Our FinTech SouthEast Asia Report covers FinTech trends and investments in Singapore, Indonesia, Malaysia, Thailand, Philippines, and Vietnam, with exhaustive Q&A’s with the leadership team at East Ventures and Lenddo.

1. FinTech – Southeast Asia, July 2016
TRACXN REPORT
SOUTHEAST ASIA
FINTECH -
MAY 2016
In collaboration with-
East Ventures & Lenddo
JUNE 2016

2. FinTech – Southeast Asia, July 20162
Tracxn
World’s Largest Startup Research Platform

3. FinTech – Southeast Asia, July 20163
Contents
Topic Page
Sectors We Track 04
Overview 05
Experts Speak 07
Tracxn BlueBox 53
Company List 77
Q&A with Industry Experts 189
Team 190
About Tracxn 198

4. FinTech – Southeast Asia, July 20164
Illustrative Sectors We Track In SEA
CONSUMER DIGITAL
HEALTH TECH
ONLINE RETAIL
TRANSPORT
REAL ESTATE
TRAVEL
LOGISTICS
FOOD
GROCERY
LOCAL SERVICES
HEALTHCARE DISCOVERY
HEALTHCARE DELIVERY
FINTECH
EDTECH
BITCOIN
LENDING
CROWDFUNDING
PAYMENT
INVESTMENT TECH
BANKING TECH
PERSONAL FINANCE
INSURANCE TECH
TUTORING
ONLINE COURSES
TECHNOLOGY
INTERNET OF THINGS
3D PRINTING
WEARABLES
DRONES
SMART BUILDINGS
BLOCKCHAIN APPLICATIONS
ENERGY
ROBOTICS
ENTERPRISE TECH
ADTECH
ENTERPRISE COLLABORATION
MARKETING TECH
HUMAN RESOURCES
ECOMMERCE ENABLERS
LEGAL TECH
SALES FORCE AUTOMATION
SMB SAAS
ONLINE VIDEO
AD NETWORK
AD EXCHANGE

5. FinTech – Southeast Asia, July 20165
Sector Overview
Scope of report
This report covers companies that provide financial services with the help of technology in Southeast Asia (SEA) region. The
countries included for this report are Singapore, Indonesia, Malaysia, Thailand, Philippines, and Vietnam. The report takes into
account the disclosed funding amount and rounds only. Over $300M has been invested since 2007 with ~ $150M invested in
2015 alone. Around 80 rounds of funding happened in the year 2014 & 2015.
Payments and Investment Tech are the top two funded sectors
• Payments - 106 companies - 32 investments worth ~ $80M
• Investment Tech - 63 companies - 20 investments worth ~ $120M

6. FinTech – Southeast Asia, July 20166
Notable Investments
Notable investments in FinTech – SEA during last few months
• M-DAQ (Investment Tech) - $82M from EDB Investments – Nov’2015.
• Momo (Mobile Wallet) - $28M from Standard Chartered and Goldman Sachs – Mar’2016.
• Ayannah (Remittance) - $3M from 500 Startups, Wavemaker, Golden Gate Ventures, IMJ Investment Partners, Beenos,
GREE Ventures – Dec’2015.
• Xfers (Payment Gateway) - $2.5M from Golden Gate Ventures, 500 Startups, GMO Venture Partners, Partech Ventures,
BWB Ventures, Convergence Ventures – Jan’2016.
• Claim Di (Insurance Tech) - $2M from CyberAgent Ventures, Golden Gate Ventures, 500 Startups, dtac Accelerate –
Nov’2015.
• AlgoMerchant (Investment Tech) - $910K from East Ventures – Jan’2016.
• Lenddo (Lending – Credit Scoring) – Undisclosed amount from Golden Gate Ventures, Omidyar, Life.Sreda etc –
Oct’2015.
• Seedly (Personal Finance Management) - Undisclosed amount from East Ventures – Mar’2016.

7. FinTech – Southeast Asia, July 20167
Experts Speak
Willson Cuaca
Founding & Managing
Partner,
East Ventures
Altona Widjaja
Vice President,
OCBC Bank
“Southeast Asia is definitely an interesting market for Fintech. In
Southeast Asia, many countries like the Philippines and Indonesia
have a large unbanked population. An interesting context is high
mobile phone penetration rate and social media adoption. Fintech
services that focus on mobile payments aren't just offering a
different service, they are solving a societal problem and levelling
the previously unbanked up directly to banking 2.0.”
“It’s time for the banks to co-create with the external eco-system
partner like the Fintech startups. In Singapore, there’s a concerted
effort by the government bodies and eco-system partners to create
an environment for innovation to thrive. The market infrastructure
and regulatory support would vary with each country in SEA, but
there’s a high chance of replicating the initiatives in other SEA
countries especially in Malaysia and Indonesia.”

8. FinTech – Southeast Asia, July 20168
Experts Speak
Richard Ian Eldridge
Co-founder & CEO,
Lenddo
Jeff Stewart
Founder & CEO,
Lenddo
“Central banks are being proactive in allowing new techniques for
driving financial inclusion as long as it is done in a planned
approach and ensures the stability of the financial systems. The
recent evolution observed in emerging markets show that they are
embracing more and more modernisation as a compulsory step to
quickly support and help financial institutions.”

