A report based on usage information from 2442 financial mobile apps was published by Robocash Group, a Singapore-based provider of digital financial services.
The Herfindahl-Hirschman economic competition index1, which measures the degree of equal service distribution among market participants, served as the primary classification metric.
With a score of 9,692 on the HHI (reverse) index, it was discovered that the Digital Banking industry in the SEA is the most competitive. The HHI (reverse) index, which is also regarded as highly competitive, gave the fintech market in the SEA region as a whole 9,643 points.
In three of the ten countries studied (2), namely Brunei, Vietnam, and Indonesia, digital banking was ranked as the most competitive industry. Human Resources and Payroll are the least competitive industries in Malaysia.
