Thailand

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Southeast Asia’s Improved COVID Situation Offers a Positive Outlook For Economy Rebound

With intensive vaccine rollout and heavy restrictions, Southeast Asia has significantly improved its COVID situation towards the end of 2021. Regional governments are gradually lifting restrictions and pushing to reopen, aiming to strike a balance between virus containment and movement of people and money.

 

Tourists in Bangkok, Thailand

Southeast Asia’s COVID Cases

Southeast Asia’s top economies – Vietnam, Indonesia, the Philippines, Malaysia, and Thailand, all faced a surge in COVID cases during the summer of 2021. The number of COVID-infected citizens soared in Indonesia during June-July, making it the country with the highest rate of infections in the region. Vietnam, originally successful in preventing the disease, also suffered a severe outbreak from June of 2021.

Table showing number of confirmed COVID cases in Southeast Asia

With heavy restrictions in place, the rate of daily new COVID cases has decreased for most countries. Indonesia, once the pandemic centre of Southeast Asia, reported the lowest number of daily new cases among the top economies. Except for Thailand, other countries have reduced their daily record of infections to less than 5,000 cases.

Graph showing daily ne confirmed cases in Southeast Asia

Southeast Asia’s COVID Vaccination Progress

Making up for a slow beginning, Vietnam and Indonesia are speeding up their vaccination program with over 1 million doses administered daily in October. Thailand and the Philippines are lagging in the race, with around 5 to 6 thousand doses administered daily. Only Malaysia has fully vaccinated over 70% of its population.

Table showing vaccinations in Southeast Asia

All countries target to achieve herd immunity with at least 70% of the population fully vaccinated against COVID-19. There are several complications in reaching these deadlines. For example, shortage of doses, government and localities coordination and local anti-vaccine movement (particularly in the Philippines and Indonesia), just to name a few.

Vietnam and Indonesia both aim to achieve herd immunity by March 2022. The Philippines is set to immunize 60% of its population by the end of 2021. Malaysia has surpassed the 70% benchmark and plans to vaccinate 80% of its target population (adults aged 18 and over) by December 2021. Thailand aims to vaccinate 70% of its population within 2021, focusing on covering tourist-concentrated areas.

Countries are also introducing vaccination programs to children ahead of the new school year. In October 2021, the Philippines began a pilot program in hospitals to vaccinate minors aged 12 to 17 with underlying medical conditions. Thailand recently kicked off a vaccination program with the Pfizer vaccine, aiming for more than 5.04 million students, aged 12 to 18. Vietnam will also start vaccinating children aged 12 to 17 with the Pfizer-BioNTech vaccine, starting November 2021.

Future Outlook: GDP, FDI, Supply Chains, and Tourism

The surge in infected cases led several governments to apply COVID-zero strategies, including limited international and local movements, and halted business activities. Unsurprisingly, strict regulations carried a negative impact on the economy. After months of heavy restrictions that put the economy on the brink, countries in Southeast Asia have lifted several social curbs and, most importantly, planned to reopen.

According to Oxford Economics, Foreign Direct Investment (FDI) flowing into Southeast Asia remains strong. As the global value chains continue to adjust to higher labour costs and trade protectionism in China, Southeast Asia is likely to be the key beneficiary. London-based think tank Capital Economics projected the region’s economy to rebound strongly in the fourth quarter of 2021 as COVID cases have dramatically reduced.

Vietnam

Vietnam’s GDP declined sharply by 6.17% in Quarter 3 of 2021 – the first recorded negative growth since 2000. In the first nine months of the year, the country’s GDP has now only grown by 1.42%. The Ministry of Planning and Investment estimates the annual GDP growth of 2021 to be at 3-3.5% compared to 2.91% in the previous year.

Foreign investors remain optimistic about Vietnam’s long-term growth. Its role in the global supply chain is only expected to grow, as noted by American Chamber of Commerce in Vietnam. Information services company IHS Market also stated that Vietnam’s involvement in the global supply chains would not be diminished by the pandemic, since the costs to relocate would outweigh the costs of momentary disruptions.

The government is developing a roadmap to be fully open to international tourists by June 2022. A pilot program for fully vaccinated international visitors to Phu Quoc Island will be carried out in November 2021, before reopening Nha Trang, Ha Long, Hoi An, and Dalat in December.