9. FinTech – Southeast Asia, July 20169
FinTech SEA – Active Investors
Neuroware, 2014 PawnHero,
2016
iMoney,
2013
Omise,
2015
Lenddo,
2015
ayannah,
2015
Omise,
2015
MoneySmart,
2015
Jojonomic,
2015
Omise,
2015
StockRaders,
2015
Cermati,
2015
MoolahSense,
2015
CodaPay,
2013
500 Startups
Claim Di,
2015
CoinPip, 2014
Claim Di,
2015
Call Levels,
2015
Seedly,
2016
AlgoMerchant,
2016
Jurnal,
2016
Moka,
2015
Xfers,
2016
Xfers,
2016
ayannah,
2015
Xendit,
2015
* year reflects the latest round
participated by the investor

10. FinTech – Southeast Asia, July 201610
Over 520 companies were founded in last 10 years
with ~2/3rd companies founded in last 3 years

11. FinTech – Southeast Asia, July 201611
2015 saw the highest number of new companies
and funding by value
• FinTech industry in Southeast
Asia has witnessed an
exponential increase in funding
in last 3 years.
• Total funding in 2013 and 2015
were ~$64M and ~155M
respectively, with a decline in
2014 in between.
• Number of funding rounds have
increased consistently YoY,
touching ~60 in 2015.
• Investment Tech, Payment,
Mobile Payment and Lending
segments witnessed significant
investment activity.$7M
$13M
$64M
$20M
$155M
5
8
25
31
59
0
35
70
0
35
70
105
140
175
2011 2012 2013 2014 2015
No.ofRounds
FundingAmount(inMillions)
Total funding and number of funding rounds between 2011 – 2015
Total Funding No. of Rounds

12. FinTech – Southeast Asia, July 201612
Number of deals has increased significantly in last
three years

13. FinTech – Southeast Asia, July 201613
FinTech SEA – 2015-16 (YTD)

14. FinTech – Southeast Asia, July 201614
FinTech SEA – Funded Universe

15. FinTech – Southeast Asia, July 201615
Singapore
Penetration
Source1, Source2

16. FinTech – Southeast Asia, July 201616
Singapore FinTech – Breakdown

17. FinTech – Southeast Asia, July 201617
Singapore FinTech – Funding Trend

18. FinTech – Southeast Asia, July 201618
Singapore FinTech – Payment & Cashless Economy

19. FinTech – Southeast Asia, July 201619
Singapore FinTech – Investment Tech

20. FinTech – Southeast Asia, July 201620
Singapore – A Leading Wealth Management Center

21. FinTech – Southeast Asia, July 201621
Singapore – Banks and FinTech

22. FinTech – Southeast Asia, July 201622
Singapore – Banks and FinTech Cont’d…

23. FinTech – Southeast Asia, July 201623
Singapore – Banks and FinTech Cont’d…

24. FinTech – Southeast Asia, July 201624
Singapore FinTech – Regulation

25. FinTech – Southeast Asia, July 201625
Singapore FinTech – Regulation Cont’d…

26. FinTech – Southeast Asia, July 201626
Singapore FinTech – Recent Updates

27. FinTech – Southeast Asia, July 201627
FinTech – Indonesia

28. FinTech – Southeast Asia, July 201628
Indonesia
Penetration
Source1, Source2

29. FinTech – Southeast Asia, July 201629
Indonesia FinTech – Breakdown

30. FinTech – Southeast Asia, July 201630
Indonesia FinTech – Funding Trend

31. FinTech – Southeast Asia, July 201631
Indonesia FinTech – Regulation

32. FinTech – Southeast Asia, July 201632
Indonesia FinTech – Regulation Cont’d…

33. FinTech – Southeast Asia, July 201633
FinTech – Philippines

34. FinTech – Southeast Asia, July 201634
Philippines
Penetration
Source1, Source2

35. FinTech – Southeast Asia, July 201635
Philippines FinTech – Breakdown

36. FinTech – Southeast Asia, July 201636
Philippines FinTech – Funding Trend

37. FinTech – Southeast Asia, July 201637
Philippines FinTech – Regulation

38. FinTech – Southeast Asia, July 201638
FinTech – Thailand

39. FinTech – Southeast Asia, July 201639
Thailand
Penetration
Source1, Source2

40. FinTech – Southeast Asia, July 201640
Thailand FinTech – Breakdown

41. FinTech – Southeast Asia, July 201641
Thailand FinTech – Funding Trend

42. FinTech – Southeast Asia, July 201642
Thailand FinTech – Regulation

43. FinTech – Southeast Asia, July 201643
FinTech – Malaysia

44. FinTech – Southeast Asia, July 201644
Malaysia
Penetration
Source1, Source2

45. FinTech – Southeast Asia, July 201645
Malaysia FinTech – Breakdown

46. FinTech – Southeast Asia, July 201646
Malaysia FinTech – Funding Trend

47. FinTech – Southeast Asia, July 201647
Malaysia FinTech – Regulation

48. FinTech – Southeast Asia, July 201648
FinTech – Vietnam

49. FinTech – Southeast Asia, July 201649
Vietnam
Penetration
Source1, Source2

50. FinTech – Southeast Asia, July 201650
Vietnam FinTech – Breakdown

51. FinTech – Southeast Asia, July 201651
Vietnam FinTech – Funding Trend

52. FinTech – Southeast Asia, July 201652
Vietnam FinTech – Regulation & Govt. Support

53. FinTech – Southeast Asia, July 2016
June 2016Tracxn BlueBox : FinTech - SEA
500+ companies in the sector, 92 funded in last 5 years, ~$153M invested in 2015
53

