《2025东南亚数字经济报告》英文版

reportandshallnotbeliableforanylossarisingfromtheuseofthisreport.

DisclaimerTheinformationinthisreportisprovidedonanas-isbasis.Thisdocumentwasproducedby

Google,Temasek,Bain,andotherthirdpartiesinvolvedasofthedateofwritingandissubjecttochange.Ithas

been

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information

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aperspectiveonthemarket.Itisnotintendedforinvestmentpurposes.AllfinancialanalysisisderivedorestimatedbyBainanalysisusingbothnon-Googleproprietaryandpublicly

availableinformation.Googlehasnotsuppliedanyadditionaldataforfinancialanalysis,nordoesGoogleendorseanyfinancialanalysismadeinthereport.Whereinformationhasbeenobtainedfromthird-party

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proprietary

research,this

is

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referenced

in

the

footnotes.Projectedmarketandfinancialinformation,analyses,andconclusionscontainedinthisreportshouldnotbeconstrued

as

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or

guarantees

of

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performance

or

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informationinthe

Referencee-ConomySEAisamulti-yearresearchprogrammelaunchedbyGoogleandTemasekin2016.Bain&Company

joinedtheprogrammeasleadresearchpartnerin2019.TheresearchleveragesTemasekinsights,Bainanalysis,GoogleTrends,datafromresearchpartners,expertinterviews,andindustrysourcestoshedlightonthedigitaleconomyinSoutheastAsia(SEA).Theinformationincludedinthisreportissourcedas‘Google,Temasek,andBain,e-ConomySEA2025’,unlessotherwisespecified.

2Reachingnewheights:Navigatingthepathtoprofitablegrowth10theditionofe-ConomySEAbyGoogle,Temasek,Bain:Southeast

Asia’s

digital

economy

research

programmeUnlocking

theUnprecedentedSEA’sinternetSwipeupandtotheAt

full

velocity:$200B

opportunitygrowthforSEA’s$50Beconomy

hits

anright:SEA’s$100BResilientandinSEAinterneteconomyinflectionpointinterneteconomyracingaheadFromDigitalDecadeto

AIReality:Accelerating

thefuturein

ASEAN2021202220232024Through

thewaves,towardsaseaofopportunityProfitsontherise,

harnessingSEA’sadvantageRoaring‘20s:TheSEADigital

Decade201820192020201620173With

contributions

fromC⃞Ac

ventures

①sensor

Tower余

张(iran

ite⃞sia

sun

sue亲cube

milieu

4e-Conomy

SEA

research

methodologyNotes:AlldollaramountsareinUSD.1)Dataprovidedbythird-partyresearchpartners.2)BainandTemasekconductedinterviews

and

a

quantitative

survey

with

SEA-focused

venture

capital

investors

from

July2025toSeptember2025.WIPWIPExpertinterviews2

and

industry

sourcesResearchpartnersResearchpartners¹TemasekinsightsGoogleTrendsBainanalysisSEA-

6283M36M

116M6M72M101MtotalpopulationacrossthesecountriesIndonesiaMalaysiaPhilippinesSingaporeThailandVietnamASEAN-

4+81MtotalpopulationacrossthesecountriesBruneiCambodiaLaosMyanmar

5ThiseditionmarkstheexpansionofcoveragebeyondSEA-6toASEAN-10Unlessotherwisestated,allmentions

of

‘SEA-6’in

this

reportrefertothesesixmarkets:Indonesia,Malaysia,Philippines,Singapore,Thailand,andVietnam.

‘ASEAN-4’referstoBrunei,Cambodia,Laos,andMyanmar.‘ASEAN-10’referstoall10aforementionedcountries.Note:Populationnumbersarefor2024fromWorldBankWorldDevelopmentIndicators,lastupdated1July2025.Source:WorldBank614M463K55M18M8M1EcommerceMarketplacesDirect-to-consumer

