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.
Singapore-based fintech Fave launched a BNPL pilot in Southeast Asia. The service, dubbed FavePay Later, lets customers in Malaysia and Singapore—where ecommerce sales are expected to reach a combined value of $10.87 billion this year, per our forecasts—pay for purchases at more than 40,000 online stores. The app-based solution lets users pay for purchases in three interest-free monthly installments.