Most SE Asians remain underbanked, or unbanked

Rinkesh Sharma, Regional Director of PayerMax, reminded the audience at the recent Singapore Fintech Festival that six in ten Southeast Asians remain underbanked, or unbanked.

He said: “Technology is opening doors to newer solutions to enable financial inclusion and we expect to see the digital transformation of banking only grow with time. The on-going payments revolution has given way to growth opportunities for microbusinesses and SMEs. But to establish a secure and reliable digital payment ecosystem, collaboration is key. “

PayerMax is an omni-method global payments solution supporting more than 350 local payment methods across Southeast Asia, South Asia,  MENA and LATAM.

It made its Asia debut at the Singapore Fintech Festival earlier this month. Sharing the stage with key fintech players like Ant Group, GCash, and Coinbase, PayerMax shared expertise from its strategic playbook on post-covid cross border payments and navigating diverse regulatory landscapes.

PayerMax noted that the digital payments landscape in Southeast Asia is expected to reach US$1.5 trillion by 2030, underscoring the saliency of cashless, contactless, and cross-border payments.