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Tech Titans’ Shocking Rise: Southeast Asia’s Power Players Transforming Financial Services!
Hold on to Your Wallets! Financial Services Are the New Gold Rush!
In a jaw-dropping twist, Southeast Asia’s tech powerhouses are flaunting their financial prowess! Despite a paltry slice of the Southeast Asia 500 pie—only a mere 3% of total revenue—watch out! The kings of the internet are making BIG waves! One name is stealing the spotlight: Sea, which skyrocketed to No. 15 and racked up a staggering $16.8 billion in revenue—up almost 30% year-on-year!
Grab Your Hats—Grab is Soaring!
Singapore’s own Grab isn’t just about ride-hailing anymore! This dynamo leapt 24 spots to claim No. 128 with a cool $2.8 billion in revenue. And our Indonesian juggernaut, GoTo? They’re not far behind, climbing 13 places and boasting sales of $1 billion!
But what’s behind this meteoric rise? Drumroll, please… Financial Services! That’s right! These companies—who once swerved around banking—are now hitting the jackpot!
Money, Money, Money! Sea’s Revenue Rockets!
Sea’s financial services, recently rebranded as Monee, are blasting off, posting a jaw-dropping 35% growth last year, hitting $2.4 billion! And 2025 is looking even brighter! Monee is on fire with a mind-boggling 57.6% growth in the first quarter, raking in $787.1 million! With consumer and loans outstanding hitting $5.8 billion (a whopping 76.5% surge), it’s clear: Monee is a powerhouse!
Grab’s Financial Services: The Fast Track to Success!
Grab’s financial services are like a speeding bullet, surging 44% to $253 million last year! This momentum hasn’t slowed down—2025 is still revving up with a 36% year-on-year increase in Q1! Grab’s got e-wallets, loans for drivers, and they’re flexing their digital banking muscles with GXS Bank and GX Bank!
And get this: total loans disbursed by Grab hit $566 million—up a staggering 56%! Watch out banks, Grab is coming for your customers!
GoTo’s GoPay: Breaking Barriers!
GoTo isn’t sitting on the sidelines either! They’ve launched GoPay, making financial services accessible with less mobile data required, catering to those with less powerful devices! Their revenue from financial services almost DOUBLED to 3.7 trillion Indonesian rupiah ($230 million)! GoTo’s got 22% stake in Bank Jago—a digital bank, too!
Why Are These Tech Tycoons Diving into Financial Services?
Though financial services are still a small part of the pie compared to core offerings, they promise HIGHER margins! With countless customers still struggling to access traditional banking, these tech titans have discovered a treasure trove! Their masterful data insights allow them to evaluate credit risk like never before, lending to those left out by conventional banks.
And just when you think it can’t get any better, digital banks are the cherry on top! Grab, Sea, and GoTo are enticing e-wallet users to open new accounts, pulling in tons of data and paving the way for investment and insurance products!
Brace yourselves! The financial landscape in Southeast Asia is on the brink of a revolution, and these tech moguls are leading the charge!
photo credit: fortune.com
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