Financial technology, or colloquially referred to as “fintech,” is one of the fastest-growing industries in Southeast Asia’s booming technology sector. Indonesia, Vietnam, and the Philippines are emerging players.
In this article, you will see an overview of some of the top fintech companies in Southeast Asia, including their key shareholders and investors.
You will also see the process of setting up a fintech company in each of the markets.
Looking for specific information on a potential fintech investment, partner, or a competitor? Visit Emerhub company registry to access the corporate records of over 15 million companies in Indonesia, Vietnam, and the Philippines.
Top fintech companies in Indonesia
Indonesia’s fintech industry is growing rapidly. As of 2018, more than 167 fintech companies were registered, according to Fintech Indonesia 2018 Report.
Indonesia’s top-funded fintech start-up Akulaku was founded in 2014 as a virtual credit card provider. The company has since diversified its services and established a presence overseas.
Corporate records from mid-2018 show two legal entities associated with Akulaku in Indonesia.
The first, PT Akulaku Finance Indonesia, is a local company authorized to provide various types of financial services. This company has paid-up capital of USD 7.1 million, including investments from:
- PT Klik Digital Indonesia (USD 1.4 million)
- Streetcorner Ecommerce Ltd. (USD 5.6 million)
A separate legal entity, PT Akulaku Silvrr Indonesia is registered as a foreign-owned limited liability company. It also has paid-up capital of USD 7.1 million, almost entirely from Rockcore Information Technology Limited.
#2 FinAccel (Kredivo)
Kredivo, a digital credit card that evaluates creditworthiness in real-time, is the product of FinAccel, a Jakarta-based fintech company.
Corporate records from mid-2018 show that FinAccel’s local company, PT FinAccel Digital Indonesia, has paid-up capital of USD 70,000. The largest shareholder is President Director Tan Alie with 99% share ownership.
FinAccel also has a local foreign-owned limited liability company, PT FinAccel Teknologi Indonesia, with paid-up capital of USD 212,000. The largest shareholder is FinAccel Pte Ltd, a Singaporean entity, with a 99% share ownership.
#3 Moka Teknologi Indonesia
Moka is an Indonesian fintech startup focusing on point of sale (POS) and small business services.
According to the corporate records of PT Moka Teknologi Indonesia, the company is a foreign-owned limited liability company with paid-up capital of USD 1.3 million. The largest shareholder listed is Moka Technology Solutions Pte Ltd, a Singaporean entity, with 99% share ownership.
Uangteman is a peer-to-peer (P2P) lending platform owned by PT Digital Alpha Indonesia.
PT Digital Alpha Indonesia is a foreign-owned limited liability company with paid-up capital of USD 177,000. Its corporate records show that the largest shareholder in the company is Digital Alpha Group Pte Ltd, a Singaporean entity, with 85% share ownership.
Interested in other Indonesian tech giants? Learn more about the shareholders of Go-Jek, Indonesia’s first unicorn.
How to set up a fintech company in Indonesia?
The licensing procedures for fintech companies in Indonesia depend on the specific business model of the company. Below is the process of setting up a peer-to-peer (P2P) lending company in Indonesia:
Top fintech companies in Vietnam
Vietnam’s fintech market valuation was USD 4.4 billion in 2017 and will expectably reach USD 7.8 billion by 2020, according to APAC consulting firm Solidiance. Increasing smartphone and internet penetration and rising salaries of the Vietnamese are only some of the key factors contributing to this growth.
#1 MoMo (M-Service)
MoMo claims to be the largest mobile wallet company in Vietnam with over 10 million user downloads.
MoMo’s parent company, M-Service JSC, is a shareholding company incorporated in Vietnam with charter capital (per corporate records) of USD 4.8 million. US-based private equity firm Warburg Pincus, Standard Chartered, and Goldman Sachs are some of the main investors in MoMo.
1Pay is an e-payment platform founded in Vietnam in 2013.
