWA
scene, it is growing rapidly in ASEAN.

EWA provider Employer

There are two main types of EWA models – the partnership
model, and the managed services model. In the partnership Employer reimburses EWA
3 provider for early wage accessed
model, EWA providers give employees early access to their
wages (employers reimburse them after), but the employer is
still responsible for paying out the balance of the wages on
Managed services model
pay day. In the managed services model, employers outsource
the entire payroll function to the EWA provider, and the EWA
provider manages both the early accessed wages and the
eventual payout on payday. 1
Employee
Employee withdraws
from upcoming salary
EWA is increasingly seen as a form of employee benefit. For
employees, EWA helps to cover expenses by providing them EWA provider pays
3
balance salary on payday
with financial flexibility, reducing their need to rely on other
methods of obtaining cash such as high-interest payday loans
and avoiding late credit card and bank overdraft fees.
EWA provider Employer

Employer reimburses EWA

There are, however, some caveats to EWA for service providers 2 provider full monthly salary
and recipients. Some EWA service providers, for example,
might be considered lenders due to their business models and
hence charge fees for their services. Generally, the credit risk Timeline Before payday Payday
of EWA service providers is relatively certain, as the wage
advance is secured by employers. Figure 17 | The two main models for EWA are the partnership model (top)
and the managed services model (bottom)

Page 26 FinTech in ASEAN 2022

Case studies: Earned wage access

Paywatch is a South Korean and Malaysian-based EWA startup that Philippines-based SAVii aims to provide holistic financial assistance to
lets workers withdraw part of their wages before payday and receive salaried borrowers. The company works with over 100 corporate partners
the remaining amount on the actual day. and supports over 400,000 employees by providing the latter with safe,
convenient, and affordable loans and advances on salaries, useful for
It partners with banks that are willing to provide low-cost financing. personal and emergency financial necessities.
When employees withdraw their earnings before payday, bank
partners will provide financing based on how much work has been Such EWA options not only help employees with no prior access to formal
completed to date. credit, but also lets them avoid unlicensed money lenders. The company
believes that in emerging markets where there is a large unbanked or
While Paywatch first tested and incepted the EWA concept in South underbanked population, salary-linked finance is the safest path to
Korea, the company found that ASEAN offered a much stronger product financial inclusion.
market fit. Their clients (usually larger corporations) use EWA to show
care for the wellbeing of their employees. The tailor-made approach SAVii also provides other related services such as mental health support,
has also helped clients ease their retention problems. These valuable on-demand financial education, and insurance products.
features are expected to be applied to Hong Kong and new markets.

EWA is about improving the financial wellbeing of employees. The key to embedded finances is being able to do something
We never allow users to access more than 50 per cent of their different than what you can do on the open market. In this
earned wages at any given time. In Malaysia, employers regard, what we do is work with corporations to embed
usually opt for employees to access between 25–35 per cent of ourselves within those organisations to provide better financial
their earned wages. products to their employees.
Alex Kim Liam Grealish
Co-founder, Paywatch Co-founder and CEO, SAVii

Page 27 FinTech in ASEAN 2022

 Embedded investing

Embedded investing is changing the way companies engage Digital investing is a sizeable market: In our survey, two in three
and work with traditional investment firms. It offers embedders respondents have used digital platforms to invest. Around one
a springboard to seamlessly integrate investing into their in five people have used robo-advisors and/or micro-savings
vertical offerings. Retail investors can then conveniently invest platforms, with Malaysia and Vietnam registering the highest
in a range of products without leaving their favourite social usage for micro-savings platforms at 28 per cent. As financial
media, payments, or lifestyle platform. Robo-advisors and literacy and digital penetration continue to grow, usage of
micro-savings enablers – which we will cover in our case such investment platforms is expected to rise.
studies – are viable starting points as they have a relatively
low barrier to entry.

Cryptocurrency exchanges 30%

Traditional online brokerages 24%

Online-only trading platforms 24%

Non-bank robo-advisors 22% With one in five respondents

stating usage of robo-advisors
Micro-savings cum investment platforms 20% and/or micro-savings platforms,
these offer a viable starting point
Bank-backed robo-advisors 19% to foster investment intent

No, I have not invested digitally 34%

Figure 18 | Digital investment platform preferences in ASEAN-5

(data for the Philippines was not available)

Question:
Have you invested using digital trading and wealth management platforms?
If yes, which are the type of platforms that you have invested your funds in?

Base: All (excluding the Philippines). Total: 3,754 / ID: 652 / MY: 674 / SG: 1,013 / TH: 665 / VN: 750

Page 28 FinTech in ASEAN 2022

Case studies: Embedded investing

Australia-based Raiz, with its micro-investing app of the same name, UOBAM Robo-Invest is Singapore’s first robo-advisory service on a
is attracting users who wish to invest through round-ups, recurring mobile wallet (Singtel Dash). It is designed to help customers invest in
investments and lump sum deposits. portfolios with a focus on Environmental, Social and Governance (ESG)
factors, based on risk appetite and a view for the long-term.
Having expanded its operations to Malaysia and Indonesia, Raiz
enables users to invest the rounded-up amounts of daily purchases UOBAM’s partnership with Dash is part of the firm’s strategy to be
into a diversified portfolio of exchange traded funds (ETFs), helped by present in popular platforms to reach out to a wider audience. From
its ability to track credit and debit cards, as well as bank accounts. UOBAM’s experience, an embedded experience is only successful when
a seamless user journey ensues. This can only be achieved when API
Users can even pair this micro-investing strategy with a recurring connectivity is obtained and ready for partners to adopt.
investment plan or if there is additional cash, to consider a lump
sum investment. Being API-ready allows UOBAM to achieve greater reach and flexibility
when it comes to working with partners and their platforms – thus
increasing its pool of potential partnerships.

