机构研究报告-Digital payments in Singapore the cashless future of Southeast Asia-外文版培训课件

DIGITAL

&TRENDSDigital

payments

in

Singapore:

thecashless

future

of

Southeast

AsiaOverview

reportSingapore's

role

in

the

transformation

of

digital

payments

in

Southeast

AsiaExecutive

summarySingapore

isatthe

forefront

ofSoutheast

Asia'smove

toward

amore

cashlesseconomy.

Driven

byanadvancedtechnology

infrastructureandstrong

governmentsupport,Singapore’s

investment-friendly

environment

enables

itto

incubatefintechstartups,encourage

financialinclusion,and

catalyzeeconomic

growth

throughoutSoutheast

Asia(SEA).

While

asignificantproportion

of

the

region's

populationisstilldependent

on

cash,Singapore’s

innovationsindigital

payments

playapivotalroleinaccelerating

themodernization

offinancialsystems

inneighboring

countries.becoming

aleading

method

of

payment

incountries

where

cashhashistoricallybeen

predominant.

GrabPay,itsintegrated

e-wallet,

hasbecome

one

of

theleading

payment

options,and

partnerships

withlocal

providers

are

extendingGrab'sreach

across

the

region.•

Asaleading

financial

center,

Singaporeisattheforefront

of

developing

andexporting

fintechsolutionsthatmeet

the

specific

needsof

Southeast

Asia.Backed

byathrivingstartup

ecosystem

andstrong

venture

capital,Singapore-based

fintechcompanies

are

pioneering

alternativecredit,

BNPL,and

cross-border

payments.

AmongSingapore's

top10

fintechcompanies,

sixareinnovatinginthe

field

of

digital

payments,

responding

tothe

region's

needs.Here

aresome

ofthereport’s

key

insights:•

In2023,

digital

transactionsinSingapore

exceeded

128

billion

Singapore

dollars,representing

amajor

shiftinfavored

transactionmethods

andputting

thecountry

on

trackforcashless

adoption.ThisStatistareport

will

explore

thedigitalpaymentslandscapeinSoutheast

Asia,includingthe

government-backed

financialinnovations

inSingapore,

thecross-border

integrations

ofinstantpayments,the

major

role

ofsuper-apps

ande-walletssuchasGrabPay,and

finally,theopportunities

forSingaporean

fintech

startupstoachieve

digitalfinancialinclusivityacross

Southeast

Asia.•

National

payment

systems

suchasFASTand

PayNow

haveenabled

instanttransfers

between

banksand

e-wallets.

Through

partnershipswith

neighboringcountries,

these

systems

areimproving

cross-border

connectivity

andpaving

theway

foraninteroperable

digitalecosystem

withinSEA.•

Southeast

Asiais

experiencing

strong

adoption

of

mobile

wallets

thanksto

super-appssuchasGrab,which

offer

accessible

payment

optionstounderbankedpopulations.

Enabledbyhighmobile

internet

connectivity,

mobile

wallets

are301The

rise

of

digital

payments

in

Singapore•

Singapore’s

payment

landscape•

Emergence

of

instant

payments•

Therise

ofe-wallets•

Cross-border

transactionsand

initiativesSingapore’s

payment

landscape

evolutionThemost

used

in-store,

point-of-sale

(POS)payment

methods

inSingaporeThepayment

landscapeinSingapore

hastransformed

inthepastfewyears,

as

digitalpaymentsgraduallyreplace

cashasthemost

usedtransaction

method.

Cashhasbeen

largelyovertaken

bycardpayments

and

mobile

wallets,the

useof

which

hasdoubled

since2020

and

isexpected

tobecome

thedominantpaymentmethod

by2027.

