The bat­tle over the $30 bil­lion ewal­let mar­ket

Southeast Asia Globe - - Banking -

As the fin­tech sec­tor con­tin­ues to ex­pand in South­east Asia, the re­gion is ex­pected to see more than $30 bil­lion in mo­bile trans­ac­tions by 2021 – and now even brick-and-mor­tar banks like Cam­bo­dia’s ABA Bank are get­ting in on the ewal­let rev­o­lu­tion along with their tech startup coun­ter­parts.

New cash­less sys­tems are com­ing on­line each year in the King­dom, where the top play­ers in­clude Wing, Pi Pay, PayGo and now ABA Pay. The year-old ABA Pay is an ewal­let that al­lows users to make cash­less pay­ments at more than 100 shops, restau­rants and on­line plat­forms that have part­nered with ABA in a net­work that’s ex­pected to ex­pand.

The re­gion is ripe for a cash­less ex­plo­sion, with its av­er­age of 70% ban­k­less cit­i­zens com­pared to a 30% av­er­age glob­ally. And Cam­bo­dia is par­tic­u­larly well sit­u­ated for cash­less adop­tion since it en­joys the high­est con­nec­tiv­ity pen­e­tra­tion in South­east Asia, at 173% – and the low­est bank­ing pen­e­tra­tion, at just 13%.

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