Once enablers and embedders are digitally ready, then positioning for
regulatory requirements and delivering on services can follow.
Raiz has helped kick-start the investment journey and savings
habit of many users. Through its micro-investing platform and
automated round-up feature, the technology makes it easy for
anyone to start investing in small amounts, even if it is just your
spare change.
We want to be present in the places and platforms where
Aidi Izham people are converging. We want to be where consumers are
Chief Executive/Executive Director, Raiz
and look at opportunities from that angle.
Rachel Ong
Deputy CMO, Head of Digital Business,
UOB Asset Management

Page 29 FinTech in ASEAN 2022

 Embedded insurance

Embedded insurance is the offering of relevant and tailored From our research, there has been a 7 percentage point increase in the
insurance to customers whenever they need it most. average number of people purchasing insurance online across ASEAN-6,
with insurance provider sites and apps coming out tops as the preferred
By integrating insurance within consumer platforms, consumers platform (58 per cent).
can enjoy the convenience of context-specific coverage along
their purchase journey. For insurers and businesses, this presents However, embedded insurance platforms such as e-commerce apps and
a strong value proposition for customers, besides enabling travel sites are showing promising signs in five out of six countries (Malaysia,
significant opportunities for brand building, increased revenue Thailand, Vietnam, Indonesia, and the Philippines), where respondents
and forging customer loyalty over the long-term. appear to be more receptive to purchasing insurance through them.

ASEAN-6

Insurance provider sites/apps 58% 69% 47% 57% 49% 66% 51%

E-commerce sites/apps 34% 18% 47% 33% 37% 44% 36%

Travel sites/apps 33% 27% 49% 28% 33% 32% 37%

Insurance comparison sites 26% 21% 24% 25% 30% 27% 31%

Product sites 22% 16% 21% 20% 22% 21% 31%

Online marketplaces 18% 17% 20% 17% 20% 22% 17%

Figure 19 | Online insurance platforms used by respondents across ASEAN-6

Question:
Which platform(s) did you purchase the online insurance from?

Base: Those who have purchased insurance online. Total: 2,223 / ID: 260 / MY: 365 / PH: 201 / SG: 547 / TH: 391 / VN: 459

Page 30 FinTech in ASEAN 2022

Case studies: Embedded insurance

Singapore-based Carro is Southeast Asia’s largest online automotive

marketplace. It has a strong presence in Asia Pacific across countries With Carro, our customer's car journey doesn't end when they
like Singapore, Indonesia, Thailand, Malaysia and Vietnam. drive out the door, because we believe in being there for every
step of the way. By offering ancillaries like insurance, motor
Carro’s services extend across the whole spectrum of the car ownership workshops and financing, we continue to provide a lifespan's
worth of value for them and their car — a one-stop solution for
experience, including financing solutions, insurance products, and
all their auto needs.
maintenance and repair services. The company has pioneered unique
Joolin Chuah
services such as contactless online car purchases, car rental subscriptions,
Chief of Staff, Carro
as well as usage-based insurance in partnership with various insurance
providers and distributed by its subsidiary, Genie Financial Services.

The company intends to diversify its range of service offerings,

specifically in the embedded segment, to further tap benefits and
any future developments.

Explore the data

Case studies of
embedded apps

Page 31 FinTech in ASEAN 2022

 Modernising traditional industries
Currently, much of the embedded finance in ASEAN is seen in ecosystems
such as e-commerce and retail, food delivery and mobility, and superapps
like Grab and Gojek. However, many industries in Southeast Asia have
yet to be digitised, such as education, healthcare, agriculture, property
and logistics. FinTechs play an important role in supporting small and
medium-sized enterprises from these largely untapped segments in
finding new business opportunities and staying competitive in the digital
BNPL
age. Building a portable, secure FinTech product that can be scaled
$
across multiple industries quickly will open doors for profitable partnerships.

In addition, as digital natives mature and a larger percentage of customers

become more proficient at using technology, this will widen the pool of
consumers and businesses who are open to leveraging financial services
via digital platforms. The fundamental shift in consumer behaviour will
continue to fuel the usage of embedded financial services.

