The popularity of digital wallets has significantly grown over the years due to the increased number of people adopting and using them.

The growth of digital wallet use is largely due to smartphones becoming an essential part of people’s lives all over the world. The digital space is shifting from just being an entertaining source to being a source of convenience. Many people find it easier to do their shopping with their smartphone, as it can be fun, easy, safe, and convenient.

The growth of digital wallets was on the increase when Google Wallet and Apple Pay burst on the scene. Excited by the new way of transacting, many people found themselves using and relying on these new services.

South Africa has been at the forefront of digital wallet adoption in Africa. This is largely due to the better network infrastructure that the country enjoys. However, other African countries, such as Kenya, have also used and implemented mobile money as a means of addressing the cash crisis. This has directly increased the number of people using digital wallets.

However, it is the popularity of cryptocurrencies that have seen more people being interested in having digital wallets. Cryptocurrencies have proven to be profitable assets to trade and invest in. This is witnessed by the large volume of daily trades on exchanges. It is a prerequisite for cryptocurrency holders to have a digital wallet before buying the digital currency.

This interest in cryptocurrencies has also spilled over to countries in Southeast Asia such as Indonesia, Singapore, Philippines, Malaysia, etc. Moreover, the remittance industry is big in this region due to a large number of expatriates and migrant workers.

Digital Wallets And Apps In Southeast Asia

The majority of the countries in Southeast Asia are welcoming mobile wallets and apps to match the digital lives of their citizens. We take a look at some of the digital apps from this part of the world. There are many more, this is small selection.


This app is poised to be a direct competitor of Uber in the region. The app allows users to transact at little to no fees at all. Users can send money to friends or other users of the app. Users transact by using a cell phone number that is registered by the app or scanning a QR code.

Unfortunately, it does not allow users to withdraw the money. Users can only spend the money in their wallet by sending it to friends to pay for services such as taxi rides.

The app has some good security features including 2FA or SMS code token.

MOL Wallet

The MOL wallet is a mobile payment app that allows money transfers using a mobile phone. The wallet can also be used to pay both online and offline merchants and making P2P money transfers.

Users have various options to load their accounts with money. They can do so over the counter in several retail stores. They can also use banks and debit/credit cards to load their wallets with money. Wallet users can withdraw their money from an ATM or simply move the funds into a bank account.


Coinhako is one of the most popular cryptocurrency exchanges in Southeast Asia. It serves residents from Singapore and Malaysia. Coinhako is designed for beginners who want to enter the world of cryptocurrencies. The platform accepts bank transfers from the above-mentioned countries.

The company is registered in Singapore. It mainly provides digital cryptocurrency wallet services. Clients can purchase cryptocurrencies by using fiat money. The platform is relatively secure with claims of minor attacks having been reported in the past.

You can deposit your money for free into Coinhako. You will, however, be charged for withdrawals. The wallet also supports a few different coins, namely: Bitcoin, Litecoin, and Ethereum. The platform has some American investors.


FYB-SG is a Singapore-based cryptocurrency exchange platform founded in 2013. The company is registered with Dealworks Pte Ltd. The platform can only be used for exchanging Bitcoins with fiat money in Singaporean Dollars.

The platform is one of the few exchanges that allows the pair BTC/SDG in Singapore. This is a good option for local Bitcoin enthusiasts and local investors as it minimizes the fees associated with purchasing cryptocurrencies. It is in competition with big names such as Quinex, Gemini, and GDAX among others.

The platform only deals with Bitcoins and no other cryptocurrency. The platform is highly customized for Singaporean users and may not be suitable for international investors. The platform is also open to international Bitcoin buyers and investors. You can only buy Bitcoins through bank transfers on the platform. Unfortunately, the platform only allows you to withdraw your money to banks either in Singapore or Malaysia.

It is free to open an account on the platform. The exchange is very upfront about its charges and you will not incur any hidden costs. You can withdraw your Bitcoins for free but you will still incur charges from the Bitcoin network.

This is a good exchange with a number of advantages and disadvantages. However, it is a good option for those intending to buy Bitcoins using Singaporean Dollars (SDG).

Fintech Is On The Rise In Southeast Asia

Fintech is growing rapidly in Southeast Asia, particularly in Singapore which has become a home to almost half of all the startups in the region. The number of Fintech deals taking place in the region has been on the rise.

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The Southeast Asia Fintech playground is mainly headed by mobile and digital wallets. The majority of the countries are entering a new digital era where people rely more on their smartphones and mobile devices. The trading of cryptocurrencies has raised the demand for digital wallets that can store and hold both fiat money and digital currencies.

The increased number of expatriates also means that there is a need for mobile wallets to send money to their friends and families. In a nutshell, the future of digital wallets is promising. As you take a leap into the world of digital wallets, do not forget to take a look at our innovative BCMY digital wallet app.