从数字十年到现实：加速东盟的未来

Reference e-Conomy SEA is a multi-year research programme launched by Google and Temasek in 2016. Bain & Company joined theprogramme as lead research partner in 2019. The research leverages Temasek insights, Bain analysis, Google Trends, data fromresearch partners, expert interviews, and industry sources to shed light on the digital economy in Southeast Asia (SEA). Theinformation included in this report is sourced as ‘Google, Temasek, and Bain, e-Conomy SEA 2025’, unless otherwise specified. Disclaimer The information in this report is provided on an as-is basis. This document was produced by Google,Temasek, Bain, and other third parties involved as of the date of writing and is subject to change. Ithas been prepared solely for information purposes over a limited period of time to provide aperspective on the market. It is not intended for investment purposes. All financial analysis isderived or estimated by Bain analysis using both non-Google proprietary and publicly availableinformation. Google has not supplied any additional data for financial analysis, nor does Googleendorse any financial analysis made in the report. Where information has been obtained fromthird-party sources and proprietary research, this is clearly referenced in the footnotes. Projectedmarket and financial information, analyses, and conclusions contained in this report should not beconstrued as definitive forecasts or guarantees of future performance or results. Google, Temasek,Bain, their respective affiliates, or any other third party involved make no representation orwarranty, either express or implied, as to the accuracy or completeness of the information in thereport and shall not be liable for any loss arising from the use of this report. 10th edition of e-Conomy SEA by Google, Temasek, Bain:Southeast Asia’s digital economy research programme e-Conomy SEA research methodology This edition marks the expansion ofcoverage beyond SEA-6 to ASEAN-10 total populationacross thesecountries614M Unless otherwise stated, allmentions of‘SEA-6’in this reportrefer to these six markets:Indonesia, Malaysia, Philippines,Singapore, Thailand, and Vietnam.‘ASEAN-4’refers to Brunei,Cambodia, Laos, and Myanmar.‘ASEAN-10’refers to all 10aforementioned countries. total populationacross thesecountries+81M We continue our focus on six leading sectors in the digital economy Fooddelivery2 Transport3 MarketplacesDirect-to-consumerGroceriesVideo commerce Financial services Online travel Online media PaymentsLendingWealthInsurance AdvertisingGamingVideo-on-demandMusic-on-demand FlightsHotelsVacationrentals Content Advancing into anintelligent economy Rekindlinginvestor interest Keeping growthmomentum steady Mapping the AItransformation ●Enablers●Dependencies●Outlook ●Ecommerce●Food delivery●Transport●Online travel●Online media●Payments●Lending●Wealth●Insurance ●Experienceredefinition●Enterprisetransformation●Ecosystemenablement ●Landscape●AI natives Executive summary (1/2) The digital financialservices (DFS)ecosystem strengthens Video reinvigoratesecommerce; food deliveryis almost profitable Retail media surge ascontent boundaries blur SEA sustains itsgrowth momentumacross core metrics SEA’s digital economy ison track tosurpass $300B in GMV: 1.5X ourinaugural forecast 10 years ago.Both GMV and revenue are seeingsteady growth of ~15% YoY, driven bydeepening digital participation andnew monetisation strategies, whichinclude higher pricing, tieredofferings, and diversified revenuestreams across key sectors. Leading ecommerce players aredelivering a significant GMV and revenuegrowth premium in a consolidatingmarket.Video commerce nowaccounts for 25% of total ecommerceGMV. Food delivery is on the cusp ofprofitability as players look to raise AOVand expand into restaurant dining. An ecosystem-wide monetisationpush is lifting retail media to rapidlygain momentum towards $3B.Entertainment formats are blurring,andshort drama is a fast-emergingformat on which Chinese and localplayers are bettingto compete withglobal powerhouses. Ten countries in SEA now havenational QR systems, and are seeingextremely strong adoption.Eightmarkets now offer cross-border QRinteroperability. Lending businessesare managing risks by usingtransaction data for underwriting,while digital wealth platforms arestarting to reach scale. Keepinggrowthmomentumsteady Positive signs of exits areemerging around the world Investors turn theirfocus to AI A cautious uptick inprivate funding Private funding grew 15% in the last 12months from $6.8B to $7.7B. A tilttowards late-stage funding (~80% oftotal funding in Series C to E+ vs~70% in the year before) reflectsshifting investor priorities.DFScontinues to garner the lion’s shareof funding(45-50%, up from ~30% inthe year before). There are now~700 active AIstartups in SEA; ~30% of privatefunding in the last 12 months hasgone towards AI. 50% of VCssurveyed indicated that more than aquarter of their overall portfolio