1Pay is a shareholding company incorporated in Vietnam with charter capital (per corporate records) of USD 2.1 million as of October 2017. Thai company True Money reportedly owns 90% of 1Pay.
Payoo is an e-wallet solution catering to individuals and businesses.
Viet Union Corp, a shareholding company established in Vietnam in 2009, owns Payoo and has USD 9.4 million in charter capital according to its corporate record from June 2018.
Japanese system integration company NTT Data acquired a 40% stake in Viet Union Corp in 2011 via its Singaporean subsidiary, NTT DATA Asia Pacific. In 2016, NTT acquired majority ownership of Viet Union Corp and reportedly owns 64% of shares.
Moca is also an e-wallet service provider in Vietnam.
Moca is a shareholding company incorporated in Vietnam with charter capital of USD 3.5 million (per corporate records) as of December 2018.
In October 2018, Moca announced a partnership with ride-hailing firm Grab. Grab appears to have acquired Moca for an undisclosed sum.
Emerhub’s corporate registry can provide you with complete records of these or other Vietnamese companies. For more information on what types of information corporate records include and how to use the registry, read our previous article about company registry in Vietnam.
How to set up a fintech company in Vietnam
The authority overseeing the registration of fintech companies in Vietnam is the central bank, State Bank of Vietnam (SBV).
To succeed in registering a new fintech company in Vietnam, potential investors must submit a three-year business plan to the SBV and meet the following requirements:
- Possess start-up capital of at least USD 215,000
- The founder must be an international credit institution with a clean record of no banking law violations for at least five years
- The founder cannot be the founding member of a controlling member of a credit institution registered in Vietnam
- The manager must have at least two years of experience in a similar role and have no criminal record
- Founder cannot be a foreign individual
For more thorough information on Vietnam’s fintech regulations, contact our consultants via [email protected] for a free consultation.
Top fintech companies in the Philippines
Large population and high internet penetration present significant opportunities for potential fintech startups and investors in the Philippines’ fintech landscape.
Acudeen is an online platform providing receivables discounting services to small and medium enterprises.
Acudeen Technologies Inc. is a stock corporation with USD 7,500 in paid-up capital. The company is 93% Filipino-owned, and the president and treasurer are the most significant individual shareholders. Dotterel Pte Ltd, a Singaporean entity, holds the remaining 7% of the company.
Lenddo uses technology and non-traditional data to calculate credit-scoring and conduct identity verification for loans.
Lenddo Lending Corporation is incorporated in the Philippines as a stock corporation with USD 190,000 in paid-up capital. A Hong Kong entity Lenddo Limited owns 99% of the shares.
Coins.ph is a mobile wallet and financial services provider founded in 2014.
Registered with the central bank as a remittance agent, Betur Inc. has a total paid-up capital of USD 980,000 and Global Commerce Technologies Pte Ltd, a Singaporean entity owns it fully.
DCPay Philippines Inc., registered with the central bank as an e-money issuer, has a total paid-up capital of USD 1.9 million and Global Commerce Technologies Pte Ltd owns 100% of DCPay Philippines Inc. as well.
Ayannah provides digital commerce and payment services to the unbanked.
Ayannah Business Solutions Inc. is a stock corporation with paid-up capital of USD 533,000. Veritas Mobile Holdings Ltd., a British Virgin Islands company, owns 96% of the company.
Ayannah Information Solutions Inc. is a telecommunications stock corporation with USD 439 in paid-up capital. Miguel Perez, founder, and CEO of Ayannah owns 96%.
How to set up a fintech company in the Philippines
As in Vietnam, the central bank, Bangko Sentral ng Pilipinas (BSP), issues licenses to fintech companies operating in the Philippines.
Fintech companies in the Philippines are eligible for 100% foreign ownership and to register a fintech company in the Philippines, you must:
To learn more about fintech in the Philippines, read our article explaining why now is a good time to start a fintech company in the Philippines.
Want to learn more about top fintech companies in Southeast Asia?
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