GroceriesVideocommerce4Online

travelFlightsHotelsVacationrentalsTransport

6Insurance2Fooddelivery5OnlinemediaAdvertisingGamingVideo-on-demandMusic-on-demandWe

continue

our

focus

on

six

leading

sectors

in

the

digital

economyFinancialservicesPaymentsLendingWealthNotes:Ecommercedoesnotincludeinformalcommerceduetothelackofreliabledata.Financialservicesareexcludedfrom

market

sizing

estimates

due

to

differences

in

units

of

measurement

compared

to

other

leading

sectors.36Keepinggrowthmomentumsteady●

Ecommerce●Fooddelivery●Transport●Onlinetravel●Onlinemedia●

Payments●

Lending●Wealth●

InsuranceAdvancingintoan

intelligenteconomy●

Experience

redefinition●

Enterprisetransformation●

Ecosystem

enablementMappingtheAI

transformation●

Enablers●Dependencies●OutlookRekindlinginvestorinterest●

Landscape●AInativesContent03010402

7

8Executivesummary(1/2)Positivesignsofexitsareemerging

around

the

worldLearningfromthepast,morecompaniesarenow

focusing

on

profitability

from

an

earlystage.PositivesignsofpublicmarketexitsareemerginggloballyandinAPAC,asthevolumeofIPOshasrisenacrossexchanges

fromNASDAQtoHKEX,SSEStar,andothers.Thereisarobustpipelineofover150IPOcandidatesacrossIndonesia,Malaysia,andSingapore,despitetheregiontrailingglobalmarketsinthefirsthalfof2025.SEAsustainsitsgrowthmomentumacrosscoremetricsSEA’sdigitaleconomyisontrackto

surpass$300BinGMV:1.5Xourinauguralforecast10yearsago.BothGMVandrevenueareseeingsteadygrowthof~15%YoY,drivenbydeepeningdigitalparticipationandnew

monetisation

strategies,

whichinclude

higher

pricing,tieredofferings,anddiversifiedrevenuestreamsacrosskeysectors.Thedigitalfinancialservices(DFS)ecosystemstrengthensTencountriesinSEAnowhavenationalQRsystems,andareseeingextremely

strong

adoption.Eightmarketsnowoffercross-borderQRinteroperability.Lendingbusinessesaremanagingrisksbyusingtransactiondataforunderwriting,

while

digital

wealth

platforms

arestarting

to

reach

scale.Video

reinvigoratesecommerce;food

deliveryisalmostprofitableLeadingecommerceplayersaredeliveringasignificantGMVandrevenuegrowth

premium

in

a

consolidatingmarket.Videocommercenowaccountsfor25%oftotalecommerceGMV.FooddeliveryisonthecuspofprofitabilityasplayerslooktoraiseAOVand

expand

into

restaurant

dining.RetailmediasurgeascontentboundariesblurAnecosystem-widemonetisationpushisliftingretailmediatorapidlygainmomentumtowards$3B.Entertainment

formats

are

blurring,andshortdramaisafast-emergingformatonwhichChineseandlocalplayers

are

betting

to

compete

withglobal

powerhouses.Acautiousuptickinprivate

fundingPrivatefundinggrew15%inthelast12

monthsfrom$6.8Bto$7.7B.

Atilttowards

late-stage

funding(~80%of

totalfundinginSeriesCtoE+vs~70%inthe

yearbefore)reflectsshiftinginvestorpriorities.DFScontinuestogarnerthelion’sshare

offunding(45-50%,upfrom~30%inthe

year

before).Investorsturntheir

focusto

AITherearenow~700activeAIstartupsinSEA;~30%ofprivatefundinginthelast12monthshas

gonetowardsAI.50%ofVCssurveyed

indicated

that

more

than

aquarter

of

their

overall

portfolio

have

AIastheircoreproduct,andthisisanticipated

to

grow

to71%in

thenext12months.Notes:GMV=grossmerchandisevalue;YoY=year-on-year;AOV=averageordervalue;AI=artificialintelligence;VC=

venturecapitalist;IPO=initialpublicoffering.GMVincludesecommerce,fooddelivery,transport,onlinetravel,andonlinemedia,

whilerevenueincludesdigitalfinancialservicesinadditiontotheGMVsectors.Keepinggrowthmomentum

steadyRekindling

investorinterest

9Executivesummary(2/2)Lookingahead:thenextdecadeholdsbothpromiseanduncertaintyThedecadeaheadwillbedefinedbythebalancebetween

powerful

catalysts

and

significant

hurdles.Growth

will

be

driven

by

the

acceleration

of

AI,therevivalofcapitalmarkets,andgreatercooperationamongSEAnations.Thismomentum,however,facesamajorheadwindfromglobaluncertainty.Thedecisive

