2025年东盟金融科技：驾驭现实

Contents ForewordExecutivesummary2A measured market3FinTech funding trends5FinTechs in focus13FinTech exit trends16Realitybitesback18It's time to be realistic26References27 Foreword Over the past decade, ASEAN's FinTech sector has evolved from aα disruptive upstart to amaturing industry focusecl on sustoinalbility cnd profitcibility. The region's fundamentals remoinα drcw to investors c rising miclclle class with α vaist underserved population, ci thriving cligitaleconomy, cind strong support fro m regulcitors. 丰UOB Amidst increasing global volatility, the region's FinTech industry faces α new set af challenges. While gilobcl FinTech funding reboundecl by 13 per cent yecir-on-year (YoY) to US27.8 billionin 9M. 2025, ASEAN's momentum hcs easecl, fcilling to USS835 million from USS1.3 billion,unclerscoring a shift towordis consolidlation ond disciplined co pital cleployment. Despite the slowclown in dea) cctivity, funcling rounds hcrve lbecome lcirger, clloccted to industryfrontrunners with proven track records. pwc The heodline numbers ond underlyingi signals portroy a shifting lcinclscape. FinTech firms thatembroce executional excellence with c clecr path to profitability will co ntinue to ottrcict investorinterest. But as Al advcances, firms that cire truly Al-native moy well be the clear winners of thenext decode. Recent news of Timor-Leste's officicl occession to ASEAN, cind the anticipoted sig ning of theASEAN Digitcil Economy Framework Agreement (DEFA) in 2C26, provicle much-needled optimismancl new o pjoortunities. As the first mojor regionwicle clicgitcil economy agreement in the world,DEFA is set to usher in hcimonised stonclo rcls cincl guidelines, cis well os improved infrcistructureinteroperability - something that players in the fincincial inclustry can look forward to. P-reidsntTi-Tach.associa.ior As ASEAN's FinTech sector enters its second cleccicle, we look forwcrd to seeing the industryscale in o sustcinoble wcly, bringing innovctive, inclusive solutions thot will benefit the peopleof ASEAN. Executivesummary Singapore strengthensregional lead Late-stage FinTechsdominate ASEAN's funding winter continues,with some sunshine Total investments in ASEAN FinTech declined forthe fourth consecutive yeor. Nvmber of deals in9M 2025 fell 60 per cent YoY from 132 to 53 deals,while funding declined by 36 per cent to U5S835million. However, the average deal size g rew by42 per cent to U5S21.4 million. 67 per cent of funding weint tolate-stage FinTechs, a YoY jump of 26percentage points. The preference forIote-stcge FinTech cleals inclicatesinvestors’ preference for valiclated,stable and scalable business moclels. Singapore-bcised firms received α commoncling87 per cent of total fundingα markedirnprovement from 57 per cent in 9M 2024 ond65 per cent in 9M 2023, underscoring the citystate's role as A5EAN's fincncial copital andicleal heocqucrter location for firms. Hot segments: Payments, Investment Techand Altemative Lending Smart money wantssmarter models Investors are shifting frorn 'growth at all coststo 'growth thct lssts: With a tighter fundingenvironmnent and higher VC expectotions,FinTechs need to focus on better governance,sustaincble growth and product-market fit. The Payrnents cotegory doninatod,fuelled by two US$150 million deals, andtied with Investment Tech for 21 per centoach of deal count (11 deals), AlternativeLending ranked third with 1O dels. A measured market Efficiency, the new equity Introduction Since its USS6.4B funding peok in 2021, total investments in ASEAN FinTechhove declined for the fourth consecutive yecr. However, there cire pocketsof o ptimism and the sector is expectecl to regain strength in the long term In this chapter, we review FinTech investments in ASEAN's six biggesteconomies: Indonesia, Molaysia, the Philippines, Singo pore, Thailond anclVietncm, otherwise known cis.ASEAN-6. Our funcling anolysis does not include the remaining five A5EAN nations:Brunei Darvssolam, Cambodic, Laos, Myanmar, cind ASEAN's newestmemlber, Timor-Loste. Global recoverymeetsASEANrealism Globol FinTech fundingi rebouncled in 9M 2025, even cis thecomposition of ccloitcl flows shiftecl ocross regions. The 13per cent yecir-on-year increcise to US$27.8 billion - led byNorth Americo cnd Europe - signcls renewed yet uneveninvestor conficlence. On the contrcry, ASEAN FinTechs scw fundling fall by 36 percent YoY to USS835 million. Totcil funcling has been on dclownward trend since the funcling boom of 2021/22. ASEANhos not seen the level of comebcick cis in the United Stctespcirtly due to shcillower equity cind clebt mcrkets. Nkr:Re Tn uwf tln Fulik dkhain hi na. xbenl cn tn dkh FafxTnxhtlFinTwhrASFaNrntmrSeefirhscam-pminprFmrrxaos a, 30 Sepcember 2025, ocoessed on 2 Ceroher 2025 crr cn crolys stCunInin:aptdhuslsultxiprlky Fewerhandshakesasinvestorschasequalityandeschewrisk The number of decils in 9M 2025 fell by 60 per cent YoY to 53deals - the lowest in 10 yedrs, w