Looking ahead: Southeast Asia is still emerging. There are still many industries –
education, healthcare, logistics – that need to be digitised. FinTech
What’s next for (in these verticals) is the most glaringly obvious right now, which is
why there's so much focus on that and so much capital pouring in.
embedded finance?
Justin Hall
Partner, Golden Gate Ventures

Page 32 FinTech in ASEAN 2022

Monetising virtual worlds Regulation must keep pace with industry changes
The heightened anticipation around Web3 and the As non-financial entities begin offering financial services, should they be subject to the same
metaverse is paving the way for gaming and digital asset stringent regulations as financial institutions, or should they self-regulate? How can existing
companies to enter the FinTech fray. Understanding how regulations better keep up with fast-evolving business models and the democratisation
cryptocurrencies and digital tokens can be embedded of finance?
within a user’s journey in the virtual world is imperative
for financial players to remain relevant amid a rapidly In an embedded finance relationship, the minimum requirement is for the financial institution or
changing world. provider to be regulated and become a “sponsor” of the partnership8. While the bank or financial
entity is accountable to the non-financial partner, there are legal and compliance obligations
Take for example, NFTs. They are no longer just unique that must be fulfilled by both parties. Some regulatory examples would be KYC guidelines for the
JPEGs without utility, with recent developments showing user, and other transactional rules that may vary by country.
how they can be used as part of P2E (Play-to-Earn)
games6. Axie Infinity , an NFT-based online video game Consistent and meaningful dialogue between regulators and the expanding ecosystem players
developed by Vietnamese game studio Sky Mavis, will be key to this transition. Rather than lift regulations for non-financial companies, enacting an
recorded US$3.5 billion7 in NFT transactions in 2021 which adaptable and tailored layer of directives could maintain some form of accountability as well as
at that time, accounted for two-thirds of the blockchain reliability. Regulators across ASEAN face tough decisions and will need to balance out access to
gaming space’s total transaction volume. financial services, while ensuring that consumers are not disadvantaged in that process.

Another fast-growing development concerns the moneti-

sation of virtual worlds. Metaverses like Decentraland
and The Sandbox allow players to purchase, rent and sell
Regulators need to ensure that Regulation across various areas, from
lands, and transactions are done via respective native regulations remain competitive and digital bank licenses to open finance
cryptocurrencies. The likes of PayPal and Mastercard not overly complex, so that businesses sandboxes and cryptocurrency rules, is
have also lent some form of credibility to the future of can adapt and comply with these making it easier for more complex and
cryptocurrencies by allowing people to purchase crypto regulations. impactful FinTech companies to be
built.
assets through their respective products.

Jeanette Lee Tan Yinglan

As more institutions and businesses stake a claim in the General Manager of the SIA Lifestyle Founding Managing Partner,
world of blockchain and the metaverse, mainstream Ecosystem and Head, Kris+ Insignia Ventures Partners
adoption is underway. This is a space to watch.

Page 33 FinTech in ASEAN 2022

 Indonesia
FinTech developments across ASEAN-6

Quick Facts
Opportunities in FinTech continue to abound, albeit
having a lower adoption rate in the country Population size (2022) : 276 million
Median age (2022) : 31.1 years
e-Wallets have become increasingly popular for both online and Internet penetration rate (2020) : 54%
offline transactions. More offline merchants have started to Smartphone penetration rate (2020) : 77% (2025 est. 88%)
apply a “no-cash” policy, accepting only cashless payment
methods from their customers.
FinTech Regulators
In January 2022, the Financial Services Authority (OJK) completed
the licensing process for all peer-to-peer (P2P) lending platforms, Bank of Indonesia (Payments)
a major achievement given the large number of P2P lending Otoritas Jasa Keuangan (Financial Services Authority)
platforms established. As of 3 March 2022, there were 102
licensed P2P lending platforms.
Regulatory Sandbox

The recognition of digital banks as a subcategory of Yes

commercial banks in Indonesia has helped fuel mergers
and acquisitions (M&A) activities even more, as it provides
further legal certainty on the OJK’s approach in relation to FinTech Associations
digital banks
Indonesian FinTech Association
Indonesian Sharia FinTech Association
It is likely that "backstage" enablers – e.g, payment gateways
and APIs in the payments sector, credit scoring in the lending
Indonesian Joint Funding FinTech Association
and investment sectors, and e-KYC – will start to receive
more attention.

There will also be further M&A activities as FinTech groups

continue to add more licensed entities into their ecosystems to
increase the breadth of their product offerings within Indonesia.

Page 34 FinTech in ASEAN 2022

Malaysia
Quick Facts
Malaysia becomes the second ASEAN-6 country after Singapore to issue
digital banking licences to five successful applicants Population size (2022) : 33 million
Median age (2022) : 29.2 years
Malaysia will issue its digital bank licences in a phased approach across
Internet penetration rate (2020) : 90%
two stages: First, ‘Restricted’ licences with lower paid-up capital, then ‘Full’
Smartphone penetration rate (2020) : 86% (2025 est. 92%)
status licences once milestones are met without supervisory concerns.

Both SEA Group and GXS Bank also made BNM’s pick after having secured
Singapore’s digital bank licence. FinTech Regulators

Both consortia led by AEON and KAF Investment Bank respectively are Bank Negara Malaysia (BNM)
licensed under the Islamic Financial Services Act. Securities Commission Malaysia (SC)

BNM continues to promote a progressive and inclusive financial system

Regulatory Sandbox
As there is no FinTech-specific legislation in Malaysia, BNM or the SC regulate
FinTech industry participants to the extent that it engages in a regulated Yes
business or activity falling within their respective jurisdictions.

The BNM also laid out major developmental and regulatory priorities for the FinTech Associations
next five years (2022-2026) in a new financial sector roadmap (Blueprint 3.0).
Some of these goals will include supporting technology and data-driven
FinTech Association of Malaysia
innovation, improving the financial sector’s competitiveness as well as ensuring
financial intermediation stays effective to meet the economy’s future demands.