This

reflects

awider

societal

shifttoward

convenience

and

technological

integration.Payment

methodCredit

card2017201920202021202220232027*30%4%34%7%38%11%17%26%3%34%14%20%22%5%36%18%21%19%5%37%22%20%15%4%29%44%15%7%E-wallet/mobilewalletDebit

cardCash23%40%2%19%37%2%Prepaid

cardPOSfinancing3%3%2%2%2%5Notes:Singapore;

2017

to2023;

no

figures

wereavailable

for2018

asthe

sourcedid

not

releaseany

reports

that

year;

*forecastSources:

GlobalData;

IMF;McKinsey

&Company;

WorldBank;Worldpay;

ID:1296909Leading

the

digital

payment

revolutionLeveraging

digital

infrastructure

to

embrace

cashless

paymentsGross

transaction

value(GTV)ofdigital

paymentsinSingapore,

from

2019

to2030TheMonetary

Authorityof

Singapore

(MAS)hasleveraged

thenation'shigh

connectivity

to

stimulate

innovationinthefinancialsector,

enablingthe

gross

transaction

valueof

digital

paymentstoreach

147

billion

U.S.dollars

in2024.

This

progress

issupported

byawell-established

payment

infrastructure,with

near-universalaccess

tobank

accountsand

one

ofthehighestcredit

cardpenetration

ratesinAsia.Therollout

oftheworld’s

firstnationwidecoverage

ofastandalone5G

network

in2022,

complementing

theextensive

4G

coverage,

hasaccelerated

thedigital

transformationandcontributed

to

Singapore

havingoneof

the

highest

internetpenetration

ratesintheregion.InbillionU.S.dollars2502002001501005014714513511798830201920212022202320242025*2030*6Notes:Singapore;

2019

to2030;

*forecastSources:

Bain&Company;

Google;TemasekHoldings;

ID:1423062;

Text:

Statista;

WorldBankID:1149599;

PPROID:1040602;

DataReportal;Meltwater;

WeAre

Social;ID:281668;Cash

is

no

longer

kingPaper-based

methodsgive

way

to

digitaltransactionsDistribution

ofpaymenttransaction

volumeinSingaporeTheshifttoelectronic

paymentsisnotsimply

apassingtrend,but

afundamentalchangeinthe

way

exchanges

arecarriedout.TheCOVID-19

pandemic

actedas

acatalyst,with

agrowing

number

ofconsumers

optingfor

the

security

andconvenience

ofcashless

options.

Therole

of

cashis

rapidlydiminishing,with

over

58

percent

of

transaction

volume

beingcarried

outelectronically

in2023.

Therise

of

real-timepaymentsplaysakey

role

inthisevolution,

given

theiroptimal

efficiency,

andthe

useof

this

payment

method

isforecast

toincrease

in2028

compared

to

paper-basedpayments,which

are

expected

todecline

further.Shareoftransactions70%61,9%58,1%60%50%40%30%20%10%0%30,1%20,8%Thistransition

illustratesSingapore's

groundbreaking

visionforfinance,withthedevelopment

of

nationalpaymentinfrastructures

likeFASTand

PayNow

tohelp

accelerate

thetransition

to

afullydigitaleconomy.17,4%11,8%ElectronicpaymentsPaper-basedpayments2023

2028*Real-timepayments7Notes:Singapore;

2023;

real-time

payments

include

FASTandPayNow

transactions;

*forecastSources:

ACI

Worldwide;

ID:1298705Real-time

payments

as

the

new

standardFASTand

PayNow

are

drivinginstanttransactionsValue

ofFAST

transactions

inSingaporeTheintroduction

ofFastAndSecure

Transfers(FAST)in

2014

was

akey

milestone

inSingapore's

move

toward

real-time

payments.

Thesuccess

of

this

instantpayment

infrastructurelaidthe

foundationsforPayNow,

which

was

launchedin2017,

and

extends

thesecapabilitiesbyenablinginstanttransfersusingasimple

cell

phonenumberor

IDnumber.

