“The Next Wave” Emerging digital life in South and Southeast Asia
Young and vibrant economies in South and Southeast Asia are rising stars in the development of the digital economy. The region has become the emerging “next wave” presenting enormous opportunities in digital life adoption.
There are four factors behind the rapid rise of digital consumption in South and Southeast Asia:
• First, the population in the region is huge in size and young in age, with digital lives boosted by social media;
• Second, the large number of unbanked and underbanked population in the region has spurred the growth and fast adoption of digital financial services accessible via smartphones, which further promotes the adoption of digital payment;
• Third, with a high mobile penetration rate in the region, consumers are more inclined to opt for m-commerce than those in developed economies; and
• Fourth, most governments in South and Southeast Asian countries have introduced supportive policies to boost development of the digital economy and digital infrastructure.
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