In South and Southeast Asia, the share of customers who obtained repeated advances on online platforms in 2019 amounted to 44%. The analysis of data of 1.2 million clients of Robocash Group in the region reveals that fintech loans have become widespread as they help people cover gaps in a budget.
Remarkably, in 2019, the Philippines had the highest part of repetitive customers – 51%. The lowest share was in Vietnam – 31%.
The growing number of applications across the markets proves the surging interest in fintech loans among the population. In total, 46% of customers of Robocash Group in Europe and Asia obtained online credit only once in 2019.
The figures within the Asian region are comparable. Thus, 51% of clients in India, 49% in the Philippines, and 54% in Indonesia had only one active loan in 2019. Vietnam stood out with a share of 69%.
The data confirms the urgency of most applications. In this sense, digital loans are increasing their meaning as a convenient tool to solve financial issues. The highest input to the popularity of alternative lending comes from digital technologies.
According to the annual review by We Are Social, Internet penetration in Southeast Asia amounted to 66% in January 2020. With widespread unofficial employment and missing credit history among the local population, insufficient banking inclusion leaves an immense field for alternative financial solutions