Together,

these

platformshaverevolutionized

the

way

funds

aretransferred,

offering

near-instanttransactionsbetween

15

banksand

fournon-financial

institutionssuchase-wallet

platforms.InbillionSingapore

dollars6004002000486,952023380,612022296,322021210,802020148,052019108,23201873,32201754,06201637,192015Total

number

of

real-time

paymentsinSingapore

(FASTandPayNow)Nearly

490

billionSingapore

dollars

worth

oftransactionswerecarried

outusingthistechnology

in2023,

boosting

theforecastvolume

of

real-time

paymentsto

717

million

by2028.

Thesuccess

ofthese

new

nationalinfrastructureshavepaved

the

way

forfurtherinnovation,suchaslive

paymentsviaQRcode,

or

instant

transfersbetween

individualsandcompanies.Inmillions71738820232028*8Notes:(1)

Singapore;

2015

to2023;

(2)

Singapore;

2023

and

2028;

*forecastSources:

(1)

MAS;

ID:1325973;

(2)

ACI

Worldwide;

ID:1479187;

Text:Association

ofBanks

in

SingaporeMobile

wallets

surge

in

popularitySeamless

andsecure

transfers

aredriving

adoptionMobile

walletownership

amongadultsinSingaporeIn2023,

almost

80

percent

ofadultsinSingaporeowned

andused

mobile

wallets.

Indeed,

e-wallets

havebecome

anintegralpartof

Singaporean's

dailylives,serving

asaconvenientmethod

formakingtransactionsinphysicalstores,

on

onlineplatforms,

and

even

peer-to-peer

payments

(see

page10).Features

suchas

biometric

authentication

and

data

tokenizationhavemadethese

virtualwallets

asecure

alternative

toconventional

payment

methods.Shareofrespondents100%90%79,7%77,9%80%70%60%50%40%30%20%10%0%73,7%Therise

ofmobile

wallets

isstrongly

connected

to

QR-codepayments.

TheSingapore

QuickResponse

Code(SGQR)

istheworld's

firstunifiedelectronic

payment

QRcode,

combiningmultiplepayment

systems

intoasinglelabel.

Withaunifiedpayment

QRcode,

customers

canusetheirpreferred

e-walletsandscanthe

same

code

to

make

payments.Thistransformation

is

reinforced

bynationalplayers

suchasGrabandDBS,the

largest

bank

inthe

country.2021202220239Notes:Singapore;

2021

to2023Sources:

ACI

Worldwide;

GlobalData;

ID:1446449Online

and

offline,

e-wallets

make

everyday

shopping

easierSuper-apps

and

online

banking

areleading

the

wayMajor

e-wallet

servicesused

inSingaporeMain

transaction

typesusinge-payments

inSingaporeShareofrespondentsElectronic

wallet

usehasbeen

heavily

driven

byonline

bankingcompanies

andsuper-apps

suchasDBS

PayLah!,which

was

thefavored

e-wallet

ofusers

inSingapore

at64

percent

ofrespondents.

Launchedin2014,

DBS

leveraged

itsestablishedbanking

infrastructure

to

offer

users

aconvenient

andsecureway

tomanagetheirfinances.

By

linkingbank

accountstodigitalwallets,

itenables

users

totop-up

theirbalancesand

payforgoods

and

services.ShareofrespondentsDBSPayLah!GrabPay64%Payingforonlinepurchases55%81%PayPal44%TransferringmoneytofriendsandfamilyGoogle

Pay68%34%E-payment

servicefrombanks29%26%21%PayingbillsFavepay67%Meanwhile,

the

Singaporean

super-app

Grab

hasgonefrom

aride-hailing

and

food

delivery

service

toafully-fledged

financialplatform.

GrabPay,with

itsextensive

userbase,introducedfeatures

suchasbillpayment,Buy

Now,

PayLater(BNPL)options,and,more

recently,

theabilityto

top-up

wallets

withcryptocurrencies.