factorwill

be

the

wild

card

of

regulatory

choices,

whichcaneitherunlockorinhibittheregion'simmensepotentialinthisnextphase.FosteringconsumertrustforAI-assisteddecisionsThefullcommercialpotentialofAIcanonly

be

realised

by

fostering

consumertrust.DespitetheirenthusiasticadoptionofAI,usersremaincautious

aboutdelegatingmoresignificantdecisions

due

to

concerns

aroundprivacy,datasecurity,andreliability.Todeepen

confidence,businesses

mustbuildtrustworthyAIsystems

thatprioritise

transparency

and

control.Redefiningconsumerjourneysfromsearchto

discoveryAIisreshapingthepathtopurchase,replacingtraditionallinearsearcheswith

a

dynamic,AI-powered

discoveryprocess.ConsumersareincreasinglyusingtoolslikeAI-poweredsearchandmultimodalinputstoanswermorecomplexqueries,requiringbusinesses

to

adapt

their

strategies

for

guiding

consumers

on

their

journeysfrom

initial

curiosity

to

final

purchase.CapitalisingonSEA’s

enthusiasmforAIFuelledbyinterestthatexceedstheglobalaverage,SEA’sdigitallysavvy

consumers

are

rapidly

adopting

AI.Tocapitaliseonthispotential,businessesmustnavigatetheregion'suniquechallenges,including

fragmentedregulations,low-costlabour,andthecriticalneedtoearn

consumerconfidencefordecisionsthat

go

beyond

daily

conveniences.Transformational

milestonesoverthe

past

decadeSEA'sdigitaleconomyhasundergonea

monumental

transformation,beginning

with

an

incredible

wave

of200M

new

users

coming

online.Indoingso,theywentbeyondpassivescrolling

to

fully

embracing

digital

life,leading

to

a

fundamental

shiftinregionalcommerce

where3in5peoplenowshoponlineandover60%ofalltransactionsaredigital.Commemorating10yearsofunprecedentedgrowthTheSEAdigitaleconomyhasgrownfrom~$40BGMVadecadeagotoover$300Bin2025.However,whatismoresignificantisthedecisiveshifttomonetisationin2024thatisforecasttopropelrevenueto$135B:an11.2Xincreaseinadecade,overcomingchallengeslikeCOVID-19andinflation.Nuanced

regulatoryandfinancialbarriersAfragmentedregulatoryenvironmentacrossSEAposeschallengestoAIintegrationbycreating

uncertainty

and

raisingcompliancecosts.Relativelylowlabourcostsintheregionmeanthatbusinessesneedtoconsider

local

conditions

when

makingtheircaseforAIinvestments.Advancing

intoanintelligenteconomyMappingthe

AItransformationNote:ROI=returnoninvestmentKeepinggrowthmomentumsteadySEA’sdigitaleconomyisonastrongtrajectory

tosurpass$300B

in

GMV.Sustaineddigitaladoptionandeffectivemonetisation

strategieshaveresultedinaresurgentecommercesector,thefooddeliverymodelapproachingprofitability,theriseofretailmedia,andblurredlines

acrossentertainmentformats.

11Sustainedgrowthmomentumin2025GMVandrevenuedemonstratesustaineddouble-digitgrowthdespitecontinuedmacroeconomicpressures.Brunei,Cambodia,

Laos,andMyanmararenowincludedinouranalysis,collectivelyaccountingfor~2%of

total

GMV.Revenuegrowthremainsin

line

with

GMV

growthRevenuegrowthiskeepingpace

with,if

not

outpacing,GMVgrowthacrossallsectors,

underscoringthemonetisationdiscipline

consistently

observedover

the

past

two

years.SEA

continues

to

deliver

double-digit

growth

in

GMV

and

revenue+15%7625317312023Note:1)Toavoiddouble-counting,revenueforonlinemediaexcludesretailmedianetworks.Source:Bainanalysis+14%993042440+15%299333350181 Online

media1

Transport

and

food

Travel

Ecommerce8727421352024Revenue($B)GMV($B)10031424413053434511852025

2025(SEA-6)