To promote the P2P financing and equity crowd-funding (ECF) markets, authori-
ties also play a part by increasing their investment through the Malaysia
Co-Investment Fund (“MyCIF”) – allocating MYR50 million and MYR30 million in
matching grants for P2P financing and ECF respectively.

Opportunities for FinTech growth in Islamic Banking as market remains nascent

Amid firmly established local banks with Islamic financial offerings, Malaysia's
FinTechs are making gradual progress in a vibrant Islamic finance market.

Malaysia has yet to see funding rounds beyond the hundred-million-dollar

ticket size for Islamic FinTech companies as the sector finds ways to bring its
offerings to scale.

Page 35 FinTech in ASEAN 2022

The Philippines
Quick Facts
Initiatives from BSP to support the continued growth and maturity
of FinTech in the Philippines Population size (2022) : 112.5 million
Median age (2022) : 24.1 years
PESONet and InstaPay were named as Prominently Important Payment Internet penetration rate (2020) : 50%
Systems (PIPS) pursuant to the National Payment Systems Act. PESONet is
Smartphone penetration rate (2020) : 78% (2025 est. 86%)
a batch electronic fund transfer service and is a viable alternative for
checks and recurring payments. InstaPay is a real-time, low-value
payment substitute for cash transactions.
FinTech Regulators
A third phase of sustainability-related regulations recently launched, with
Bangko Sentral ng Pilipinas (BSP)
the release of draft guidelines on the integration of sustainability
Securities and Exchange Commission
principles in banks’ investment activities. It sets out the expectations on
the integration of sustainability principles in banks’ core strategies, Insurance Commission
governance, and risk management frameworks, especially in the areas of
credit and operational risks.
Regulatory Sandbox
Financial institutions were urged to adopt robust control measures
against cyber attacks on retail electronic payments and financial services Yes
(EPFS) due to the increasing shift to digital channels.

FinTech Associations
Opportunities for FinTech growth as developments have been slow
but steady FinTech Philippines Association
FinTech Alliance.PH
To date, some 66 per cent of Filipinos remain unbanked, catapulting the Philippines
to fourth place among the world’s most unbanked countries. This environment is
highly conducive for FinTech platforms to flourish and address the financial divide.

FinTech firms that provide micro, small and medium-sized enterprises (MSMEs)
solutions and / or enablement, such as NextPay, will also be highly relevant.
With over 99 per cent of business enterprises in the Philippines classified as
MSMEs, MSME survival is critical to the national economy.

The Philippine Stock Exchange (PSE) is reportedly planning a cryptocurrency

exchange. Meanwhile, the Union Bank of the Philippines (UnionBank), is piloting
a new digital asset custody service in partnership with digital asset specialist
Hex Trust.

Page 36 FinTech in ASEAN 2022

Singapore
Quick Facts
Launch of four digital banks boosts financial services landscape
Population size (2022) : 5.45 million
Singapore's first digital wholesale bank, Green Link Digital Bank went live in June
2022, with ANEXT Bank launching just a week later. Both banks aim to provide Median age (2022) : 35.6 years
MSMEs with innovative financial services. Internet penetration rate (2020) : 92%
Smartphone penetration rate (2020) : 88% (2025 est. 93%)
In September 2022, the country saw both Trust Bank and GXS Bank launch their
range of financial products as competition in the digital banking space heats up.
FinTech Regulators
ESG and cross-border payments continue to feature heavily on
regulator’s agenda Monetary Authority of Singapore

Singapore aims to become the regional green finance hub by promoting

sustainability through Green Finance Action Plan and ESG Impact Hub. These
Regulatory Sandbox
initiatives will help drive collaboration between ESG FinTech startups and
solution providers, financial institutions and real economy stakeholders.
Yes
After the success in linking its payment system PayNow with Thailand’s
PromptPay, Singapore looks set to continue with linkages to India’s Unified
FinTech Associations
Payment Interface and Malaysia’s DuitNow.

Singapore FinTech Association

Tighter regulations around cryptocurrencies and BNPL

The Financial Services and Markets Bill 2022 was introduced to tighten
cryptocurrency regulation on companies that have a local presence in the market
but offer digital token services outside of Singapore.

Published guidelines on 17 January 2022 instruct the market to halt the advertising
of offerings to retail investors in public spaces, citing concerns about the “risky”
nature of such investments. Operators of crypto ATMs were forced to shut down
their machines after the MAS outlawed cash-to-crypto terminals.

The industry code of conduct announced on 20 October 2022 by a working group

that includes SFA, BNPL players and under the guidance of MAS, sets the guidelines
for BNPL operation with the aim to protect consumers.

Published consultation papers on 26 October 2022 propose measures to reduce

risks to consumers from cryptocurrency trading and enhance standards of stable
coin-related activities.

Page 37 FinTech in ASEAN 2022

Thailand
Quick Facts
Regulatory developments continue apace, with new rules on cryptocurrencies
and digital assets Population size (2022) : 70 million
Median age (2022) : 39 years
The Bank of Thailand (BOT) intends to jointly develop a payment system with Internet penetration rate (2020) : 78%
commercial banks and has developed a cross-border prototype with the
Smartphone penetration rate (2020) : 81% (2025 est. 89%)
Hong Kong Monetary Authority.

