A recent survey conducted by UnaFinancial across Singapore, the Philippines, Vietnam, and Indonesia reveals that 84% of Southeast Asians trust fintech services, with Singapore leading at 92%. The survey highlights that the primary factors influencing trust include the security of financial data, transparent fees, and brand reputation.
In Singapore, 91.8% of respondents expressed trust in fintech platforms, with 69.1% somewhat trusting and 22.1% highly trusting these services. Key drivers of trust in Singapore include transparency of fees and terms (60.3%), security of financial data (58.8%), and brand reputation (57.4%). Recommendations from family and friends also play a role, influencing 35.3% of respondents.
The Philippines follows with 88.1% of respondents expressing trust, where brand reputation is particularly significant, affecting 73.8% of participants. In Vietnam, 37.2% of respondents report high trust, with data security being the most critical factor for 76.9% of them. Indonesia shows a more varied trust landscape, with 29.4% highly trusting and 22.4% remaining neutral, emphasising transparency and security.
UnaFinancial analysts note that regional trust is bolstered by growing digitalisation and market maturity. Singapore’s high trust levels are attributed to widespread smartphone and internet access, strong digital literacy, and familiarity with online services. As fintech continues to evolve, these factors are expected to further influence consumer trust across Southeast Asia.