Indonesia

Indonesia, Southeast Asia’s largest economy, is expected to grow by 4.5% in the third quarter of 2021, much lower than the 7.07% growth of the second quarter. Indonesia’s finance minister stated that domestic demand had improved since the second week of August as restrictions relaxed. Exports from Indonesia, the world’s largest exporter of thermal coal and palm oil, also spiked as prices reached a record high. The new official forecast for the annual GDP in 2021 is at 4%.

The Indonesian Investment Ministry disclosed that the rate of foreign investment in Indonesia in the third quarter of 2021 decreased by 2.8% quarter-to-quarter, but increased by 3.7% year-on-year (YoY). With 13% of total foreign investment, the housing sector, industrial estates, and offices received the most attention. The transportation, warehouse, and telecommunications sectors received around 12.3%. The government is targeting 900 trillion rupiahs in total investment in 2021. By September, Indonesia has reached 73.3% of the target.

Indonesia is bracing itself for the year-end holidays, as nearly 20 million people are forecasted to travel to Java and Bali. The government has implemented several protocols for reopening tourist sites and hospitality services.

Philippines

Capital Economics projected an uptick in the Philippines’ GDP in the third quarter of 2021 from the second one. The second-quarter GDP was equivalent to an 11.8% growth YoY. Capital Economics also expects the fourth-quarter GDP to grow by over 4% compared to the third-quarter result and the annual GDP to grow 4.5% in 2021. The government set a target of 4-5% growth this year.

In the first half of 2021, FDIs to the Philippines amounted to US$4.3 billion, a 40.7% increase from the previous year’s level. The approved foreign investment reached a 45.5% increase YoY in the second quarter. The major investors to the Philippines in the quarter include the United Kingdom, which accounted for 55.6% of the total approved foreign investments, followed by South Korea (10%) and the United States (9.5%). 55.7% of the total foreign investment pledges are in the Information and Communication Industry (ICT). Construction came in second with a 16.1% share of total foreign investment commitments, while manufacturing came third with a 10.1% share.

The Philippines currently permits fully vaccinated international travellers from low-risk areas to arrive without quarantine. Most businesses in Metro Manila are allowed to operate at full capacity, while casinos, bars, and indoor tourist attractions can reopen at 30% capacity.

Malaysia

According to the Malaysian Institute of Economic Research (MIER), Malaysia’s economy is on the path of a V-shaped recovery. The GDP growth for 2021 is projected to be at 4.0%, slightly less than the average 4.9% growth of the pre-COVID period. Considering the improved COVID situation in Malaysia, Fitch Solutions has also revised the GDP growth forecast for Malaysia from 0.0% to 1.5% in 2021. Fitch Solutions’ forecast for 2022 remains at 5.5% growth in GDP.

In the first half of 2021, FDIs in Malaysia surged 223.1% YoY amid the pandemic, as stated by Malaysian International Trade and Industry Minister. FDI and domestic direct investment (DDI) have played a significant part in growing the company. FDI inflows in Malaysia targeted the manufacturing sector, which accounts for 79.9% of the total investment flow in the second quarter of 2021.

Archipelago Langkawi has reopened in October 2021 as part of the government’s Tourism Recovery Plan; however, the destination is only available for vaccinated domestic visitors.  The government plans to welcome domestic visitors to Tioman Island, Johor, Melaka, and the state of Sabah on the island of Borneo. International travelers will be welcomed after inter-state travel and tourism are running run smoothly.

Thailand

Thailand’s economy is set to grow at a slower pace than previously expected. The Finance Ministry lowered its forecast to 1% growth in annual GDP, from 1.3% predicted in July. The ministry expects the economy to have declined by 3.5% YoY in the third quarter. As a reopening plan is rolling, the ministry forecasts a 3% growth YoY in the fourth-quarter GDP. Thailand’s trade performance was higher than expected, with a 17.1% growth in exports YoY for the first three quarters of 2021.

In the January-September period, Thailand’s investment pledges climbed to a 140% growth from the year before. Japan, the United States, and China were the top three sources of FDI applications. Industries that saw significant inflows of foreign investments include electrical and electronics, medical and chemical sectors.

With tourism representing 18% of its GDP, Thailand has been the most eager country to reopen its doors to international travelers. Since the last week of October 2021, Thailand has welcomed vaccinated travelers from more than 40 countries. Beginning November 1, travelers from 6 more countries and territories that Thailand considers “low risk” will be able to enter without quarantine. The government anticipates 1 million tourists to enter Thailand by March 2022.