Additionally,

theplatformisenabling

users

tosend

money

overseas

throughitsremittance

service,

whilepilotingcross-border

payments

forlocal

merchants

throughacollaboration

withAnt

International

and

StraitsX,usingpurpose-boundmoney

(PBM)

forsecure

and

efficient

transactions.ApplePaySamsungPayPayingforin-storepurchases60%11%SingtelDash8%Payingforreal-worldpurchasesAliPay5%WeChatPay2%AmazonPay2%FOMOPay1%Others5%49%Splittingbillswithotherswhen

dining

out27%Others1%10

Notes:(1)

(2)

Singapore;

2022Sources:

(1)

(2)

Rakuten

Insight;

ID:1106650;

ID:1106634;

Text:StraitsXSingapore

at

the

forefront

of

cross-border

payment

integrationLinkingreal-time

paymentsystems

across

Southeast

Asia202120222023PHILIPPINESINDONESIA(pilot)MALAYSIATHAILANDINDIASINGAPORESingapore

isleading

initiativesaspartofabroader

effort

tocreate

aninteroperable

Moreover,

Singaporeis

actively

involved

incross-continental

projects

likeProjectQR

code

payment

ecosystem

withinSEA,apioneering

move

globally.

Singapore'sFAST/PayNow

system

hasbecome

acentral

nodeinthisnetwork,

linkingwithMalaysia's

RPP,Thailand's

PromptPay,India'sUPI,andIndonesia's

BI-FAST.

Thecross-border

payment

linkagessimplify

transactions,reduce

costs,

and

enhancefinancialinclusionacross

SEA.Nexus,which

aimstoestablish

payment

linkagesbetween

different

regions,includingthe

Eurosystem’s

TIPS.Thisreflects

Singapore's

commitment

tofosteringaglobal,interoperable

paymentecosystem,

positioning

the

city-state

asakeyplayerinthefutureof

international

financialinfrastructure.11Sources:

Fintechnews02Payment

trends

in

Southeast

Asia•

Southeast

Asia’spaymentlandscape•

Banked

population

and

financialinclusion•

Rise

of

digital

tools

andeconomy

sinceCOVID-19•

Mobile

wallet

adoption,boosted

bysuper-appsCash

reliance

is

still

high

in

Southeast

AsiaShare

ofcash

inpaymenttransactions

at

pointof

sale

(POS)

in2023While

Singaporeisrapidlymoving

toward

acashlesseconomy,

therest

of

the

region

still

relies

heavily

oncash,indicating

thatthe

fullpotential

ofelectronic

paymentshasyet

to

berealized.

Thailand

andthe

Philippinesreportedthe

highest

cashpayment

rates

at

pointof

sale(POS).Shareoftransaction

value46%THAILAND38%VIETNAMLimited

access

toonlinebankingposes

aproblem,particularly

inrural

areas

where

people

areless

familiarwith

digital

payment

systems.

Inaddition,theprevalence

ofcashamong

older

generations

furthercomplicates

thetransition

to

cashless

solutions,

emphasizing

the

need

fortargeted

initiativestopromote

digitalliteracy

andaccessibility

across

the

region.44%PHILIPPINES32%MALAYSIA15%SINGAPORE38%INDONESIA13

Notes:Worldwide;

March2023;

the

sourcedefines

POS

payments

as

all

transactions

that

occurat

the

physical

point

ofsale;

includes

traditional

in-store

transactions

aswell

as

all

face-to-face

transactions

regardless

ofwhere

they

take

placeSources:

GlobalData;

IMF;McKinsey

&Company;

WorldBank;Worldpay;ID:1277116;

Text:Statista;

ID:1306550Digital

payment

value

rising

across

the

regionThesector

is

forecast

to

doubleinsizeGross

transaction

value(GTV)ofdigital

paymentsinSoutheast

AsiaDespite

cashremaining

apredominant

payment

method,digitalpaymentshaveexperienced

growth

inallSEAcountries.

