UnaFinancial's recent analytical study has revealed that the rapid growth of the fintech sector across Southeast Asia has a stable impact on key macroeconomic indicators, including the growth of gross domestic product (GDP) and consumer spending, as well as reductions in transaction costs. According to estimates of UnaFinancial, the volume of fintech services in the region reached $896 billion in 2024, representing a 20% increase compared to the previous year. Over the past 15 years, the sector has maintained an impressive average annual growth rate of 35.7%. UnaFinancial’s analysts found a consistent relationship between the rapid fintech development and economic growth. Thus, for each additional $1 per capita in annual fintech service volume, consumer spending rises by an average of $0.36, GDP increases by $0.42, capital investment grows by $0.34, trade volume expands by $0.65, inflation drops by 1.59%, and transaction costs decline by 2.18%. The most statistically significant correlations were observed between fintech growth and consumer spending (with the coefficient of determination of 0.64), GDP (0.60), and transaction costs (0.64). Causal analysis supports the conclusion that fintech development is not just correlated with these outcomes but is likely a driving force behind them. As fintech grows, traditional financial institutions adapt by adopting flexible pricing, which reduces transaction costs. This boosts demand, enhances user experience, and encourages consumer spending, which drives investment and raises GDP per capita. Fintech thus serves as more than a sign of digitalisation - it lowers entry barriers, increases competition, and fuels sustainable economic growth. The analysts point out, “While fintech is growing rapidly in Southeast Asia, it may also bring new risks such as growing digital inequality, cybersecurity threats and technological vulnerability among the population. In a context of rapid digitalisation without sufficient financial literacy among the population, there is a risk that consumers will be unable to effectively use new financial tools. Thus, continued growth of fintech should be supported by enhanced cybersecurity, educational programmes and development of digital infrastructure, especially in remote and underserved regions.” Redisseminated by The Asian Banker