After a long battle with the pandemic surge, Southeast Asia has been able to relax its stringent social restrictions. The intensive vaccination programs have played an important role in curbing the daily infection rates. While the road to rebound to pre-pandemic levels might have prolonged, the region’s top economies have made multiple measures to balance its pandemic control and economic recovery. The short-term disruption in supply chains did not diminish Southeast Asia’s growing importance in the global supply chains, as foreign investors are still keen to enter the region.


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    Asia-Pacific Nations Form World’s Largest Trading Pact

    After eight years of negotiation, 15 nations formally signed one of the world’s largest free trade agreements on the 15th of November 2020. The Regional Comprehensive Economic Partnership (RCEP) includes the 10 ASEAN nations as well as their close partners China, Japan, South Korea, New Zealand and Australia. The agreement stands as a symbol of China’s growing economic impact in Southeast Asia, at a time when the US places itself in an uncertain position in the region.

     

    RCEP map

     

    The RCEP shows that the world won’t wait around for the US, but instead engage in aggressive trade negotiations without it. The European Union are currently pursuing several free trade agreements at a high pace. As a result, many American exporters might lose their global market shares.

    The RCEP is expected to abolish a range of tariffs on imports over a 20-year period. It also includes regulations on intellectual property, telecommunications, financial services, e-commerce, and professional services. However, as the new trade agreement eliminates tariffs mainly on goods that are already eligible for duty-free treatment, it is expected to formalize, rather than remake, the business among the involved nations. Moreover, the pact introduces so-called “rules of origin”, which will set common standard for how much of a product needs to be produced within the region to qualify for duty-free treatment. As an effect, international enterprises will have an easier task of setting up cross-border supply chains that span several countries.

    Due to the ongoing global pandemic, the signing of the free trade agreement was a bit unusual as The whole process was conducted virtually. Each country’s trade minister took turn signing the deal, while his or her head of state or government stood nearby and watched the signing take place.

    The agreement is the biggest of its kind in relation to the massive population it affects. The pact covers 2,2 billion people, more than any previous free trade agreement has ever covered. Moreover, the deal could increase global national income by 186 billion USD annually by 2030. It is believed that the pact will benefit China, Japan and South Korea the most.


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      Thаilаnd Takes Action to Sаve the Tourism Industry From COVID-19

      After successfully containing the spread of COVID-19, Thаilаnd’s government kick off plans to revive the country’s tourism industry. More specifically, Thailand focus on their Chinese visitors, as they account for almost a third of the total sector.

       

      Chinese tourist taking a selfie in Bangkok

       

      Thailand’s economy strongly relies upon the tourism industry as it accounts for one out of six job opportunities аnd 13-14% of the country’s economy. Now, it is among the most vulnerаble industries due to COVID-19. In 2019, Thаilаnd hаd аround 39 million visitors (with around a third of them coming from China), generating neаrly $60 billion USD nationwide. When the Chinese government quarantined the city of Wuhаn аnd closed its border from Jаnuаry to Аpril, Thаilаnd’s tourism industry lost 28% of all their Chinese visitors.

      Graph showing share of Chinese visitors in Southeast Asian countries in 2019

      The first case of COVID-19 in Thailand was recorded on the 13th of Jаnuаry. 72 dаys lаter, Prime Minister Prаyut Chаn-o-chа declаred a state of emergency, which suspended аll commerciаl internаtionаl flights as well as introducing lockdown meаsures in vаrying degrees throughout the country. This meant no foreign visitors or domestic trаvelers for аlmost а quаrter. Suddenly, temples аnd mаrkets becаme less crowded, and the beаches аnd hotels were neаrly empty. Аccording to the Tourism Аuthority of Thаilаnd (TАT), the number of foreign tourists in Thаilаnd mаy decrease by 6 million this yeаr, hitting a four-year low. The decreаsed number of tourists subsequently triggered аn overwhelming number of job loss, especiаlly for employees working at popular tourism destinаtions.

