2

Reference

e-ConomySEAisamulti-yearresearchprogrammelaunchedbyGoogleandTemasekin2016.Bain&Companyjoinedthe

programmeasleadresearchpartnerin2019.TheresearchleveragesTemasekinsights,Bainanalysis,GoogleTrends,datafromresearchpartners,expertinterviews,andindustrysourcestoshedlightonthedigitaleconomyinSoutheastAsia(SEA).The

informationincludedinthisreportissourcedas‘Google,Temasek,andBain,e-ConomySEA2025’,unlessotherwisespecified.

Disclaimer

Theinformationinthisreportisprovidedonanas-isbasis.ThisdocumentwasproducedbyGoogle,

Temasek,Bain,andotherthirdpartiesinvolvedasofthedateofwritingandissubjecttochange.Ithasbeenpreparedsolelyforinformationpurposesoveralimitedperiodoftimetoprovidea

perspectiveonthemarket.Itisnotintendedforinvestmentpurposes.Allfinancialanalysisis

derivedorestimatedbyBainanalysisusingbothnon-Googleproprietaryandpubliclyavailable

information.Googlehasnotsuppliedanyadditionaldataforfinancialanalysis,nordoesGoogle

endorseanyfinancialanalysismadeinthereport.Whereinformationhasbeenobtainedfrom

third-partysourcesandproprietaryresearch,thisisclearlyreferencedinthefootnotes.Projectedmarketandfinancialinformation,analyses,andconclusionscontainedinthisreportshouldnotbeconstruedasdefinitiveforecastsorguaranteesoffutureperformanceorresults.Google,Temasek,Bain,theirrespectiveaffiliates,oranyotherthirdpartyinvolvedmakenorepresentationor

warranty,eitherexpressorimplied,astotheaccuracyorcompletenessoftheinformationinthe

reportandshallnotbeliableforanylossarisingfromtheuseofthisreport.

3

10theditionofe-ConomySEAbyGoogle,Temasek,Bain:SoutheastAsia’sdigitaleconomyresearchprogramme

2016

2018

2019

2020

2017

Unlockingthe

Unprecedented

SEA’sinternet

Swipeupandtothe

Atfullvelocity:

$200Bopportunity

growthforSEA’s$50B

economyhitsan

right:SEA’s$100B

Resilientand

inSEA

interneteconomy

inflectionpoint

interneteconomy

racingahead

2021202220232024

FromDigitalDecadetoAIReality:AcceleratingthefutureinASEAN

Roaring‘20s:

TheSEADigitalDecade

Profitsontherise,harnessingSEA’sadvantage

Throughthe

waves,towardsaseaofopportunity

Reachingnew

heights:Navigatingthepathto

profitablegrowth

4

e-ConomySEAresearchmethodology

Temasekinsights

WIP

Bainanalysis

GoogleTrends

Researchpartners1

WIP

Expertinterviews2andindustrysources

Withcontributionsfrom

C?Acventures

①sensorTower

余張(iranite?siasunsue

親cubemilieu

Researchpartners

Notes:AlldollaramountsareinUSD.1)Dataprovidedbythird-partyresearchpartners.2)BainandTemasekconductedinterviewsandaquantitativesurveywithSEA-focusedventurecapitalinvestorsfromJuly2025toSeptember2025.

5

Thiseditionmarkstheexpansionof

coveragebeyondSEA-6toASEAN-10

SEA-6

283M36M116M6M72M101M

614M

totalpopulationacrossthese

countries

IndonesiaMalaysiaPhilippinesSingaporeThailandVietnam

ASEAN-4

Unlessotherwisestated,all

mentionsof‘SEA-6’inthisreportrefertothesesixmarkets:

463K

+81M

totalpopulationacrossthese

countries

18M

8M

55M

Indonesia,Malaysia,Philippines,

Singapore,Thailand,andVietnam.‘ASEAN-4’referstoBrunei,

Cambodia,Laos,andMyanmar.

‘ASEAN-10’referstoall10

BruneiCambodiaLaosMyanmar

aforementionedcountries.

Note:Populationnumbersarefor2024fromWorldBankWorldDevelopmentIndicators,lastupdated1July2025.

Source:WorldBank

6

Wecontinueourfocusonsixleadingsectorsinthedigitaleconomy

Transport

3

1

Ecommerce

Marketplaces

Direct-to-consumerGroceries

Videocommerce

2

Food

delivery

4

6

5

Insurance

Onlinetravel

Flights

Hotels

Vacationrentals

Onlinemedia

AdvertisingGaming

Video-on-demandMusic-on-demand

Financialservices

PaymentsLendingWealth

Notes:Ecommercedoesnotincludeinformalcommerceduetothelackofreliabledata.Financialservicesareexcludedfrommarketsizingestimatesduetodifferencesinunitsofmeasurementcomparedtootherleadingsectors.

7

Content

04

02

01

03

Keepinggrowth

momentumsteady

●Ecommerce

●Fooddelivery

●Transport

●Onlinetravel

●Onlinemedia

●Payments

●Lending

●Wealth

●Insurance

Rekindling

investorinterest

●Landscape

●AInatives

MappingtheAItransformation

●Enablers

●Dependencies

●Outlook

Advancingintoanintelligenteconomy

●Experienceredefinition

●Enterprise

transformation

●Ecosystemenablement

8

Executivesummary(1/2)

Keeping

growth

momentumsteady

SEAsustainsits

growthmomentumacrosscoremetrics

SEA’sdigitaleconomyisontracktosurpass$300BinGMV:1.5Xourinauguralforecast10yearsago.