54. FinTech – Southeast Asia, July 201654
FinTech SEA – Landscape
Payments Mobile Payments
Personal Finance
Investment Tech Lending
Enterprise Finance
Insurance Tech
Banking Tech
Bitcoin
Crowdfunding

55. FinTech – Southeast Asia, July 201655
Most Active Investors – Segment Wise

56. FinTech – Southeast Asia, July 201656
Payments – BM Description

57. FinTech – Southeast Asia, July 201657
SEA FinTech – Payments

58. FinTech – Southeast Asia, July 201658
Mobile Payments – BM Description

59. FinTech – Southeast Asia, July 201659
SEA FinTech – Mobile Payments

60. FinTech – Southeast Asia, July 201660
Investment Tech – BM Description

61. FinTech – Southeast Asia, July 201661
SEA FinTech – Investment Tech

62. FinTech – Southeast Asia, July 201662
Lending – BM description

63. FinTech – Southeast Asia, July 201663
SEA FinTech – Lending

64. FinTech – Southeast Asia, July 201664
Personal Finance – BM Description

65. FinTech – Southeast Asia, July 201665
SEA FinTech – Personal Finance

66. FinTech – Southeast Asia, July 201666
Bitcoin – BM Description

67. FinTech – Southeast Asia, July 201667
Insurance Tech – BM Description

68. FinTech – Southeast Asia, July 201668
Banking Tech – BM Description

69. FinTech – Southeast Asia, July 201669
Crowdfunding – BM Description

70. FinTech – Southeast Asia, July 201670
Enterprise Finance – BM Description

71. FinTech – Southeast Asia, July 201671
Emerging Trends in Global FinTech

72. FinTech – Southeast Asia, July 201672
P2P Money Transfer – Messaging Apps
• Peer to Peer money transfer service is one of the most common features offered by mobile wallets along with merchant
payments, with companies like Venmo have made a huge Impact in this area, the messaging giants are not far behind to take
advantage and offer P2P money transfer service via their messaging app. Below is a list of few major messaging app offering
money transfer.
Facebook Messenger
The service allows to transfer money by
linking Visa and MasterCard and transfer
money to the beneficiary’s account. The
service uses Fingerprint authentication.
Line Pay
It is a messaging app in Japan, which allows to
pay with MasterCard, Visa, Amex, Discover in
Line stores. Planned to expand the service to
P2P and merchant payments, with a present
181 million active users.
WeChat
The messaging service offered by Tencent,
allows to pay by loading money to the My
Wallet feature. The advancement plans are for
merchant payments and to hail and pay for taxi
services.
Snapcash
Snapchat messaging service offered
“Snapcash” to transfer money via private
message. Square is the payment processing
responsible for transactions.
Dasher
It is a popular messenger service, has
integrated its service with Venmo to enable
peer-to-peer money transfer through the chat
service. To make payments, users can click the
“Pay” button, enter the amount and send the
money.
BBM Money
BlackBerry has launched its own peer to peer
money transfer service named BBM Money. The
technology is developed by Monitise and issued
and managed by Permata Bank. BlackBerry is
partnering with Barclays Bank to enable P2P
money transfer service.

73. FinTech – Southeast Asia, July 201673
Biometric Payments

74. FinTech – Southeast Asia, July 201674
Tokenization

75. FinTech – Southeast Asia, July 201675
Ripple – Emerging technology in money transfer

76. FinTech – Southeast Asia, July 201676
Alternative Credit Scoring

77. FinTech – Southeast Asia, July 2016
FinTech SEA – Company List
Details of 550 companies
(113 Funded & 337 Unfunded companies)
COVERS THE FOLLOWING SECTORS
77
Payments
Mobile
Payments
Investment
Tech
Consumer
Finance
BFSI Tech Lending Bitcoin Crowdfunding
Enterprise
Finance
Forex

78. FinTech – Southeast Asia, July 2016
8
Payments (1/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
Company Details Funding Investors
Gateway
Paysia [Bangkok, 2015]: Paysia is a Thailand based payments company which gives businesses the service of
integrating online payments onto their websites and portals. It gives tools such as E-commerce, recurring
payments etc in its package. The company charges flat rates to its clients irrespective of the volume and
transaction amount.
Gateway
FirstPay [Jakarta, 2014]: FirstPay is a payment gateway service provider for online businesses in Indonesia.
The company takes the payments for its clients through a credit card, virtual account ATM Bersama, and E-
money.
Gateway
Upoint [Jakarta, 2014]: Upoint allows its users to purchase items, credit games and other digital content via
online media or from Telkomsel mobile number. The company has its products namely speedy billing and spin
card.
Gateway
JSC Vietnam Payment Solution [Hanoi, 2007]: JSC Vietnam Payment Solution (VNPAY) is an electronic
payment service provider. The company provides services like mobile banking, phone recharges, bill payments,
wallets and payment gateways.
Gateway
Mimopay [Jakarta, 2012]: Mimopay provides payment solution for game publishers and application
developers to accept various payment methods in SEA region. The company works with telecom operators,
banks and convenience stores. It also enables user to make online purchases via Mimo wallet & Mandiri
e-cash.
78