(ASEAN-10)2602929451562262625371382025(ASEAN-10)2025

(SEA-6)+15%2024202312Direct(1P)revenuemodelB

channelsRevenueisthepriceofthegoodsorservices

sold,or

the

underlying

instrumentThirdparty(3P)platformmodelEcommerce

marketplacesRevenuetothirdparty(3P)intermediaryplatforms

is

a

portion

of

the

price

of

goods

orservices

sold,or

the

underlying

instrumentDigitalbusinessesderiverevenuethroughdirectsalesor

by

functioning

as

an

intermediary

platformIncludesadvertisingKeyrevenue

inthedigitaldefinitions

economyDigitalfinancial

services(DFS)Online/

game

publishersFooddelivery

platformsAirline/hotels’

ownchannelsFooddeliveryNote:OTA=onlinetravelagencyTransport

platformsOTAplatformsMediaplatformsOnline

mediaF

channelsTransportEcommercePayments,etc.Insurance,etc.ConsumerConsumerTravelPlatformSellerSellerN/A13Revenue($B)●

Grocery35959+16%+11%+16%1852430040

4135311611361202030(ASEAN-10)

14ThemarketisconsolidatingaslargeplayersscaleSeveraldomesticplayershaveexitedthemarket,which

is

consolidating

around

a

smaller

number

oflargerregionalcompanies.Theseleadingplatformsareleveragingsignificanteconomiesofscale,which

create

distinct

competitive

advantages.Videocommerceincreasesits

contribution

to

GMVVideo

commerce

continues

its

rapid

growth,nowdrivingapproximately25%oftotalGMV.Thisexpansionisfuelledbyahighvolumeoflower-value

transactions,trusted

local

creatorrecommendations,andseamlesssocial-ecommerceintegrationsthatconvertattention

into

sales

with

minimal

friction.AI’sgrowinginfluenceonconversionAIhasbecomeacorepartoftheshoppingjourney:usersturntoAIforhelpwithresearchanddecision-making,while

ecommerce

platforms

useAI

to

power

product

recommendations.Sixty-twopercentofSEAconsumerssayAI-poweredfeatures,such

as

hyper-personalised

productrecommendations,have

influenced

their

purchasedecisions.1

Thisis

creating

a

new

competitivefrontierforplatforms.ThecreatoreconomybecomesmorediverseAs

the

creator

population

skyrockets,trustbecomesacriticaldifferential,asconsumersprefer

authentic

recommendations.Oncedominated

by

top

creators,the

ecosystem

isnow

diversifying,with

niche

and

micro-influencersemergingasthenewdriversofmeaningful

transactions.As

the

market

consolidates,ecommerceGMV

and

revenue

growth

pick

up

againNote:2025estimatesarebasedonannualisedresultsfromH12025.Sources:Bainanalysis;1)Google/Milieu,TheImpactofAlontheDigitalConsumerinASEAN,ASEAN-10,September2025,n=7,200consumersEcommerceFooddeliveryTransportOnlinetravelOnlinemediaDigitalfinancialservices2025(ASEAN-10)2025(ASEAN-10)Non-groceryGMV($B)2025

(SEA-6)2025

(SEA-6)156201381718124+13%2024202420232023158Shoppertainment

takes

offVideocommercehasevolvedfromanichechannel

into

a

mainstream

force

that

is

projectedtocapture25%ofallecommerceGMVby2025,

upfromlessthan5%in2022.Theexplosivegrowth

is

fuelled

by

‘shoppertainment’,a

fusionof

content

and

commerce

often

led

by

creators,

that

transforms

online

shopping

into

animmersiveandentertainingsocialexperience.DigitalreachdiversifiesThenumberofsellersandstoresusingvideohassurgedby80%YoYtoover3M.With

the

right

recipe

for

success,businessescanreachconsumersinacost-effective

way.It

provides

a

dynamicstage

to

showcase

products

or

collaboratewith

skilled

creators

who

can

amplify

brandmessagesanddrivesalesthroughtrusted,engaging

content.VolumeovervalueindrivinggrowthThe

growth

in

video

commerce

GMV

ispowerednotbyhigherprices,butbya50%YoYsurgeintransactionvolume.ThelowAOVforvideocommercehaspulledoverallAOVdownfromlastyear’saverage.Thissignalsabroader

market

shift

towards

a

trust-based,entertainment-led

model

where

persuasivecreators

convert

audience

excitement

directly

intopurchases,defininganewnormoffrequent,smaller

transactions.A

high

volume

of

low-cost

purchases

has

propelled

video

commerce

to2.5X

GMV

in

two

yearsEcommerceFooddeliveryTransportOnlinetravelOnlinemediaDigitalfinancialservices6

.