Public trials for the BOT retail central bank digital currency to commence in
FinTech Regulators
late 2022.

Ministry of Finance (Financial Services, Securities)

Regulatory Regime for Digital Assets: Additional requirements for the issuance
Bank of Thailand (BOT)
of real estate-backed digital tokens with the aim of bridging a gap in
regulations between real estate-backed digital tokens and real estate Securities and Exchange Commision (SEC)
investment trusts. Office of Insurance Committee

Implementation of the Personal Data Protection Act in June 2022.

Regulatory Sandbox
Thailand's central bank plans to allow banks to invest more than a current
limit of 3 per cent of their capital funds in FinTech, except for digital assets.
Yes

Initiatives by the BOT to develop its policies and direction for repositioning FinTech Associations
the Thai financial sector in the new landscape
Thai FinTech Association
Open competition expands the business scope and provides more flexibility to
the financial sector as well as new entrants to the market, open infrastructure
allows more financial service providers to access key infrastructure at fair
and reasonable costs, open data enables better utilisation of data to support
the development of better financial services while ensuring appropriate
data governance.

Around THB 2.5 billion is set aside for digital development projects, subject to
be financed by the Digital Economy and Society Development Fund, in the
2022 fiscal year.

On 2 February 2022, eight digital projects worth a combined THB 1 billion were
approved, which will be pursued by the Digital Economy Promotion Agency.

Page 38 FinTech in ASEAN 2022

Vietnam
Quick Facts
Vietnamese FinTechs have shown great potential, contributing to
ASEAN's FinTech growth Population size (2022) : 99 million
Median age (2022) : 31.9 years
The FinTech ecosystem in Vietnam is developing fast, with more than 200 Internet penetration rate (2020) : 70%
companies in operation. Smartphone penetration rate (2020) : 62% (2025 est. 85%)

E-wallets and online payments are the leaders, followed by P2P lending
and blockchain entities. FinTech Regulators

Over 2022, the e-wallet market will be fiercely competitive, possibly State Bank of Vietnam (Finance matters)
promoting e-wallet providers to merge into a few top superapps in order
Ministry of Public Security (Data privacy and cybersecurity)
to dominate the market.

Increased Government intervention to revolutionise legal and Regulatory Sandbox

regulatory frameworks and develop a Regulatory Sandbox
Proposal Stage
Vietnam is the only ASEAN-6 country which does not have a regulatory
sandbox at the start of 2022. It is also one of the few that does not have
FinTech Associations
established regulations and legal frameworks.

Previously, Vietnam had a “wait and see” approach where regulators Vietnam FinTech Club
played an observant role. In 2022, the State Bank of Vietnam announced
plans to develop a regulatory sandbox for FinTech companies as it looks to
gather feedback on draft regulations for the sector.

Page 39 FinTech in ASEAN 2022

 Interviewee profiles Jeanette Lee
Wilson Beh
President, FinTech Association of Malaysia General Manager of the SIA
Lifestyle Ecosystem and Head, Kris+
FinTech Association of Malaysia (FAOM) is the
national FinTech platform founded in 2016. Its Kris+ by Singapore Airlines is a lifestyle
main objectives are to accelerate innovation in rewards app that brings payments,
the financial sector, connecting entrepreneurs rewards and its group assets KrisShop and
Scott Krivokopich
and startups in their initial steps and be the Pelago under one platform, offering the
Co-founder and Managing Partner,
catalyst toward better national policies, best miles earn rate across dining and
1982 Ventures
legislation and regulations in FinTech. retail partners in Singapore.
1982 Ventures is the leading seed fund
investing in FinTech start-ups in Southeast
Asia. 1982 Ventures focuses on being the
first port of call for FinTech founders and
the first money in.
Justin Hall Alex Kim
Partner, Golden Gate Ventures Co-founder, Paywatch

Golden Gate Ventures is a venture capital fund in Paywatch is the only earned wage access
Southeast Asia founded by Silicon Valley natives. provider in Asia partnered with major
Since 2011, the firm has launched four funds, banks and recognised by the UN for its
managing a portfolio of US$250M AUM across commitment to promoting financial inclusion.
Umair Javed more than 60 companies. Our mission is to
Head of M&A and Corporate empower the audacious: we believe in
Development, Advance Intelligence Group empowering founders who are risk-takers, who
(Parent company of Atome) dare to challenge the norms, and who leverage
technology to change the way the world works.
Founded in 2016, Advance Intelligence
Weisheng Neo
Group is one of the largest
Partner, Qualgro
independent technology startups
headquartered in Singapore and
Qualgro is a leading tech venture capital
leverages innovative technology and
Ben Cheah firm in Southeast Asia, in areas such as
partnerships to build an ecosystem of
Partner, InnoVen Capital Data, AI, and Software. We invest across
products and services serving
Southeast Asia, mainly at Series A and B.
consumers, enterprises and merchants.
InnoVen Capital is Asia’s leading venture debt
platform providing debt capital to high-growth
venture-backed startups with a portfolio of over
300 market leaders from a range of industry
verticals in Asia.

