Editor’s Note: In November 2024, United Overseas Bank (UOB), PricewaterhouseCoopers (PwC), and the Singapore FinTech Association (SFA) jointly released the report FinTech in ASEAN 2024: A Decade of Innovation (hereinafter referred to as the "Report").  

        The Report provides an in-depth analysis of ASEAN’s FinTech sector over the past decade and its future trajectory. Key findings include:  

        Resilient Funding Growth: ASEAN FinTech funding has demonstrated robust resilience amid global economic volatility, with a 10-fold increase since 2015 and stable performance in 2024 despite a global funding downturn. Early-stage FinTech ventures remain highly attractive to investors.  

        Three Evolutionary Phases:  

        Foundation Phase (2015–2019): Driven by internet penetration, policy support (e.g., Singapore’s FinTech Regulatory Sandbox), and rising investments, the sector established its initial infrastructure.  

        Acceleration Phase (2020–2023): Accelerated adoption of AI and blockchain technologies, with COVID-19 catalyzing digital payment proliferation (e.g., 60% surge in e-wallet usage).  

        Current Phase (2024 onward): Focus on emerging technologies (e.g., generative AI, quantum computing) and sustainability, including AI-optimized financial services, blockchain-enabled cross-border payments, and the rise of green finance.  

        Future Outlook: Generative AI, quantum computing, and blockchain are poised to reshape financial services. Despite challenges like regulatory fragmentation and cybersecurity risks, ASEAN’s collaborative ethos positions it to lead industry transformation and contribute uniquely to global FinTech advancement.  

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