79. FinTech – Southeast Asia, July 2016
9
Payments (2/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
Company Details Funding Investors
Gateway
1Pay [Hanoi, 2013]: 1Pay is a mobile payment platform which provides full mobile payment solutions to local
and overseas merchants including mobile developers, content providers and game studios. It allows its
customers to pay by SMS, online and prepaid cards for purchases via mobile.
Gateway
Fasa Centra Solutions [Sleman, 2011]: Fasa Centra Solutions, commonly known as FasaPay, is a non-banking
company engaged in the business of electronic money transfer, payment gateway and management. Company
provides payment gateways for enterprises and, through the platform money can also be transacted between
two FasaPay accounts.
Gateway
FasPay [Jakarta, 2003]: Faspay, PT. Media Indonusa is a subsidiary of Astel Group which is mobile e-commerce
switching and acts as payment gateway partners. The company include mobile operators, financial institutions
and merchants as its end users.
Gateway
PesoPay [Makati, 2006]: PesoPay is Philippines online payment gateway allowing merchants to accept online
payments via credit cards & debit cards and cash over the counter payments. Also provides other related
services like recurring payments, tokenization, customized branded payment page.
Gateway
Inpendium [Singapore, 2012]: Inpendium is a provider of payment connectivity and full cycle payment
management services for e-commerce merchants. It also provides different financial services such as risk
management & fraud screening, real time reporting and reconciliation of the failed payments. Claims to
connect multiple card acquirers and alternative payment options in 172 currencies across Europe, Middle East
and Africa, North America, Latin America and Asia Pacific regions.
79

80. FinTech – Southeast Asia, July 2016
0
Payments (3/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
Company Details Funding Investors
Gateway
Square Gate One [Jakarta, 2006]: Square Gate One provides solution in payment and banking channel. The
company works on three sectors namely electronic banking, payment systems and business switching.
Gateway
YuuPay Secure [Singapore, 2006]: Yuupay, a subsidiary of Yuuzoo Corp, provides payment service for e-
merchants. It started in 2006 as a payment option to the yuuzoo website which is a social commerce platform.
The products Foxycart and Magento by yuupay helps to integrate it with the merchant websites. The company
claims that it processes transactions to over 200 banks all over the world.
Gateway
Siam pay [Bangkok, 2006]: Siam pay is a part of Asia pay operating in Thailand. SiamPay offer business-to-
consumer (B2C) services, such as ‘SiamPay eCommerce” to corporations and institutions to facilitate online
credit card payments. Siam pay also provide multiple services such as mobile payment, risk management
software and aggregation of the merchants. Its parent company Asia pay was founded in 2000 and claims to
cover 12 countries in Asia
Gateway
Doku [Jakarta, 2007]: Doku is one of the first locally built payment gateways in Indonesia providing online
internet payment solution to e-commerce, b2c, retailing and b2b business concepts. They also provide
solutions like Doku wallet, token payments, subscription payments. Last year, the company processed an
estimated $1.5Bn worth of transactions with over 13,000 merchants in its portfolio across various industries
since its launch.
Gateway
helloPay [Singapore, 2014]: helloPay is a payments solution, which allows payments and money transfers,
both online and offline. It provides a secure payment platform to send and receive money, both for personal
and commercial use. A user can use mobile number and email address to get started and then safely make
online purchases without revealing payment details. Headquartered in Singapore, the company also has
operations in Vietnam, Indonesia, Phillipines and plans to expand across Southeast Asia and Africa. helloPay
has investments from J.P. Morgan, Tesco, Rocket Internet, Temasek, Verlinvest and Investment AB Kinnevik.
80

