Deloitte Launches < "The Next Wave" Emerging Digital Life in South and Southeast Asia > Report At Ant Group’s INCLUSION Fintech Conference
Deloitte launched <"The Next Wave" Emerging Digital Life in South and Southeast Asia > Report today at the INCLUSION Fintech Conference, organized by Ant Group and Alipay to foster a global dialogue on building a more inclusive, green, and sustainable world through digital technology.
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Through an extensive survey conducted across age groups in eight countries in South and Southeast Asia, specifically Singapore, Malaysia, Thailand, Indonesia, the Philippines, India, Bangladesh and Pakistan, the report showed that consumers aged between 21 and 40 years old are the leading force enabling the rapid adoption of a digital life in the region in the post Covid-19 world.
Speaking at one of the media forums on Day 2 of INCLUSION, Taylor Lam, Technology, Media & Telecommunications Industry Leader at Deloitte China, said: “Young and vibrant economies in South and Southeast Asia are rapidly becoming the ‘next wave’ of future leaders in digital economy. The combination of a relatively large, young, unbanked and underbanked population, high mobile penetration and supportive local governments has helped the region leapfrog in its digital infrastructure and innovations, which has accelerated the adoption of digital payment and the expansion of daily digital life scenarios in the region.”
“Through our research, we have seen great potential for these digital economies to continue maturing and become more inclusive, more convenient and secure, and more sustainable, which will benefit their recovery from the impact of the Covid-19 pandemic.”
Key regional insights:
1. Digital payment as a key enabler is creating and connecting the digital life for consumers, making a fundamental shift in how people live, work and play.
Since the outbreak of Covid-19, about 78% of the research participants indicated that they have experienced some increases in the usage of digital services, in which 41% indicated a surge.
- Bangladesh, the Philippines and Indonesia are the top three countries seeing the highest increase in usage.
- Singapore, the Philippines and Indonesia are the top three most active countries in using digital payment.
Top three most common daily life scenarios where consumers choose to use digital payment are:
- e-commerce/m-commerce (70%)
- peer-to-peer transfer (69%)
- in-store purchase (62%)
- Majority of digital payment transactions are small in value, 67% of research participants indicated that the average value per transaction is less than USD30 per person. This indicates that digital payment has penetrated consumers' daily life and has become the mainstream to meet their everyday needs.
Top three reasons why consumers opt to use e-wallet include:
- Convenience (77%)
- Contactless (69%)
- Value-added benefits and promotions (9%)
2. Consumers in South and Southeast Asia enjoy the breadth and depth of daily life scenarios supported by digital services.
- Top five most popular mobile apps among consumers in the region are:
- Social media (79%)
- Music/video streaming (50%)
- Convenience, Product variety and Low price are the top three reasons for consumers to choose to shop online
Daily life services (59%)
- Ride-hailing, News and Books and Workplace Collaboration are the top three most often used mobile apps in the category
Financial services (45%)
- Mobile banking and digital payment are the most used mobile apps in the category
3. Driven by the rising digital payment adoption and richness in daily digital life scenarios, South and Southeast Asia region is presenting an exciting digital future.
Regional Digital Life Index is developed based on the research and on a series of parameters including mobile penetration, internet maturity and penetration, digital payment maturity, e-commerce maturity, social media activeness and local government support.
- Singapore, Malaysia and Indonesia are the “Digital Life Leaders”, leading the race across all parameters
Thailand and the Philippines stood out as the "Digital Life follower"
- Thailand shows a high level of mobile penetration, social media activeness, digital payment and e-commerce maturity
- The Philippines is leading in digital payment adoption, especially peer-to-peer transfers and gaming industry
- India is classified as the "Digital Life Potential", leading in the space of cybersecurity
- Bangladesh and Pakistan are considered "Digital Life Catcher "
This report is produced by Deloitte in partnership with the INCLUSION Fintech Conference. Assembled at the event are the leading enterprises, experts and scholars of the financial and technology communities, to discuss global cooperation and innovations in the fields of finance, economy, commerce and environment.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our global network of member firms and related entities in more than 150 countries and territories (collectively, the “Deloitte organization”) serves four out of five Fortune Global 500® companies. Learn how Deloitte’s approximately 312,000 people make an impact that matters at www.deloitte.com.
Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities, each of which are separate and independent legal entities, provide services from more than 100 cities across the region, including Auckland, Bangkok, Beijing, Hanoi, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Osaka, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo.
The Deloitte brand entered the China market in 1917 with the opening of an office in Shanghai. Today, Deloitte China delivers a comprehensive range of audit & assurance, consulting, financial advisory, risk advisory and tax services to local, multinational and growth enterprise clients in China. Deloitte China has also made—and continues to make—substantial contributions to the development of China's accounting standards, taxation system and professional expertise. Deloitte China is a locally incorporated professional services organization, owned by its partners in China. To learn more about how Deloitte makes an Impact that Matters in China, please connect with our social media platforms at www2.deloitte.com/cn/en/social-media.
This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms or their related entities (collectively, the “Deloitte organization”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.
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© 2020. For information, contact Deloitte China.
About Inclusion Fintech Conference
The INCLUSION Fintech Conference was officially announced in January 2020 to bring together the global financial and technology communities, to envision a world that is more inclusive, green, and sustainable through digital technology. The inaugural three-day conference in Shanghai, to be held September 24-26, 2020, will feature over 40 forums, with keynotes and panels covering major themes such as the global digital economy, digital finance, innovative technology, and sustainability.
Annie FangTel: 86 21 6141 2751
INCLUSION Fintech Conference
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