The next wave of start-ups is coming
Behind the 11 fast-growing Southeast Asian technology companies valued at more than $1 billion, there’s a wave of more than 3,000 start-ups—promising businesses that have received $7 billion in funding since 2015. They’re operating in sectors like education, health, e-commerce and financial technology, and they’ll need continued investment, tools and support to keep growing.
Opportunity is spreading beyond the big cities
Up until now, seven major metropolitan areas have made up more than half of Southeast Asia’s internet economy (despite accounting for just 15 percent of the total population). But between now and 2025, the internet economy is forecast to grow twice as fast outside cities as inside them, bringing new jobs and opportunities as well as greater demand for education and training.
A new generation is shaping the future
Many of the 100 million people who’ve come online in Southeast Asia since 2015 are mobile-savvy teenagers. This new generation has influenced shifts like the rise of video apps, which doubled in popularity over the past three years. And with 10 million more young people turning 15 each year, it’s a generation that will keep Southeast Asia at the forefront of digital trends.
Access to online financial services is growing
The online financial services industry is catching up to other sectors of the internet economy, as digital payments grow from $600 billion in 2019 to a forecast $1 trillion by 2025. However, there are still almost 300 million Southeast Asians with limited or no access to the formal banking system, and it will take collaboration between business and governments to build systems that can meet their needs.
Despite the incredible progress noted in this year’s report, we know there’s still a lot of work to do to ensure Southeast Asia’s internet economy reaches its potential. Whether it’s providing support for small businesses to grow, teaching Southeast Asians digital skills, expanding Internet access through Google Station or advocating for smart policy and regulation, we’re looking forward to helping bring the benefits of technology to millions more people across this amazing region.