81. FinTech – Southeast Asia, July 2016
1
Payments (4/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
81

82. FinTech – Southeast Asia, July 2016
2
Payments (5/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
82

83. FinTech – Southeast Asia, July 2016
3
Payments (6/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
83

84. FinTech – Southeast Asia, July 2016
4
Payments (7/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
84

85. FinTech – Southeast Asia, July 2016
5
Payments (8/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
85

86. FinTech – Southeast Asia, July 2016
6
Payments (9/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
86

87. FinTech – Southeast Asia, July 2016
7
Payments (10/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
87

88. FinTech – Southeast Asia, July 2016
8
Payments (11/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
88

89. FinTech – Southeast Asia, July 2016
9
Payments (12/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
89

90. FinTech – Southeast Asia, July 2016
0
Payments (13/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
90

91. FinTech – Southeast Asia, July 2016
1
Payments (14/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
91

92. FinTech – Southeast Asia, July 2016
2
Payments (15/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
92

93. FinTech – Southeast Asia, July 2016
3
Payments (16/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
93

94. FinTech – Southeast Asia, July 2016
4
Payments (17/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
94

95. FinTech – Southeast Asia, July 2016
5
Payments (18/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
95

96. FinTech – Southeast Asia, July 2016
6
Payments (19/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
96

97. FinTech – Southeast Asia, July 2016
7
Payments (20/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
97

98. FinTech – Southeast Asia, July 2016
8
Payments (21/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
98

99. FinTech – Southeast Asia, July 2016
9
Payments (22/22)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
99

100. FinTech – Southeast Asia, July 2016
0
Mobile Payments (1/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
100

101. FinTech – Southeast Asia, July 2016
1
Mobile Payments (2/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
101

102. FinTech – Southeast Asia, July 2016
2
Mobile Payments (3/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
102

103. FinTech – Southeast Asia, July 2016
3
Mobile Payments (4/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
103

104. FinTech – Southeast Asia, July 2016
4
Mobile Payments (5/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
104

105. FinTech – Southeast Asia, July 2016
5
Mobile Payments (6/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
105

106. FinTech – Southeast Asia, July 2016
6
Mobile Payments (7/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
106

107. FinTech – Southeast Asia, July 2016
7
Mobile Payments (8/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
107

108. FinTech – Southeast Asia, July 2016
8
Mobile Payments (9/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
108

109. FinTech – Southeast Asia, July 2016
9
Mobile Payments (10/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
109

110. FinTech – Southeast Asia, July 2016
0
Mobile Payments (11/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
110

111. FinTech – Southeast Asia, July 2016
1
Investment Tech (1/13)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
111

112. FinTech – Southeast Asia, July 2016
2
Investment Tech (2/13)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
112

113. FinTech – Southeast Asia, July 2016
3
Investment Tech (3/13)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
113

114. FinTech – Southeast Asia, July 2016
4
Investment Tech (4/13)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
114

115. FinTech – Southeast Asia, July 2016
5
Investment Tech (5/13)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
115

116. FinTech – Southeast Asia, July 2016
6
Investment Tech (6/13)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
116

117. FinTech – Southeast Asia, July 2016
7
Investment Tech (7/13)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
117

118. FinTech – Southeast Asia, July 2016
8
Investment Tech (8/13)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
118

119. FinTech – Southeast Asia, July 2016
9
Investment Tech (9/13)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
119

120. FinTech – Southeast Asia, July 2016
0
Investment Tech (10/13)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
120

121. FinTech – Southeast Asia, July 2016
1
Investment Tech (11/13)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
121

122. FinTech – Southeast Asia, July 2016
2
Investment Tech (12/13)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
122

123. FinTech – Southeast Asia, July 2016
3
Investment Tech (13/13)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
123

124. FinTech – Southeast Asia, July 2016
4
Lending (1/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
124

125. FinTech – Southeast Asia, July 2016
5
Lending (2/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
125

126. FinTech – Southeast Asia, July 2016
6
Lending (3/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
126

127. FinTech – Southeast Asia, July 2016
7
Lending (4/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
127

128. FinTech – Southeast Asia, July 2016
8
Lending (5/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
128

129. FinTech – Southeast Asia, July 2016
9
Lending (6/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
129

130. FinTech – Southeast Asia, July 2016
0
Lending (7/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
130

131. FinTech – Southeast Asia, July 2016
1
Lending (8/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
131

132. FinTech – Southeast Asia, July 2016
2
Lending (9/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
132

133. FinTech – Southeast Asia, July 2016
3
Lending (10/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
133

134. FinTech – Southeast Asia, July 2016
4
Personal Finance (1/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
134

135. FinTech – Southeast Asia, July 2016
5
Personal Finance (2/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
135

136. FinTech – Southeast Asia, July 2016
6
Personal Finance (3/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
136

137. FinTech – Southeast Asia, July 2016
7
Personal Finance (4/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
137

138. FinTech – Southeast Asia, July 2016
8
Personal Finance (5/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
138

139. FinTech – Southeast Asia, July 2016
9
Personal Finance (6/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
139

140. FinTech – Southeast Asia, July 2016
0
Personal Finance (7/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
140

141. FinTech – Southeast Asia, July 2016
1
Personal Finance (8/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
141

142. FinTech – Southeast Asia, July 2016
2
Personal Finance (9/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
142

143. FinTech – Southeast Asia, July 2016
3
Personal Finance (10/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
143

144. FinTech – Southeast Asia, July 2016
4
Personal Finance (11/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
144

145. FinTech – Southeast Asia, July 2016
5
Personal Finance (12/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
145

146. FinTech – Southeast Asia, July 2016
6
Personal Finance (13/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
146

147. FinTech – Southeast Asia, July 2016
7
Personal Finance (14/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
147

148. FinTech – Southeast Asia, July 2016
8
Personal Finance (15/15)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
148