5B+●50%

YoY3M+

80%YoYVideo

commerce

GMV($B)VideocommerceinSEA-62.5XGMVgrowth

since2023Sellersandstores

usingvideo2022

2023

2024

2025Averageordervalue(AOV)Percentage

of

ecommerce

GMV2025overallecommerceAOV2024overallecommerceAOV2025

videocommerceAOVTransaction

volume$13-$15perorder$11-$13perorder$6-$7perorderSource:Cube,SEA2025<5%20%25%13%154618316

SellersBrands

and

merchants

who

make

upthecommercialengineof

theecosystem.They

are

responsibleforsourcingproducts,managinginventory,andfulfillingorders.Percentage

of

GMV

captured

by

top

performersThe

top10sellers

per

category

drive20%oftotalcategory

transactionsintheirrespectivecountryEcommercevideocreatornichesLouisseScarlettFamilyShoppingandretailWinWilliamPhonesandelectronicsHero

products

take

the

spotlightWhiletheecosystemfeaturesalongtailofsellersandstores,videocommerceisdominatedbyasmallpooloftopsellersandbest-sellingproducts.Successisintrinsicallylinkedtotheliveformat:80%ofthesetop-performingproductsarefeaturedinlivestreams.Theabilitytobuildauthenticityandtrustthroughreal-time

interactionmakesitthekeychannelforcreatingviraldemandandestablishingproducts

as

bestsellers.CreatorscaleisbuiltontrustTopcreatorsoperateatremarkablescale,broadcastingamedianofmorethan30monthlylivestreams.Theirconstantpresenceisessentialformaintainingadirectandauthenticconnection

with

their

audience,afactor

that

underpins

their

success.Evenastheyachievemega-creatorstatus,preservingthisrelatabilityiscritical,astrustisthefoundationalcurrency

of

the

creator

economy.Itis

this

trust

that

makes

them

powerfulpartners

for

amplifying

sales

of

newand

existing

products.Topsellers,products,andcreatorspropel

the

videocommerceecosystem

CreatorsPersonalitiesandinfluencers

whoserve

as

the

bridge

to

consumers.Theybuildcommunitytrustandauthenticallydemonstrateproducts

whiledrivingengagement.

ProductsThe

items

being

sold.In

videocommerce,theyarethe

focalpoint

ofthecontent,with

their

valuedemonstratedthroughlive

video,

tutorials,andreviews.The

top1,000creatorsproduceamedianof30+monthlylive

videos

LIVE

The

top1,000productspercountrydrive25%ofthecountry’s

totalGMVEcommerceFooddeliveryTransportOnlinetravelOnlinemediaDigitalfinancialservicesPimrypieMixedcategoriesQuyềnLeoMixedcategoriesKohcunPhonesandelectronics80%

werefeatured

inlive

videosRosmarBeautySource:Cube,SEA2025LIVEA

distinct

category

mixVideo

commerce

is

forging

a

categorymix

that

sets

it

apart

from

traditionalecommerce.One

standout

is

the

beautyvertical,whichcapturesalargershareofthe

pie

in

this

format

due

to

the

powerof

demonstration.Another

key

trend

isthe

popularity

of

everyday

staples

likehomeandtools,andgroceries.Incontrast,categoriessuchasphonesandelectronicsaregrowingbuttrailtheirshareinthebroader

ecommerce

market,signallingpotential

for

future

expansion.The

‘show,don’ttell’advantageAnanalysisoftop-sellingproductsrevealsthatsuccessinvideocommerceiscloselytied

to

the

products’suitability

for

a

live,interactive

format.Examples

of

goods

that

dowellinthisenvironmentinclude:1)cosmetics,whichneedtobeseeninaction;2)supplements,forwhichliveQ&Ashelp

build

consumer

confidence

in

theirsafety

and

efficacy;and3)limited-editionitems,including

collectibles

and

flash-sale

gadgets,that

leverage

communityexcitement

to

drive

impulse

buys.LabubusSame-dayduriansWashingdetergentsGut

supplementsBedmattressesSmartphonesandtabletsCaroil3-in-1coffeePetfoodBabyformulaStorageandpackagingHeadphonesWomen’sunderwearRingsandearringsWide-legpantsInvisiblesocksSunscreen

