Press room

Three quarters of FinTech companies in the Philippines close their doors, unable to withstand the competition. Nevertheless, the local FinTech landscape remains underinvested. By 2024 the FinTech market in the Philippines should grow to 44 Bn USD, estimated by the analysts of the financial holding Robocash Group.

According to analysts from Robocash Group, the Fintech market in Vietnam is expected to grow to $18 billion by 2024, despite high competition and barriers to entry.

The fintech industry in Southeast Asia continues to experience tremendous growth compared to other parts of the world. While the COVID-19 pandemic has led to an increase in demand for fintech services, the adoption of the technology has also surpassed expectations in most countries in the region.

In the first quarter of 2022, Robocash Group hit the record 20 M registrations, providing consumer financing in the cumulative volume of over 1.7 Bn USD. The repeated clients have contributed significantly, with the highest consumer demand in the Philippines and Kazakhstan.

Millennial males continue to define the face of South and Southeast Asian consumers of fintech lending, the same as a few years ago. However, there has been a clear change, increasing uniform coverage of the population with online financial services.

Financial apps are gaining popularity in Southeast Asia. From digital payments like e-wallets to banking applications, financial apps enable users to get services done a lot faster with minimal complication.

With nearly 2000 fintech startups in the country, one would imagine India’s financial literacy to be high. Yet, statistics show that despite a population of over 1.3 billion people, about 76% of the adult population still lacks basic financial concepts.

In recognition of the disruptive innovators creating positive and diverse change within the financial services space, Benzinga presents Sergey Sedov, Founder of Robocash Group as a nominee for Most Impactful Fintech Executive

In 2021, Robocash Group issued 797.7 M USD worth of loans worldwide, a substantial increase of 147.4% from 2020. Following the trend, the Group’s revenue saw a similarly sharp increase – 327.9 M USD, up 152.6% from the previous year. Thus, Robocash group had greatly surpassed its initial yearly goal of doubling loan disbursements and income, reaching approx. 2.5x increase.

The survey conducted by Robocash Group shows that 45% of the respondents from India, Malaysia, Pakistan, the Philippines, and Vietnam who are willing to invest are interested in ESG. However, ESG factors have yet a long way to go to reach massive buy-in from the retail investor community.