149. FinTech – Southeast Asia, July 2016
9
Insurance Tech (1/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
149

150. FinTech – Southeast Asia, July 2016
0
Insurance Tech (2/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
150

151. FinTech – Southeast Asia, July 2016
1
Insurance Tech (3/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
151

152. FinTech – Southeast Asia, July 2016
2
Insurance Tech (4/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
152

153. FinTech – Southeast Asia, July 2016
3
Insurance Tech (5/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
153

154. FinTech – Southeast Asia, July 2016
4
Insurance Tech (6/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
154

155. FinTech – Southeast Asia, July 2016
5
Insurance Tech (7/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
155

156. FinTech – Southeast Asia, July 2016
6
Insurance Tech (8/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
156

157. FinTech – Southeast Asia, July 2016
7
Insurance Tech (9/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
157

158. FinTech – Southeast Asia, July 2016
8
Insurance Tech (10/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
158

159. FinTech – Southeast Asia, July 2016
9
Bitcoin (1/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
159

160. FinTech – Southeast Asia, July 2016
0
Bitcoin (2/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
160

161. FinTech – Southeast Asia, July 2016
1
Bitcoin (3/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
161

162. FinTech – Southeast Asia, July 2016
2
Bitcoin (4/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
162

163. FinTech – Southeast Asia, July 2016
3
Bitcoin (5/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
163

164. FinTech – Southeast Asia, July 2016
4
Bitcoin (6/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
164

165. FinTech – Southeast Asia, July 2016
5
Bitcoin (7/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
165

166. FinTech – Southeast Asia, July 2016
6
Bitcoin (8/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
166

167. FinTech – Southeast Asia, July 2016
7
Bitcoin (9/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
167

168. FinTech – Southeast Asia, July 2016
8
Bitcoin (10/10)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
168

169. FinTech – Southeast Asia, July 2016
9
Banking Tech (1/3)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
169

170. FinTech – Southeast Asia, July 2016
0
Banking Tech (2/3)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
170

171. FinTech – Southeast Asia, July 2016
1
Banking Tech (3/3)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
171

172. FinTech – Southeast Asia, July 2016
2
Crowdfunding (1/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
172

173. FinTech – Southeast Asia, July 2016
3
Crowdfunding (2/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
173

174. FinTech – Southeast Asia, July 2016
4
Crowdfunding (3/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
174

175. FinTech – Southeast Asia, July 2016
5
Crowdfunding (4/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
175

176. FinTech – Southeast Asia, July 2016
6
Crowdfunding (5/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
176

177. FinTech – Southeast Asia, July 2016
7
Crowdfunding (6/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
177

178. FinTech – Southeast Asia, July 2016
8
Crowdfunding (7/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
178

179. FinTech – Southeast Asia, July 2016
9
Crowdfunding (8/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
179

180. FinTech – Southeast Asia, July 2016
0
Crowdfunding (9/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
180

181. FinTech – Southeast Asia, July 2016
1
Crowdfunding (10/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
181

182. FinTech – Southeast Asia, July 2016
2
Crowdfunding (11/11)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
182

183. FinTech – Southeast Asia, July 2016
3
Enterprise Finance (1/4)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
183

184. FinTech – Southeast Asia, July 2016
4
Enterprise Finance (2/4)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
184

185. FinTech – Southeast Asia, July 2016
5
Enterprise Finance (3/4)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
185

186. FinTech – Southeast Asia, July 2016
6
Enterprise Finance (4/4)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
186

187. FinTech – Southeast Asia, July 2016
7
Forex (1/2)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
187

188. FinTech – Southeast Asia, July 2016
8
Forex (2/2)
Payments
Mobile
Payments
Investment
Tech
Lending
Personal
Finance
Insurance
Tech
Bitcoin
Banking
Tech
Crowdfunding
Enterprise
Finance
Forex
188

189. FinTech – Southeast Asia, July 2016189
VIEWS FROM INDUSTRY EXPERTS

190. FinTech – Southeast Asia, July 2016
Tracxn presents an exhaustive Q&A on Southeast
Asia FinTech space
In collaboration with
190
Willson Cuaca
Founding & Managing
Partner,
East Ventures
Altona Widjaja
Vice President,
OCBC Bank
Richard Ian Eldridge
Co-founder & CEO,
Lenddo
Jeff Stewart
Founder & CEO,
Lenddo

191. FinTech – Southeast Asia, July 2016191
Q+A: East Ventures
Willson Cuaca is founding and managing partner of East Ventures, an early stage
investment fund focus on consumer Internet, mobile and SaaS. With a total of 5
offices in Jakarta, Tokyo, and San Francisco, East Ventures has invested in over
150 companies across Asia and the US. For Southeast Asia focus, East Ventures
has invested in more than 80 companies in the region. Most of the companies
manage to get subsequent funding round and ride on top of Indonesia middle
class consumer growth. East Ventures also made exits from its investment
through M&A to local and international companies.
Willson sits on advisory board of Code4Nation.id, a pro-bono movement to help
Indonesia government solve problem through software. He brings his expertise
in ecosystem building and product/market-fit to accelerate product delivery and
value proposition.
If we compare with other Asian counterparts like China and India,
how do you rate Southeast Asia (SEA) as an investment destination
for tech start ups?
#1
SEA is definitely an interesting market for fintech. It is made up of different
countries, at a different stages of development, each having different culture
and language. Probably one of the most fragmented region yet called
themselves as one community. For some verticals, like non-collateral loan
and payment, for example, government regulation does play a big part for
one company to be succeed. In the other hand, we can see couple of
developing countries in the region, like Indonesia, still have a great rate of
unbanked population. As much as it might disrupt the conventional banking,
it is also giving a big opportunity for financial inclusion, for a low income
member of society.
Another interesting context is high mobile phone penetration rate and social
media adoption. We see them as distribution platforms and helps to
accelerate fintech adoption. Some people may not have access to financial
product but they have at least one phone and could start doing transaction
via the phone.

