Millenials, Gen Z to lead fintech adoption in Southeast Asia by 2030

Adoption could rise to 79% by 2030 from 65% in 2024.

Fintech adoption amongst Millennials and Gen Zs in Southeast Asia could rise to 79% by 2030 from 65% in 2024, according to UnaFinancial analysts.

Covering the Philippines, Indonesia, Vietnam, Thailand, Singapore, and Malaysia, analysts estimate that there were around 400 million fintech users in 2024.

Of these, 31.8% were Millennials, 33.4% were Gen Z, and 34.8% were Gen X and Boomers. By 2030, the user base could expand to 505.6 million, with Millennials making up 40.9%, Gen Z 38.5%, and the remaining users accounting for around 20.6%.

Additionally, based on public data and surveys, younger users prioritise flexibility, personalisation, experience, and convenience.

Millennials are likely to pay for an excellent customer experience, whereas 77% of Gen Z in Singapore say that they are willing to pay more for things that simplify their lives.

Analysts also point out that young people are increasingly trusting fintech companies, which creates opportunities for the development of alternative financial products, such as lending and payment solutions.

In terms of investing, a survey found that whilst 80% of Gen Z and Millennials invest, 6 in 10 respondents were “very new to” or “have a basic understanding of” investing.

Additionally, 38% of Millennials and 26% of Gen Z in Singapore believe that they are lacking knowledge in managing finances.

Sustainability also matters, with 79% of Millennials and 75% of Gen Z considering it a priority.