In2022,

the

gross

transaction

valuefordigitalpaymentsexceeded800

billionU.S.

dollars.GTVinbillion

U.S.dollars2.5002.0001.5001.000500300350Theacceleration

inthe

adoption

of

digital

paymentssince

2019hasbeen

driven

bytechnological

advances,supportivegovernment

initiatives,andchanging

consumer

behaviors.PhilippinesVietnam200310Asdigitalcommerce

continuesto

grow,

the

digitalpaymentssector

isexpected

tomore

than

doubleby2030.

However,

withadoption

currently

constrained

bylimited

financialinclusionandhigh

cashusage(see

previous

page),there

isagreatpotential

forthe

transaction

valueandvolume

of

mobilepaymentstorise

furtherinthecoming

years.SingaporeThailandMalaysiaIndonesia12612510335016014517680149147141172126135134698210566117120982075590083102123164152102834044173402862062340201920212022202320242025*2030*14

Notes:Asia;

2019

to

2022;

*forecastSources:

Bain&Company;

Google;TemasekHoldings;

ID:1423062Limited

banking

accessAbarrier

tofinancialinclusionShare

ofbanked

populationin2023Despite

thegrowth

ofonline

payments,financial

inclusion

inSoutheast

Asiaremains

achallenge,

with

wide

variationsacross

theregion.

Asof2022,

Singapore

led

withanearlyuniversal

bankedpopulation,whileThailandand

Malaysiafollowed,

bothwithover

a90

percent

bankedpopulation.Incontrast,countries

likeIndonesia,

the

Philippines,andVietnam

revealed

significantgaps,indicatingthatalargeproportion

of

thepopulationwas

still

unbanked.SingaporeThailand99%96%Malaysia90%Thislow

bankingpenetration

limitsaccess

toformalfinancialservices

andisamajor

obstacle

to

theadoptionoftraditionalbankproducts

and

digitalbanking

solutions.IndonesiaPhilippines55%49%Vietnam42%15

Notes:APAC;

2023Sources:

PPRO;ID:1040596A

smarter

way

to

manage

finance:

mobile

internet

connects

users

to

banksMobile

internet

offers

unbankedpopulationsadigitalworkaroundInternetadoption

inSoutheast

Asiaas

of2024Share

ofuserswho

access

the

internetviamobilephonein

Q42023Theadoptionof

digitalpaymentsinthe

region,despite

low

banking

access,

isprimarily

driven

byhighmobile

internet

connectivity.

Althoughtheunbankedpopulationfaces

challenges,

widespreadsmartphone

ownership

andmobile

internet

accesshasprovided

aworkaround,

facilitating

easieraccess

todigitalpayment

options.ShareofpopulationShareofinternet

usersMalaysiaSingaporeThailandVietnam97%96%PhilippinesIndonesiaThailandMalaysiaVietnam98,8%98,3%97,5%97,0%96,3%93,9%ThePhilippineshadthe

highest

shareof

users

whoaccess

the

internet

viatheirmobile

phone,

atnearly

99

percent.

Thismeans

thatdespite

44percent

of

POStransactionsbeing

madewith

cash–thesecond

highest

shareintheregion

(see

page13)

−the

highmobile

internet

penetration

offers

afertile

environment

formobile

wallets

and

digitalpaymentstoflourish

inthe

coming

years.88%79%PhilippinesIndonesia74%67%Singapore16

Notes:(1)

Asia;

January

2024;

(2)

Asia;

Q42023Sources:

(1)

DataReportal;Meltwater;WeAreSocial;

ID:487965;

(2)

DataReportal;GWI;Meltwater;WeAreSocial;

ID:1252976No

bank?

No

problemMobile

wallet

adoption

in2023Formarkets

withlow

traditional

banking

inclusion,mobile

wallets

haveemerged

asthe

dominant

payment

method,with

adoption

ratesreaching

over

86

percent

inmost

of

the

surveyed

countries

in2023.ShareofusersIndonesiaThailand89,8%89,0%87,8%86,9%Widespread

smartphone

connectivity

andaffordabledataplans

havegiven

peopleaccess

todigital

payment

solutions

forthe

firsttime.