192. FinTech – Southeast Asia, July 2016192
Q+A: East Ventures
What are the recent trends that you are observing in Fintech in SEA -
like online lending, mobile payment etc.?#3
We already see how’s the industry focus for each pain point in each country.
But its also interesting to see companies like Jojonomic, expense
management platform, can address opportunity that somehow identical in
the region.
MoolahSense, a P2P lending platform in Singapore, is able to disburse million
of crowdsource capital within hours while still maintaining the quality of
borrower.
Singapore's bank has been in the forefront for innovation and receptive to
change with various incubations and accelerators. Indonesia's bank put their
bet by setting up VC arm.
There are also startups like AlgoMerchant that focuses on improving the
capital markets with tech, helping to scale retail investors trading operations
that might traditionally not get as much priority as other higher margin
banking ops. They are also using tech to develop their own algorithms to
better serve the needs of those residing in a financial hub like Singapore.
What factors in your opinion will influence the growth of Fintech
scenario in SEA, like increasing digital footprint of SEA, low banking
penetration etc.?
#2
In Southeast Asia, many countries like the Philippines and Indonesia have a
large unbanked population. Fintech services that focus on mobile payments
aren't just offering a different service, they are solving a societal problem and
levelling the previously unbanked up directly to banking 2.0.
From what we see, these are some important factors for Fintech success: 1)
population size 2) smartphone penetration 3) low banking penetration 4)
government policy support - most emerging markets in Southeast Asia have 1 +
2. As long as governments don't actively block nascent Fintech ideas or saddle
companies with excessive regulatory approvals, startups could have the
potential to grow very quickly.
The unique demands of the millennials will also help to drive certain Fintech
innovation. The millennial generation is the largest generation worldwide and a
significant portion of them reside in SEA. They are digital natives - smartphones
and mobile internet are their essentials. In this area we see local startup like
Xendit serving their needs with P2P transfers.
Then there is also Seedly, which provides an expenses infographic service
catering especially to millennials who want to better manage their expenses but
do not have the time to do so.

193. FinTech – Southeast Asia, July 2016193
Q+A: East Ventures
There is a wide notion that most of the funded companies in SEA are
clone of already validated business models from west. Do you think there
are Fintech startups coming up which are solving SEA specific problems?
#5
While it might have been possible to clone business models for areas such as e-
commerce, Fintech is entirely different for most SEA countries. When a significant
proportion of the population don't even have a bank account to begin with, the
same model that allowed a company to scale in the West could fail spectacularly if
it is simply copy and pasted in SEA countries. For instance, services like Venmo in
the US might be focusing on greater convenience, similar services like MoMo could
be solving real problems - in countries where efficient interbank transfers aren't the
norm, or where the need for remittance services is higher than Western countries.
Focus on Fintech in the West could be convenience and new innovation, but in SEA
it could be more geared towards financial inclusion as well as services to capitalise
on that inclusion.
In this regard, we see startups like Moka and bindo that digitise the retail front
payment, and are ready to help SMEs start accepting cards as financial inclusion
takes place and more people start going cashless.
Startups like Cermati help to accelerate the inclusion process by providing
recommendations, guides and comparison on the various financial products like
credit cards, loans and insurance. Providing such information in a localised manner
will help to bridge the gap between complex financial services and people who
have never used them before. We also noted the rise of assisted payment in
ecommerce platform for unbanked population such as Kudo. the platform is
growing exponentially in the rural area. none of this solution exist in the west.
How do you think the established financial institutions like banks
would react to the Fintech advancement in SEA going forward?#4
Banks are definitely not blind-sided by the development - Citi is developing their own
Citicoin, DBS using IBM Watson, OCBC opening up the Open Vault - and they have the
kind of resources that a Fintech startup would probably not have. However, amount
banks spent on IT was still 12x more than Fintech investments in 2014.
In the broader point of view, finance industry is wide and diverse, the pie is big and
it's hard any one company to cover all the areas from the beginning. Therefore there
is definitely space for different Fintech ideas serving different niches of the finance
industry. Consumer and SME client segments involving payments and lending are the
areas that banks face the most heat from Fintech startups, but banks could also have
an edge when developing their own Fintech tools for corporate banking or their own
robo-advisory arm. Such niches require more than just money, they require security,
trust, customisations for each customer and capital intensive investments that
startups might not be able to afford.
Unlike in the West where Fintech startups can take advantage of consumers' declining
trust in their banks, Southeast Asian banks have one of the highest consumer
confidence ratings. Trust issues have been a problem, for example, for mPOS startups
trying to onboard traditional merchants in a cash culture - where merchants felt more
comfortable if there were at least partial association with a bank.

