Like many regions around the world, Southeast Asia experienced an ecommerce boom in 2020, as various pandemic-driven social lockdowns encouraged more shopping from home. According to our estimates, ecommerce grew by 35.2% collectively in the region last year, and our newest forecast projects 14.3% growth this year. However, traditional retail is still overwhelmingly dominant.
Splitit partnered with UAE-based BNPL provider tabby, and Singapore-based fintech Fave launched its BNPL service in Singapore and Malaysia as global appetite for installment lending services increases.