Bank and credit app downloads up 7.8 times over 8 months in India, Indonesia, Vietnam and the Philippines

By : Nata Kesuma | Tuesday, December 14 2021 - 15:53 IWST

Ilustration banking apps (Ist)
Ilustration banking apps (Ist)

INDUSTRY.co.id - From January to August 2021, South and Southeast Asia had seen significant growth in popularity of banking and alternative lending apps. India, the Philippines, Indonesia, and Vietnam observed a 7.8x rise in downloads for banking and alternative lending apps, the research conducted by Robocash Group reveals.

The fastest 9x growth in the number of downloads of alternative lending apps is seen in the Philippines. Indonesia and Vietnam are the major countries with a 9-fold increase in downloads of banking apps. Downloads of banking and credit apps have also surged in India, but with a lower rate relative to other countries, seven times since January.

The pandemic has led to a surge in fintech penetration, but the population coverage is still low and demand remains unexploited. In 2021, 5.4% of Vietnam's population downloaded alternative loan apps and 14% of the population downloaded banking applications. In the Philippines, a similar share of 14% of the population downloaded banking apps and 11% - other credit applications. Indonesia has the highest demand coverage by alternative lenders, reaching 27.7% of the population.

Growing popularity of apps that grant access to financial services is rooted in global digitalisation, bolstered by the COVID-19 pandemic.The increasing availability of online financial services from banking and non-banking companies and the growing interest of consumers are expected to expand even further in the near future.

News Comment

Today's Industry

 Mr. Nguyen Trung Khanh, Chairman of the Vietnam National Administration of Tourism.

Selasa, 16 Agustus 2022 - 08:50 WIB

Mekong Tourism Forum 2022: Rebuild Tourism, Rebound with Resilience Quang Nam, Vietnam, 12 – 13 October 2022

The Mekong Tourism Forum 2022 will return as a face-to-face event 9-14 October at Hoiana Resort & Golf (Hoiana), Quang Nam province, adjacent to Hoi An city, in central Vietnam.

President Jokowi receives an award from Director General of the International Rice Research Institute Jean Balié, at the State Palace, Jakarta, Sunday (08/14). (Photo by: BPMI of Presidential Secretariat/ Kris)

Selasa, 16 Agustus 2022 - 08:30 WIB

IRRI Affirms Commitment to Support Indonesia’s Food Security

The International Rice Research Institute (IRRI) affirmed its commitment to support Indonesia’s food security program.

(L – R) Galumbang Menak, CoFounder of Nusatrip and Dennis Nguyen, Founder, Chairman, and Chief Executive Officer of Society Pass

Senin, 15 Agustus 2022 - 23:20 WIB

Society Pass (Nasdaq: SoPa) Marks First Foray into Indonesia by Acquiring Jakarta-based NusaTrip, Indonesia’s First International Air Transport Association-Accredited Online Travel Agency

The NusaTrip acquisition extends SoPa’s business reach into the booming SEA regional travel industry and marks SoPa’s first foray into Indonesia as well as adds to SoPa’s growing ecosystem…

PT Cerestar Indonesia Tbk (“TRGU”)

Senin, 15 Agustus 2022 - 22:59 WIB

Newly IPO, TRGU Has Reached 99% of the 2022 Net Profit Target

PT Cerestar Indonesia Tbk (“TRGU”), a producer of wheat flour which newly listed its shares on the Indonesia Stock Exchange last July, managed to record a net profit of IDR19.69 billion…

PT KapuasPrima Coal Tbk (“ZINC”)

Sabtu, 13 Agustus 2022 - 07:09 WIB

ZINC Boosts High Grade Galena Production

PT KapuasPrima Coal Tbk (“ZINC”), a listed company in Indonesia that produces base metal, boosted production with a target of high levels of galena in the 2nd Semester of this year in order…