James Tan
Managing Partner, Quest Ventures
Joolin Chuah
Chief of Staff, Carro Quest Ventures is a top venture capital
Tan Yinglan firm in Asia. Its portfolio of 100+
CARRO is SEA’s #1 online car marketplace venture-backed companies operate in
Founding Managing Partner,
providing innovative, full-stack car more than 150 cities across Asia, creating
Insignia Ventures Partners
ownership services. Genie Financial employment and advancement
Services is a subsidiary that provides Insignia Ventures Partners is an early-stage opportunities for more than 4,400
competitive auto financing options. technology venture capital firm founded in 2017 employees, while its Enterprise and ESG
investing in Southeast Asia's most influential efforts directly impact thousands more.
technology companies, including unicorns Carro,
Ajaib, and GoTo and category leaders Payfazz,
tonik, and Flip.

Page 40 FinTech in ASEAN 2022

 Aidi Izham
Chief Executive/ Executive Director, Raiz
Rachel Ong
Raiz (ASX:RZI) is a multi-award-winning Deputy CMO, Head of Digital Business,
micro-investing platform with operations in UOBAM
Frank T. Troise
Australia and Southeast Asia. With Raiz,
Managing Partner and CEO, SoHo Advisors With more than 35 years of experience in
users can automatically invest the virtual
‘spare change’ from their daily purchases fund management and an extensive
SoHo is APAC’s leading merchant bank for
into diversified portfolios. Since launching local presence in Asia, UOB Asset
Sustainability and FinTech. The firm’s
in 2016 Raiz has achieved solid growth, Management manages more than S$33
advisors consist of leading investment
amassing more than 3.1 million downloads, billion in clients’ assets.
bankers, operating executives and
over 3,080,000 signups, and over 671,000
policy-makers.
active monthly customers with close to
A$1 billion Funds under Management as at
30 September 2022. Raiz is ramping up its
growth strategy across Asia Pacific, with
offices in Malaysia and Indonesia with
plans to expand into Thailand and Vietnam.
Liu Gen Ping
Partner, Vertex Ventures

Chonladet Khemarattana Vertex Ventures Southeast Asia and India

President, Thai FinTech Association invests in high-growth startups seeking
their first round of institutional venture
Liam Grealish Thai FinTech Association (TFA) is a capital funding in Southeast Asia and
Co-founder and CEO, SAVii non-profit organisation established in India, with a primary focus on Singapore,
2016 with the purpose to encourage the India, Indonesia, Thailand and other
SAVii was founded in 2016 to empower cooperation from stakeholders in all emerging hubs of innovation across the
hardworking Filipinos through the salary sectors to develop Thai FinTech industry region. It has a long and strong track
link. Today, SAVii delivers financial power for sustainable growth internationally. The record of investing in early-stage startups
at work to 100+ corporate employer association also acts as a liaison between and building champions like Grab,
partners through safe and affordable FinTech companies and the government, Patsnap, 17Live, Nium, FirstCry, Licious,
customized financial solutions paired with including its various regulatory arms. AsianParent, Validus, Warung Pintar, and
education - designed to enhance others.
employee wellness. They have over
450,000 employee customers, and are
taking their first steps into India this year.

Arvid Swartsenburg Nguyen Huu Tuat

Head of Digital Strategy, Co-founder and CEO of NextPay Group,
Mazlin Erawati UOB TMRW Digital Group Vietnam Fintech Club
CEO, Setel
UOB TMRW is a digital platform serving all Vietnam FinTech Club (VietFinTech) is a
Launched in January 2020, Setel is a mobile voluntary and self-governed body
of UOB’s customers. UOB TMRW provides
platform that aims to make everyday life established under Decision No.
digital adaptive banking through a
simpler and better by innovating for better, 119/QĐ-HHNH of the Vietnam Banks
data-driven digital banking experience
inclusive mobility. Setel is delighting Association. Its mission is to create an
that is simple, seamless and personalised.
customers at Petronas stations nationwide ecosystem that enables Vietnam to
with a seamless and customised leverage the potential to become a
retail-on-the-go experience, now joined by world-class FinTech Hub.
online merchants and retail partners.

Page 41 FinTech in ASEAN 2022

 Staying resolute: Finance everywhere:
ASEAN funding braces for winter Businesses try on FinTech
1 4
The term ‘funding’ in this chapter includes all 2020/09 Global Loyalty
In a Business Wire article (2020/09
disclosed funding rounds categorised as ‘pre-series’, Programs Market
Programs Market Analysis,
Analysis, Trends,
Trends, and
and Forecasts,
Forecasts,
‘early stage rounds’, ‘late stage rounds’, ‘private 2019-2024 by SpendEdge), the report by SpendEdge
equity’ and ‘venture debt’ provided on data platform states that the global market for loyalty programmes
Tracxn under its FinTech practice area. It does not is expected to grow over $200 billion by 2024.
include companies solely funded by grants,
5
conventional debt, mergers and acquisitions, initial In an ISEAS-Yusof Ishak Institute article by Irni
coin offerings (ICOs) and post-initial public offerings Rahmayani Johan (2022/5 Tackling the Challenges of
(IPOs). Our tabulations do not include investments Financial Inclusion and Illegal Lending in Indonesia)
Indonesia),
into Grab and Gojek (as their core business is the author puts Indonesia's unbanked numbers at 51
categorised as transportation and delivery), but we per cent or 92 million adults, with a further 26 per cent
have included Grab Financial Group’s US$300 million underbanked.
raise last year.
6
In NFT-driven P2E games, the in-game assets are