      Аfter аlmost 3 months of lockdown аnd sociаl distancing, the government successfully contained the outbreаk of COVID-19. The current situаtion looks promising, аnd the government plаns to restаrt the economy by slowly reopening tourism spots with flights from some specific аreаs, stаrting with Chinа. Thаilаnd’s government аgreed to аllow five groups of internаtionаl visitors to come:

      1. Cyclists, who will tаke pаrt in а cycling event, which will tаke plаce on the 6th to 16th of October
      2. Pilots аnd cаbin crew from Thai Airways who have visited the United Stаtes
      3. People visiting Thаilаnd holding non-immigrаnt visаs
      4. Long-stаy visitors with Speciаl Tourist Visаs (STV) аnd people holding the АPEC Business Trаvel Cаrds
      5. People who wish to stаy in Thаilаnd for no longer thаn 90 dаys in totаl. Visitors in this group must receive approval from the Ministry of Foreign Аffаir (MFА) before being аllowed to visit Thаilаnd

      Foreign tourists wishing to enter Thailand must undergo а process called “Sаfe аnd Seаled”. They will be permitted to fly into Phuket аnd will need to quаrаntine in а designаted resort for 14 dаys. Further, they will be tested for COVID-19 аt the beginning аnd the end of their quаrаntine period.

      Furthermore, Thаilаnd’s government plаns to pаrtner with Аlipаy аnd Fliggy to boost Chinese tourism. TАT hаs lаunched а strаtegic tourism promotion cаmpаign to boost domestic travelling post-COVID-19 lockdown by encourаging Chinese ex-pаts living in Thаilаnd to trаvel domesticаlly. Running from the 24th of Аugust to the 31st of December 2020, the cаmpаign enаbles Chinese who lives in Thаilаnd to enjoy exclusive deаls offered by pаrticipаting hotels when booking а domestic trip through Fliggy.

      In conclusion, the pаndemic is subsiding in Thаilаnd. The government stаrts to retrieve its tourism industry by boosting foreign demаnd into the country. However, this аlso brings in the possibility of the second COVID-19 wаve. Despite thаt, Government’s аim is to limit the spreаd of coronаvirus аnd sаve the economy rаther thаn hаving no cаses аt аll.


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        by Asia Perspective Asia Perspective No Comments

        Thailand’s Food Production Soars as Tourism Suffers

        As many other countries in the region, Thailand and its economic development has taken a big hit due to the COVID-19 pandemic and its effects on global travelling and trade. The tourist-friendly nation has seen an immense drop of international visitors, and manufacturing industries has come to a halt. However, other sectors have utilized on opportunities to thrive, such as food production.

         

        A rice farmer in Thailand

         

        During the past few years, tourism has contributed to approximately 15% of Thailand’s annual GDP, making it one of the country’s main economic drivers. In comparison with other countries in Southeast Asia, Thailand has the largest number of tourists, most of which are from China. However, since the coronavirus outbreak struck China by the end of 2019, Chinese international travelling has been restricted and controlled, heavily affecting the tourism industry of Thailand. As opposed to an expected usual culmination of Chinese tourists during the Lunar New Year holiday in late January and early February, Thailand lost 85.3% of tourist travelling from China in February. Within the two following months, travel bans were imposed on several nations worldwide, diminishing the key industry of the country even further. As a result, Thailand’s tourism revenue recorded a total shrink of 40% during the first quarter of 2020, and the Tourism Authority of Thailand forecasted a 65% decrease of tourists arriving throughout the whole year of 2020.

        Graph showing number of visitors to South East Asia

        Thailand’s manufacturing sector´ also suffers from the pandemic, bringing delays to global supply chains and causing massive business disruptions. Specifically, Thailand’s export of manufactured goods plunged to USD 1.9 billion in April this year, a drop by 20.7% from the same month 2019.

        Although two of Thailand’s key economic sectors, tourism and manufacturing, were severely affected by the COVID-19 pandemic, food exports have seen a strong increase. In April 2020, overseas food sales of Thai produced goods reached USD 3.17 billion, an increase of 12.9% compared to the same period last year. The share of food exports accounted for 16.3% of Thailand’s total trade in April, the highest proportion since September 1999. One explanation to the rapid increase is that Thailand stands out as it continues to supply rice to the worldwide demands despite the outbreak, while other big exporters such as China, Vietnam and India froze international shipments to secure domestic rice stocks during the worst part of the pandemic. This new-yet-old trend is anticipated to continue at least until the end of this year.

        Graph showing Thailand food exports

        Thailand has long been one of the world’s key suppliers of agricultural products, with rice making up the largest share of 17.5%, followed by chicken, sugar, processed tuna, tapioca flour and shrimp. Although the surge of food production and exports cannot balance out the losses of other key trading sectors, it helps to support millions of people throughout the long supply chains and big agricultural sector of Thailand.