Highpenetration

of

mobileinternet

(see

page16)

means

thatmanypeople,

particularly

youngergenerations,usemobile

devices

astheirprimary

meansof

accessing

financial

services.Furthermore,

e-wallets

offer

asimple,

secure

way

to

conduct

transactionswithoutthe

need

forabankaccount,making

themparticularly

appealinginthesemarketsasthey

often

require

only

atelephone

numbertoregister.

Aflourishinge-commerce

industryand

theuseofQRcodes

bysmall

merchants

hasstrengthenedthe

position

ofmobile

wallets

asakey

payment

method

inSoutheast

Asia.PhilippinesMalaysiaSingapore79,7%17

Notes:Asia;

Q1

and

Q2

2023Sources:

ACI

Worldwide;

GlobalData;

ID:1391056;

Text:Kadence;

WorldEconomic

ForumQR

code

payments

reshape

in-store

shoppingIndonesia

leadstheway

inQR

code

transactionsShare

ofconsumersthatused

e-wallets

forin-store

purchasesinSoutheast

Asiain2022Usage

ofQRcodesforin-store

paymentsinSoutheast

Asia

in2022InMalaysia,67

percent

ofconsumers

reported

usinge-payment

services

forin-store

transactions,ShareofrespondentsShareofrespondentscompared

to

only

33

percent

inthe

Philippines.Thistrend

isreinforced

bythegrowing

adoption

ofQRcode

payments,which

enables

smaller

retailers

toaccept

digitalpayments,widening

access

toe-walletsindifferent

markets.

Thailandshowed

broad

adoptionof

bothQR

codepaymentsandthe

useof

e-wallets

forin-store

purchases–

around60

percent

ofrespondents

reported

usingthese

methods.

E-walletsandQR-code

paymentsare

alsoincreasinglyintegrated

intoride-hailing

and

food-delivery

apps.Malaysia67%IndonesiaThailand62%61%61%61%Thailand60%60%SingaporeVietnamVietnam48%MalaysiaIndonesiaPhilippines

33%41%PhilippinesSoutheast

Asia53%59%18

Notes:(1)

Asia;

October

13

to30,

2022;

(2)

Asia;

September

toOctober,

2022Sources:

(1)

Rakuten

Insight;

ID:1364787;

(2)

Clear;Visa

Inc.;ID:1256190Ride-hailing

and

food

delivery

services

boost

e-wallet

adoptionValue

oftheonlineride-hailingandfood

market

inSoutheast

Asia,from

2019

to2024,

withaforecast

for

2025In2024,

the

market

valueoftheonlineride-hailingandfood

delivery

market

reached

over

30

billionU.S.dollars.

Asconsumers

increasingly

rely

onthese

platformsfortheirdailyneeds,

with

Grabthe

leading

food

delivery

service

inthe

region,

theadoption

ofe-wallets

suchasGrabPayhasgrownintandemwiththese

services

as

users

canmakepaymentswithin

the

same

ecosystem.InbillionU.S.dollars403020100312825231913132019202020212022202320242025*Super-apps

suchasGrabandGojek

havetherefore

become

anintegral

partof

SoutheastAsia'sdigitaleconomy,

linking

on-demand

serviceswith

digital

payments.Leadingfood

deliveryservicesin

Southeast

Asiain2023,

by

gross

merchandisevalue(GMV)InbillionU.S.dollarsGrab9,4FoodpandaGojek2,71,8ShopeeFoodLineMan1,51,319

Notes:(1)

Asia;

November

2019

to

2024;

*forecast;(2)

Asia;

January2023Sources:

(1)

Bain

&Company;

Google;TemasekHoldings;

ID:958376;

(2)

Momentum

Works;

ID:1299496Grabpay

among

the

leading

e-wallets

in

Southeast

AsiaMost

usede-payment

services

inSoutheast

AsiaE-paymentsE-payments

frombanksPaypalINDONESIAMALAYSIAPHILIPPINES

SINGAPORETHAILANDVIETNAMGrabPay,developed

bySingapore-based

Grab,hasrapidlybecome

akey

playerintheSoutheastAsiae-wallet

landscape.