194. FinTech – Southeast Asia, July 2016
Q+A: Lenddo
194
Richard Eldridge,
Co-founder and CEO of Lenddo
What have you been seeing in SEA Fintech startup scenario as of
late? How do you perceive the overall investment climate for
Fintech in SEA?
• Exciting times,
• Singapore becoming the hub for FinTech activities in SEA,
• Majority of activities are happening in payments space.
#1
As Lenddo has been operating in Philippines for quite long, how
do you see the market being different from other SEA countries
as far as online lending is concerned?
We divested ourselves from the Lending business in 2014 and now we serve
both online incumbent banks and alternative online lenders. There are 2 types
or market - Developed economies such as Singapore and developing
economies such as Indonesia, Vietnam and Philippines. In developing markets
each market is similar. With similar profiles viz a viz:
- Highly digitally connected
- Smartphone penetration very high
- Low credit bureau penetration
- Low % of population with access to formal credit.
- Manual process for verification results
#2
Lenddo is a provider of social network based credit scoring that empowers
the emerging class to use their online social connections to build their
creditworthiness and access local financial services. Users link their social
networking accounts to their Lenndo account and complete their profiles to
generate the LenddoScore. Lenddo enables businesses to simply and
securely evaluate both the character and identity of customers using
alternative data in order to extend credit and deliver life-improving services.
Jeff Stewart,
Founder and Chairman of Lenddo

195. FinTech – Southeast Asia, July 2016
Q+A: Lenddo
195
How difficult it has been for you to expand beyond SEA? Do you
think SEA is more challenging in comparison to other developing
countries like India?
We have put in a comprehensive plan for our expansion into South America
and India which is going as per plan. As a SAAS provider, we have also been
able to deploy our solutions quickly and easily in the countries including
Africa.
#4
How do you think governments or central banks can encourage the
alternative way of evaluating the credit score from non-traditional
data points given the increasing digital footprint of SEA?
From our experience, central banks are being proactive in allowing new
techniques for driving financial inclusion as long as it is done in a planned
approach and ensures the stability of the financial systems. Certainly nothing
happens overnight, but the recent evolution observed in emerging markets
show that they are embracing more and more modernisation as a compulsory
step to quickly support and help financial institutions, and especially new
players such as P2P lenders to scale and become more competitive, more
regulated for the greatest benefit of the consumers.
#6
How has the experience been in expanding to other SEA countries (like
Singapore, Indonesia) from Philippines? Do they pose similar
challenges?
We only operate in Indonesia and Philippines in SE Asia today. These 2
markets are very similar with similar challenges facing financial institutions in
both.
#3
How do you see the acceptance for alternative credit scoring model in
SEA vis-a-vis the traditional credit scoring models from bank?
The feedback from the market has changed over the last few years. As more and
more success stories from around the world have been shared, Credit Risk
Officers are more open to using new types of data in building models and also
comfortable using more advanced modelling techniques to build scorecards.
These exciting developments must still be validated and managed using internal
credit management policies and frameworks.
#5

196. FinTech – Southeast Asia, July 2016
Similar to the development in UK and US, the advancement of technology has
enabled nimble players to provide better customer experience and gain
traction. This has prompted many banks to look at how they are able to
transform and innovate their business to stay relevant for their customer. In
Singapore there’s a concerted effort by the government bodies and eco-
system partners to create an environment for innovation to thrive. This is but
the start of the journey and we will expect to see real innovative ideas are
being implemented in this digital and shared economy.
Q+A: Altona Widjaja, VP OCBC Bank
196
Altona Widjaja works as Vice President with
OCBC Bank, Singapore. He has been
associated with OCBC Bank for more than 9
years and presently runs all aspect of
operations at The Open Vault at OCBC from
fixing coffee machines to curating Fintech
strategy for the bank.
What are the recent trends that you are observing in
Fintech in SEA - like online lending, mobile payment etc?
What is so unique about Singapore that is prompting many
established financial institutions to experiment new concept here -
like Finlab from UOB, The Open Vault from OCBC etc.?
#1
According to you, how challenging would it be to replicate these
initiatives from OCBC to other SEA countries like Indonesia,
Malaysia?
Build and transfer has always been OCBC’s regional strategy, the approach in
these initiative would be similar. The market infrastructure and regulatory
support would vary with each one but we believe there will be a convergence
in approach and there’s a high chance of replicating the initiatives in other SEA
countries especially in Malaysia and Indonesia. However, there would still
need to have local adjustment like any regional initiative.
#2
What do you think the future trend would likely to be - banks
developing their own tech-enabled solution or banks acquiring few of
the startups out there?
I believe that it’s time for the banks to co-create with the external eco-system
partner like the Fintech startups. I think that the bank should be enabler of
such players. In this shared and open economy each entity should focus on
what they do best and leverage on one another. I do not think there will be a
one size fit all approach, be it own development or acquisition, different
organisation have different culture and approach. But what is clear is that
everyone have to be a digital/technology company to stay relevant to their
customers.
#3

197. FinTech – Southeast Asia, July 2016
Anjan Ash
Lead Analyst, Southeast Asia,
Tracxn
Anand Kumar
Analyst, Southeast Asia,
Tracxn
Team
197
Palash Agrawal
Analyst, Southeast Asia,
Tracxn
B Karthik
Analyst, Southeast Asia,
Tracxn