        The COVID-19 pandemic has, and will continue to, reorient economic trends in many countries. In Thailand, some major industries have been struck, whereas others have seen an opportunity to grow. Instead of attracting foreign investments into tourism and manufacturing, Thailand has made efforts to engage investors in the food production and processing sector. Until the end of 2020, these fields will continue to be the most promising for investments.


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          by Asia Perspective Asia Perspective No Comments

          The Rise of Online Grocery Shopping in Thailand

          Avoidance of public transportation due to serious air pollution, heavy traffic, growing free delivery services and elimination of plastic bags are giving added incentives to the online grocery business in Thailand.

           

          Thailand grocery shopping

           

          The grocery market value in Thailand was estimated to 30 billion USD in 2019. Looking at the online grocery market, it has been lagging behind other e-commerce categories for years, but has finally taken off, becoming one of the fastest-growing categories in Thailand. Between 2017 and 2019, the revenue from grocery e-commerce increased by 24.7% YoY and is expected to grow 26% in 2020. Correspondingly, the number of customers jumped from 6.5 million in 2017 to 8.1 million in 2019, and the market penetration rate reached 11.7% in 2019.

          Adding to this, the Thai government kicked off 2020 with the ban on single-use plastic bags at major retail stores, aiming for a complete ban in 2021 to reduce waste and debris in the ocean. The ban has changed the shopping behaviour of the Thai people, adding to the inconvenience of shopping in-store. Additionally, traffic jams and air pollution have also been known as major concerns for the Thai residents. Consequently, more and more people are switching to the new, more convenient solution, which resolves all problems.

          Thailand online grocery shopping growth and penetration graphs

          With its great potential of growth, the online grocery shopping market in Thailand has attracted multiple investors and new players, fighting over the online customers. Early players, such as Hoestbee and HappyFresh, have explored the Thai market and enjoyed the success on their own, until other Asian giants recently decided to enter. In 2020, Line, Grab, and Lazada are entering the market. While Grab and Lazada launched their own respective platform, Line joined forces with the existing online grocery platform HappyFresh. The cooperation will see HappyFresh using the Line Man platform, which has a large base of customers in Thailand. Traditional grocery retailers on the other hand, appear to be falling behind when it comes to online shopping. In late 2019, Tesco Lotus, one of the biggest “traditional” supermarket brands, launched their new online shopping site in partnership with Shopee, indicating that more investments toward the e-commerce sector is on its way.

          Thailand online grocery shopping rate of growth and penetration graph

          In 2020, Thailand’s grocery e-commerce is expected to reach 393 million USD and an estimated penetration rate of 12.9%. However, with consumers’ online spending growing by an impressive 25% last year, and factor such as air pollution, heavy traffic, bans of plastic bags, the future for Thailand’s grocery e-commerce industry looks promising.

           

           

           


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            by Asia Perspective Asia Perspective No Comments

            The Eastern Economic Corridor (EEC)- The next major economic zone of ASEAN

            One of the recent highlights in Thailand’s infrastructure industry is Eastern Economic Corridor (EEC), a pilot project for the economic development and a response to the rapidly changing business world and the immense power of the Industry 4.0. The EEC project will be one of the significant investment drivers in infrastructure, industrial projects, and social projects. It will strengthen the economic, GDP growth and social development of Thailand.

             Bangkok, Thailand

             

            The plan is a key component of the ‘’Thailand 4.0’’ economic policy announced in 2016, an economic model that aims to unlock the country from several economic challenges resulting from past economic development models. The geographical core focus is placed within the Chachoengsao, Chonburi, and Rayong provinces and the government expects 1.7 trillion Baht to be invested in the development plan in the first five years. The project has ten target industries, ranging from automotive and electronics to automation and robotics.

            Pie chart showing investment in Eastern Economic Corridor

             

            Graphic showing targetted industries for Eastern Economic Corridor

             

            The aim of the plan is to transform the Thai’s economy into an innovation-driven one and focus on becoming a more service-based economy and move away from labor-intensive industries. The plan has four core focus areas, being infrastructure, business, tourism and new cities, as well as fifteen major projects, with five of them being of high priority and will provide the foundations for subsequent development in the EEC.

            One of the high priority projects being the U-Tapao airport development. With the improvements and expansion of the second passenger terminal, the government expects it to usher in a new wave of tourists. Developing the airport further will also expand the ECC’s reach into the aviation sector. There is currently only one passenger terminal, which can support 700,000 passengers per year, and with the expansion of the second passenger terminal, this value will increase to 3 million passengers per year.

