3Decrypting the fintech gold rush in the new normal
In Q2 2021, India’s UPI banking interface recorded transactions worth $68 billion – the highest
ever in the country’s fintech history
1
. Simultaneously, in Southeast Asia (SEA), the industry
celebrated the birth of a fintech unicorn (Mynt) – a first from the Philippines
2
. In their journey
of writing fintech history, India and SEA* show remarkable similarities in terms of app adoption,
user behavior, user challenges, and opportunities.
The regions of India and SEA are home to one of the largest unbanked and financially
underserved populaces in the world. In terms of logistics, establishing physical banks in rural
areas and remote islands poses a serious challenge. This has created an opportunity for fintech
apps to appeal to the vast, tech-savvy millennial and Gen Z audience. Both regions are also
witnessing active government participation to increase financial inclusion of every demographic,
and the digitization of finances offered by the fintech industry is poised for rapid adoption.
As wealth accumulation becomes a priority in India and SEA, the regions are witnessing
a consumer behavioral shift among the young urban population. Instant gratification, simplicity,
the ability to complete tasks on the go, and a high tendency to seek out early financial
independence, millennials and Gen Z are thinking beyond what traditional financial institutions
can offer. Fixed deposits, recurring deposits, and public provident funds feature low in their
plans of financial sustainability. However, trading cryptocurrency, non-fungible tokens (NFTs),
and mutual funds are gaining traction.
Adjust and MAAS’ “Decrypting the fintech gold rush in the new normal” report maps the key
fintech trends in India and Southeast Asia, and offers insights into in-app user behavior.
The report also features data and actionable takeaways from industry experts to help fintech
app marketers and developers prepare UA campaigns for 2022 and beyond.
Introduction
1
India’s UPI banking interface recorded transactions worth $68 billion
2
Birth of a fintech unicorn
*For the purposes of this report Southeast Asia is represented by Singapore, Indonesia, Malaysia, Vietnam, the Philippines, Thailand
