HomeGoogle, Temasek, Payne Report on the Internet Economy in Southeast Asia 2021

Google, Temasek, Payne Report on the Internet Economy in Southeast Asia 2021

SINGAPORE – More than 75% of residents in six major Southeast Asian countries have access to the internet and most shop online at least once, according to a new report from google browserand Temasek Holdings and Bain & Company.

As many as 40 million people across Singapore, Malaysia, Indonesia, the Philippines, Vietnam and Thailand went online for the first time this year, according to the report released on Wednesday.

This has brought the number of Internet users in those six countries to more than 440 million people, 80% of whom have made online purchases at least once, according to the report.

The report did not address the population of all Southeast Asian countries, and excluded ASEAN members Brunei, Cambodia, Laos and Myanmar, as well as East Timor and Papua New Guinea.

The coronavirus pandemic has caused a boom in digital services such as e-commerce, food and grocery delivery, and online payments. More than 60 million people in the region have used digital services for the first time due to COVID-19 — and 20 million of them did so in the first half of 2021, according to the report, which is in its sixth year.

The Path to a $1 Trillion Internet Economy

Most of Southeast Asia’s internet sectors have been resilient in the face of the ill effects of the pandemic, including months of strict lockdown measures, that have affected businesses and employment around the world.

With more people vaccinated against Covid, countries have been slowly easing restrictions this year to get their economies back on track.

The six countries are set to record double-digit growth this year compared to 2020.

The report showed that the Philippines leads by a wide margin, and is set to record 93% growth in GMV from $9 billion in 2020 to $17 billion in 2021.

Overall, the internet economy in the six countries is expected to exceed $360 billion by 2025. It may reach between $700 billion and $1 trillion by 2030 as online shopping becomes the norm, according to the report.

A thriving deal scene

More investors are pouring money into Southeast Asia’s internet economy, particularly in sectors such as e-commerce and online financial services.

“The world is awash with liquidity and people are looking for growth opportunities in a global environment at zero interest rates,” Rohit Sipahimalani, chief investment strategist at Temasek, a Singaporean government investor, told CNBC’s Street Swings Asia on Wednesday.

“Aside from that, in fact, people were really impressed with their resilience [the region’s internet] During Covid”, adding that in the past it was private capital that financed companies working in this field.

“For the first time this year, we’re seeing many of these companies in a position to tap into the public markets,” he said.

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