Originallylaunched

tofacilitateride-sharing

payments,GrabPay

hassinceevolved

intoaversatile

digitalwallet,enablingtransactionsinsectors

suchasfooddelivery,

e-commerce

and

even

financialservicessuchasinsurance

and

investments.20%34%34%25%51%20%61%15%29%44%55%34%36%24%29%GrabPay24%17%12%Google

PayAirPay18%Theapp'sdeep

integration

intothe

GrabGoPay78%ecosystem,

combined

with

itsexpansion

intodifferent

markets

(see

next

page),hasmadeitthe

preferred

digitalwallet

formillions.

Asthedata

shows,

GrabPayis

already

used

significantlyinfourcountries

and

is

actively

partnering

withother

companies

across

theregion.

GrabPay'simportance

reflects

Singapore's

influentialrole

inshapingthe

region's

digital

paymentslandscape.Touch‘nGoGcash92%98%DBSPaylah!TrueMoney

WalletMoMo64%83%76%20

Notes:Asia;

October

2022Sources:

Rakuten

Insight;

ID:1364788Grab’s

e-wallet

partnerships

across

Southeast

AsiaExpanding

reach

throughstrategic

partnershipsBeyond

thewidespread

useofGrabPay,Grabhasconsolidated

itsposition

intheSoutheastAsiandigitalpaymentslandscapethroughstrategicpartnerships

withthemost

widely

useddomestic

e-wallets.MYANMAR:GrabWaveMoneyVIETNAM:GrabZaloPayandMoMoPHILIPPINES:Through

equityinvestments

suchasOVO

inIndonesia,

and

allianceswith

other

leadinge-wallet

providers

inthe

region,

Grab

ensuresthatpopularpayment

methods

ineach

market

are

integrated

intothe

heart

of

itsapplication.THAILAND:GrabGrabGcashTrueMoneyCAMBODIA:GrabGrab

users

canlinktheiraccountstothe

most

popularlocal

e-wallets,

enabling

themto

make

paymentsdirectly

viatheseplatformswithin

the

Grab

application.Thisintegration

increasespayment

flexibility

and

enables

users

to

choose

theirpreferredmethod

basedon

local

trendsandhabits.

These

partnershipsgiveGrab

access

to

millions

ofnew

e-wallet

users

and

strengthens

Grab'sfoothold

intheregion.Wing

MoneyMALAYSIA:GrabTouch'nGoINDONESIA:

GrabOVOE-wallet

partnerships21Sources:

IBS

Intelligence;

Statista03The

influence

of

Singapore

inSoutheast

Asia•

Singapore

asaleading

fintechhub•

Dynamic

startupsandthe

venture

capitalscene•

Fintechinnovation

increasing

financialinclusioninthe

regionFintech

at

the

forefront

of

Singapore’s

digital

transformationPaymentsandblockchainrank

highlyNumberofoperatingfintechcompanies

inSingaporeDistribution

offintechcompanies

inSingaporeAsthe

region's

financialgateway,

Singapore

hasembraced

fintechinnovation.

Leveraging

strongventure

capitalsupportandathrivingecosystem

ofstartups,Singapore's

paymentssector

hasemerged

asthe

dominant

force

infintech.Ofthe1,500

fintechcompanies

operating

inSingapore

in2023,

paymentsaccountedforthelargest

share

at19

percent.Shareofcompanies1.8001.580PaymentsBlockchain/Web3Regtech19%18%16%1.5381.6001.4001.2001.0008001.2991.1921.036Singapore

al