Appendix 2
The countries included in ASEAN’s FinTech funding
count here are Cambodia, Indonesia, Malaysia,
usually in the shape of NFTs that are minted by game
developers. The virtual items can be earned or
Myanmar, the Philippines, Singapore, Thailand and purchased by players and can be traded for fiat
Vietnam. Brunei Darussalam and Laos were not money.
included as there were no funding rounds recorded
7
between 2018–YTD 2022, based on Tracxn data. According to NonFungible.com's Yearly Yearly Trends
Trends
Report 2021, Axie Infinity led the blockchain gaming
3
The number of FinTech firms set up and in operation space with US$3.5 billion in NFT transactions – four
in this year’s report differs from last year due to a times more than second-placed NBA Top Shot
significant recategorisation of some companies into (US$827 million). Despite the bearish outlook for
the FinTech vertical on data platform Tracxn. As more cryptocurrencies this year, Web3 games and
companies expand their services into different areas metaverse projects are still attracting large investments,
of FinTech (for example, NFT firms), these companies including US$150 million in funding for Sky Mavis.
will be retrospectively added to the tally.
8
The role of a financial institution or provider as a
'sponsor' of the embedded partnership is described in
a report by Goldman Sachs, titled The embedded
embedded
finance journey:
finance journey: Innovation
Innovation that
that differentiates
differentiates the
the
customer experience
experience. The report briefly mentions the
current regulatory environment for participants within
an embedded finance relationship.

Page 42 FinTech in ASEAN 2022

 Where do you currently live?
Jakarta
49%
Ho Chi Minh City
Bandung
54%
16%
Hanoi
Surabaya
46%
16%
Others
19%

Vietnam Indonesia

Survey Singapore
Singapore Malaysia
Kuala Lumpur
59%

respondents
100%
Johor
21%
The
Penang
Philippines Thailand
20%

Metro Manila Bangkok

55% 64%
Cebu City Nonthaburi
7% 11%
Davao City Samut Prakan
6% 10%
Others Others
32% 14%

Page 43 FinTech in ASEAN 2022

Survey respondents
Age Gender Income

ASEAN-6 20.8% 30.2% 18.8% 18.9% 11.3% 49.5% 50.4% 57.5% 33.3% 9.2%

27.8% 33.1% 14.9% 18.6% 5.7% 46.0% 54.0% 31.9% 52.1% 16.0%

24.8% 36.8% 21.8% 11.1% 5.5% 51.3% 48.7% 55.5% 39.8% 4.7%

19.0% 20.8% 19.5% 21.5% 19.3% 47.9% 51.9%

39.0% 50.3% 10.7%

13.7% 27.0% 25.8% 22.8% 10.7% 48.9% 50.8% 71.5% 18.6% 10.0%

8.7% 17.3% 16.5% 31.1% 26.3% 47.2% 52.8% 52.9% 32.8% 14.3%

32.7% 44.4% 11.9% 8.0% 3.1% 54.8% 45.2% 80.8% 18.7% 0.5%

18-25 years 26-35 years 36-45 years 46-55 years 56-65 years Male Female Mass Mass Affluent Affluent

Page 44 FinTech in ASEAN 2022

Taxonomy and definitions

Tracxn Tracxn
Categories Focus Categories Focus
classification classification

Online lending platforms (including balance Companies offering platforms for retail and
Alternative sheet lenders, marketplaces, P2P lenders as institutional investors to research and invest in
Investment
Alternative Lending well as lead generators) and companies that multiple financial assets. Also includes companies
Tech
Lending enable online lending. offering solutions to financial institutions providing
investment related services.
Online platforms where people, organisations
Investment
Crowdfunding raise money from the masses, for various Companies that provide automated investment
Tech
projects and causes. and advisory services with little or minimal human
RoboAdvisors
intervention. Also includes companies that provide
Companies which provide Tech solutions primarily white label robo advisory platforms/software.
Banking Tech Banking Tech for banking industry including software, innovative
hardware, and Tech-enabled services. Wealth
Management Companies providing wealth management platforms.
Companies which leverage the blockchain Platforms
Blockchain
Blockchain in technology to cater to the financial sector. Also
in Financial Companies providing cross-border money transfer
Financial Services includes companies providing financial services Remittance
Services solutions and services to consumers and enterprises.
related to NFTs.
Companies which provide tech solutions, including
All companies that provide bitcoin and other
Cryptocurrencies Cryptocurrencies Forex Tech internet-first platforms and software for forex market
digital currency products and services.
which includes currency exchange and currency investments.
Tools or software for automating functions
Finance and Finance and Payments Companies which participate in traditional web
of finance and accounting department of
Accounting Tech Accounting Tech based and offline payment cycle. Also includes
an organization.
Payments companies which provide alternative mode of
payment, companies which support the payment
Companies which provide software products and
Insurance IT companies in terms of security, analytics, platform etc.
data solutions primarily for the insurance industry.

Companies which provide tech platforms to Mobile Companies offering solutions to make and (or) accept
Internet First Payments payment via mobile.
InsurTech consumers for purchasing and managing their
Insurance Platforms
insurance.
Companies offering a range of tech products primarily
Companies which provide employers with solutions RegTech RegTech for financial institutions and regulators for efficient
Employer Insurance
for managing employee insurance benefits. implementation and monitoring of financial regulations.