            The connectivity is a key component of the EEC project, which is why the U-Tapao airport development is of such importance. However, the government is also including the development plans of the Laem Chabang port as a high priority project. The plan is to increase the Laem Chabang port’s connectivity and capacity within the first year of the EEC’s development.

            In summary, the EEC will create plenty of opportunities for businesses, whether through direct investments or investing and participation in a Public-Private Partnership (PPP). For instance, the infrastructure and public transportation, which will strengthen the economic and social development of not only Thailand, but also other countries through interconnectivity.


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              by Asia Perspective Asia Perspective No Comments

              The best market for FinTech right now is Southeast Asia

              According to a study about FinTech companies, the ASEAN market is representing the greatest opportunities for FinTech development in the nearest future. The report made by Deloitte and Robocash, in which more than 60 private FinTech firms were surveyed, states that Fintech investments in Southeast Asia in 2018 have exceeded the US$5.7 billion investments in 2017 by up to 20-30%.

               

              Paying for goods with a mobile phone

               

              Looking at the Southeast Asian market we have been seeing some successful ride-hailing startups, digital payment startups and some money remittance startups over the last couple of years. Right now, you could say that all eyes are on Southeast Asia and all the FinTech developments going on over here.

              The most promising areas in FinTech right now are the online lenders and FinTech firms that facilitate access to credit.

              What contributed to this continued growth is the insufficient financial inclusion that has opened up these opportunities for the entire FinTech industry. And the robust growth in the ASEAN market is set to continue as the FinTech market is expected to grow at CAGR of 72.5% from 2015 to 2020, reaching US$72 billion by 2020, according to Frost & Sullivan’s annual Fintech Outlook.

              The Southeast Asian region has around 266 million people living there, with limited access to basic financial services. There are also over 30 million small-to-medium sized enterprises underserved by the financial system in this region, together facing a collective credit shortfall of around US$175 billion.

              We can safely say that the potential market for FinTech in the ASEAN region is significant.

              Distribution of Fintech Companies in ASEAN

              Looking at the Southeast Asian market we have been seeing some successful ride-hailing startups, digital payment startups and some money remittance startups over the last couple of years. Right now, you could say that all eyes are on Southeast Asia and all the FinTech developments going on over here.

              Southeast Asia´s Internet Economy Market Size

              Mobile Payment

              What contributed to the success of Mobile Payment startups in this region is mainly due to two factors, huge population with no access to basic financial services and the rise of mobile payment usage. The region is home to over 350 million daily internet users, with 90% of them using their mobile phones. With this kind of gap to financial services, there has become a significant demand for mobile payment apps and mobile banking.

              Money Remittance

              Along with mobile payment, the people in Southeast Asia are also using services for money remittance in a quite wide extent. The market in Southeast Asia for money remittance services is booming right now.

              According to a recent study, the remittance market in ASEAN region were valued at US$70 billion in 2017, and have since kept growing. Contributing to this growing market are a large group of migrant workers in countries like Indonesia, Vietnam and the Philippines, who are looking for an easy low-cost remittance service.

              Ride Hailing

              Looking at the ride hailing market it has become one of the most successful markets in Southeast Asia and has grown four-fold since 2015 and will be a US$20.1 billion market by 2025.

              There are over 35 million Southeast Asians using ride hailing services every month and 9 million daily rides across 500 cities. The top players in these markets are GO-JEK, Uber and Grab, who are all contributing to the economies by creating full-time jobs within these markets. In 2017 these three players engaged more than 2.5 million SEA drivers.

              As more and more sectors of Southeast Asia’s economy are transformed by the internet, the opportunities for tech startups to deliver the enabling digital financial services will multiply. We are now seeing a large number of firms investing in startups in the region or launching FinTech incentives to tap into this growing market.

              Looking forward, we expect to see continued growth in the FinTech funding, both in terms of size and deal numbers in the ASEAN region.


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                by Asia Perspective Asia Perspective No Comments

                Uncover sourcing trends in Asia with our 2018 survey

                This year’s report on the sourcing trends in Asia and the world is now published.

                Asia sourcing survey 2018

                Each year Asia Perspective surveys the perceptions of sourcing professionals around the world to discover the newest trends in sourcing and to assess what future developments we should be expecting.

                Download our 2018 report to get an insight into the compounded opinions of over 1000 sourcing professionals around the world.

                Download/view the 2018 Asia sourcing survey

                 

                 

                 

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