SINGAPORE: Singapore is set to play a pivotal role in Southeast Asia’s digital economy, which is projected to reach US$1 trillion (S$1.30 trillion) and could double to US$2 trillion by 2030, according to the Digital Frontiers 2030 report from HSBC and Google Cloud.
HSBC Asia (xHK) & MENAT’s chief digital officer, Shayan Hazir, said, “Southeast Asia’s digital transformation is accelerating rapidly, with Singapore at the forefront of this shift.”
The report highlighted that last year the city-state attracted S$192 billion in foreign direct investment (FDI) and said Singapore’s regulatory environment continues to support innovation in digital finance.
In partnership with Payments and Commerce Market Intelligence (PCMI), the report looked at how programmable money, embedded credit, and AI-driven automation are redefining financial systems across Southeast Asia and identified four key trends.
Notably, 75 million digital entrepreneurs already drive 58% of the region’s digital economy, generating US$175 billion in gross transaction volume in 2025. This is expected to rise to US$580 billion by 2030 as marketplaces expand into new sectors and cross-border opportunities.
Demand for embedded, personalised credit is also rising, with 77% of ASEAN consumers using wallets, Buy Now Pay Later (BNPL) apps, or in-app credit. The report said, BNPL solutions are expected to make up 25% of online transactions by 2027, ahead of global averages.
Speed (67%) and security (57%) remain the top concerns in consumer payment choices, with regional cross-border volumes projected to double by 2030, supported by instant payment networks and stablecoin adoption.
Meanwhile, the report expects automated commerce and programmable money, powered by agentic AI and stablecoins, to disrupt 70% of Asia Pacific businesses by next year. /TISG
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