FinTech solutions are grouped by categories based on Tracxn’s taxonomy for the FinTech practice area.

Page 45 FinTech in ASEAN 2022

Acknowledgements

UOB PwC Singapore UOB Tech Start-up Ecosystem information,

insights and events:
Group Channels and Group Strategic Wanyi Wong
www.uobgroup.com/techecosystem
Digitalisation Communications and Brand FinTech Leader
UOB general FinTech enquiries:
Janet Young Wendy Wan Conal McMahon
[email protected]
Managing Director and Head Senior Vice President Head, Market Intelligence
and Insights
A big thank you for supporting this
Arthur Leong Andrew Low
report and contributing valuable insights
Executive Director Vice President Shu Ning Lim
to FinTech in ASEAN:
Director, Financial Services
Jane Goh Lim Jing Wen
VCs and funding partners:
First Vice President Assistant Vice President
1982 Ventures, Golden Gate Ventures,
InnoVen Capital, Insignia Ventures
Lennie Chan
Partners, Qualgro, Quest Ventures, SoHo
First Vice President
Advisors, Vertex Ventures
Singapore FinTech Association
Damien Neo
Shadab Taiyabi FinTech embedders/enablers:
Vice President
President Advance Intelligence Group, Carro, Kris+,
Paywatch, Raiz, SAVii, Setel, TMRW, UOB
Mcken Wong
Reuben Lim Asset Management
Assistant Vice President
Chief Operating Officer
Regional FinTech associations:
Henry Wat
FinTech Association of Malaysia, Thai
Manager
FinTech Association, Vietnam FinTech Club

Yang Kun
Senior Officer

Page 46 FinTech in ASEAN 2022

About

UOB is a leading bank in Asia with a global network of around At PwC, our purpose is to build trust in society and In Singapore, we have more than 3,500 partners and
500 offices in 19 countries and territories in Asia Pacific, solve important problems - this is at the core of staff to help resolve complex issues and identify
Europe and North America. Since its incorporation in 1935, everything we do from the value we provide to our opportunities for public, private and government
UOB has grown organically and through a series of strategic clients and society to the decisions we make as a firm. organisations to progress. As part of the PwC
acquisitions. UOB is rated among the world’s top banks: Aa1 network of nearly 328,000 people in 152 countries, we
by Moody’s Investors Service and AA- by both S&P Global Our services started with audit and assurance over a are among the leading professional services networks
Ratings and Fitch Ratings. In Asia, UOB operates through its century ago. As times change and the issues faced by in the world focusing on helping organisations and
head office in Singapore and banking subsidiaries in China, businesses and individuals evolved, we have developed individuals create the value they are looking for.
Indonesia, Malaysia, Thailand and Vietnam, as well as branches specialised capabilities in tax, advisory and consulting

and representative offices across the region. to help you address emerging new challenges across Find out more and tell us what matters to you by
focus areas like ESG, sustainability and climate visiting us at www.pwc.com/sg.
Over more than eight decades, generations of UOB employees change, digital transformation, cyber security and
have carried through the entrepreneurial spirit, the focus on privacy, data, mergers and acquisitions, and more.
long-term value creation and an unwavering commitment to
do what is right for our customers and our colleagues.

We believe in being a responsible financial services provider

and we are committed to making a difference in the lives of
our stakeholders and in the communities in which we operate.
The Singapore FinTech Association (SFA) is a To further its purpose, the SFA also partners with
Just as we are dedicated to helping our customers manage
cross-industry non-profit organisation. Its purpose is institutions and associations from Singapore and
their finances wisely and to grow their businesses, UOB is
to support the development of the FinTech industry in globally to cooperate on initiatives relating to the
steadfast in our support of social development, particularly in
Singapore and facilitate collaboration among the FinTech industry. Well-connected globally, the SFA
the areas of art, children and education.
participants and stakeholders. The SFA is a has signed over 70 international Memorandum of
Find out more at www.uobgroup.com. member-based organisation with over 800+ members. Understanding (MoU) to lay the network for its members
It represents the full range of stakeholders in the and ecosystem.
FinTech industry, from early-stage innovative companies
to large financial players and service providers. For more information visit https://singaporefintech.org.

Page 47 FinTech in ASEAN 2022

Important notice and disclaimers:

This publication is for general information and discussion only. It does not constitute an offer, an invitation to offer, a solicitation or a recommendation to enter into or conclude any transaction and
shall not be copied or relied on by anyone. Nothing in this document constitutes accounting, legal, regulatory, tax, financial or other advice. The information contained in this publication, including
any data, projections and underlying assumptions, are based on certain assumptions, management forecasts and analysis of known information and reflects prevailing conditions as of the date of
the articles, all of which are subject to change at any time without notice. While the information provided herein has been obtained from sources believed to be reliable as at the date of printing,
United Overseas Bank Limited (”UOB”), PricewaterhouseCoopers Risk Services Pte. Ltd. (“PwC Singapore”) and Singapore FinTech Association (“SFA”) and their respective employees make no
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accept no liability for any error, inaccuracy, omission or any consequence or any loss/damage howsoever suffered by any person, arising from any reliance by any person on the views expressed or
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