FoundationmakeupBodylotionandcreamsWaterprooflipstickVideo

commerce

expands

beyond

beauty

and

fashion

into

a

full

spectrum

of

everyday

retail

categoriesCategoryOtherFoodandbeverageEverydaysuppliesHealthandbabyHomeandtoolsPhonesandelectronicsPercentageofGMV9%7%7%7%10%12%Video

commerce

categories

and

productsBeautyandpersonalcareFashionandaccessoriesEcommerceFooddeliveryTransportOnlinetravelOnlinemediaDigitalfinancialservices21%27%ExamplesoftopproductsSource:Cube,SEA202517AshifttowardseverydayaffordabilityDespite

macroeconomic

challenges,demand

for

food

delivery

has

remained

buoyant.Platformsareincreasinglytargetingsegmentsthat

value

affordability

by

introducing

newproducts

and

diverse

menu

options,shiftingthe

service

from

a

discretionary

luxury

to

amore

accessible

option

for

a

broaderconsumerbase.Insomemarkets,averageordervalueshaveincreased,drivenbycross-selling

tactics

like

free

delivery

foradd-on

orders

and

group

orders.Nextstop:profitabilityPlatformshavebeenactivelybuildingmoresustainablebusinessmodels.Theyhavemadesignificant

progress

in

reducing

their

cost

toserve

through

optimised

logistics

andstreamlinedoperationsinkeymetroareas.Most

are

now

profitable

or

are

soonapproachingprofitability.Smallerbusinessesgetintothe

advertising

gameMajor

platforms

are

reporting

high

double-digitgrowth

in

advertising

revenue.Long-tailvendors

are

following

in

the

footsteps

of

theirlargercompetitorsbyadoptingsophisticatedadvertising

solutions

offered

by

the

platforms

todriveawarenessandconversions.Asplatformsbecome

a

primary

advertising

channel

for

thesebusinesses,theirwillingnesstopayisincreasing.Steady

GMV

growth

reflects

food

delivery’s

shift

from

luxury

to

routine+14%+14%3622

231917LoyaltysubscriptionsCloudkitchens+18%+33%2.4

2.4

2.01.5Advertising+60

-

90%YoYrevenuegrowthNotes:2025estimatesarebasedonannualisedresultsfromH12025.Previouslyreportednumbersfor2023havebeenrevised.Source:BainanalysisCommissionsondine-in

vouchers202320242025

2025(SEA-6)

(ASEAN-10

)2030(ASEAN-10)Adjacent

revenue

streamsRevenue($B)GMV($B)DigitalfinancialservicesFooddeliveryEcommerceTransportOnlinetravelOnlinemedia2025

(ASEAN-10)2025

(SEA-6)2024202318Totalmarketsizeforfoodservices(2025)Total

food

servicesGMVExpansioninto

dininginOnlineGMV23B

ConsumersMerchantsPlatformsSavingsGrowthEngagementExclusivediscountsofAlow-costmarketingchannelIncreased

app

usage

and

user10-30%on

total

billstoacquirecustomersandincreasefoot

trafficstickiness,reducingchurnConvenienceMonetisationAsingleappfor

discovery,ProfitabilityExpanded

share

of

wallet

andtransport,andpaymentAhigh-marginalternativetoexpensive(20-25%commission)customerlifetime

value,plus

additionalrevenuestreamsDiscoverydeliveryservicesfrom

wallets,ads,Curatedlistsandratingscommissions,etc.tofindtrustedrestaurantsPartnershipAmarketingpartnerhelpingto

drivetheircoredine-inbusiness,

beyond

justalogisticsproviderDataVisibilityintoofflineconsumerspendingpatternsPlatforms

are

moving

beyond

delivery

to

capture

valuefromin-restaurantdiningEcosystembenefitsfromexpansionintodininginDigitalfinancialservicesFooddeliveryEcommerceTransportOnlinetravelOnlinemediaSource:BainanalysisRevenue($B)