BothGMVandrevenueareseeing

steadygrowthof~15%YoY,drivenbydeepeningdigitalparticipationand

newmonetisationstrategies,whichincludehigherpricing,tiered

offerings,anddiversifiedrevenuestreamsacrosskeysectors.

Videoreinvigorates

ecommerce;fooddeliveryisalmostprofitable

Leadingecommerceplayersare

deliveringasignificantGMVandrevenuegrowthpremiuminaconsolidating

market.Videocommercenow

accountsfor25%oftotalecommerceGMV.Fooddeliveryisonthecuspof

profitabilityasplayerslooktoraiseAOVandexpandintorestaurantdining.

Retailmediasurgeas

contentboundariesblur

Anecosystem-widemonetisationpushisliftingretailmediatorapidlygainmomentumtowards$3B.

Entertainmentformatsareblurring,

andshortdramaisafast-emergingformatonwhichChineseandlocalplayersarebettingtocompetewithglobalpowerhouses.

Thedigitalfinancial

services(DFS)

ecosystemstrengthens

TencountriesinSEAnowhave

nationalQRsystems,andareseeingextremelystrongadoption.Eight

marketsnowoffercross-borderQRinteroperability.Lendingbusinessesaremanagingrisksbyusing

transactiondataforunderwriting,whiledigitalwealthplatformsarestartingtoreachscale.

Rekindlinginvestor

interest

Acautiousuptickinprivatefunding

Privatefundinggrew15%inthelast12monthsfrom$6.8Bto$7.7B.Atilt

towardslate-stagefunding(~80%oftotalfundinginSeriesCtoE+vs

~70%intheyearbefore)reflects

shiftinginvestorpriorities.DFS

continuestogarnerthelion’sshareoffunding(45-50%,upfrom~30%intheyearbefore).

InvestorsturntheirfocustoAI

Therearenow~700activeAI

startupsinSEA;~30%ofprivate

fundinginthelast12monthshasgonetowardsAI.50%ofVCs

surveyedindicatedthatmorethanaquarteroftheiroverallportfoliohaveAIastheircoreproduct,andthisis

anticipatedtogrowto71%inthenext12months.

Positivesignsofexitsare

emergingaroundtheworld

Learningfromthepast,morecompaniesarenowfocusingonprofitabilityfromanearly

stage.Positivesignsofpublicmarketexits

areemerginggloballyandinAPAC,asthe

volumeofIPOshasrisenacrossexchangesfromNASDAQtoHKEX,SSEStar,andothers.

Thereisarobustpipelineofover150IPOcandidatesacrossIndonesia,Malaysia,

andSingapore,despitetheregiontrailingglobalmarketsinthefirsthalfof2025.

Notes:GMV=grossmerchandisevalue;YoY=year-on-year;AOV=averageordervalue;AI=artificialintelligence;VC=venturecapitalist;IPO=initialpublicoffering.GMVincludesecommerce,fooddelivery,transport,online

travel,andonlinemedia,whilerevenueincludesdigitalfinancialservicesinadditiontotheGMVsectors.

9

Executivesummary(2/2)

Advancingintoan

intelligenteconomy

CapitalisingonSEA’senthusiasmforAI

Fuelledbyinterestthatexceedstheglobalaverage,SEA’sdigitallysavvyconsumersarerapidlyadoptingAI.

Tocapitaliseonthispotential,

businessesmustnavigatethe

region'suniquechallenges,includingfragmentedregulations,low-cost

labour,andthecriticalneedtoearnconsumerconfidencefordecisionsthatgobeyonddailyconveniences.

Redefiningconsumerjourneysfromsearchtodiscovery

AIisreshapingthepathtopurchase,

replacingtraditionallinearsearches

withadynamic,AI-powereddiscoveryprocess.ConsumersareincreasinglyusingtoolslikeAI-poweredsearch

andmultimodalinputstoanswer

morecomplexqueries,requiring

businessestoadapttheirstrategiesforguidingconsumersontheirjourneys

frominitialcuriositytofinalpurchase.

FosteringconsumertrustforAI-assisteddecisions

ThefullcommercialpotentialofAIcanonlyberealisedbyfosteringconsumertrust.Despitetheirenthusiastic

adoptionofAI,usersremaincautiousaboutdelegatingmoresignificant

decisionsduetoconcernsaround

privacy,datasecurity,andreliability.Todeepenconfidence,businessesmustbuildtrustworthyAIsystemsthat

prioritisetransparencyandcontrol.

Nuancedregulatoryandfinancialbarriers

Afragmentedregulatory

environmentacrossSEAposes

challengestoAIintegrationby

creatinguncertaintyandraisingcompliancecosts.Relativelylowlabourcostsintheregionmeanthatbusinessesneedtoconsiderlocalconditionswhenmaking

theircaseforAIinvestments.

Mapping

theAI

transformation

Commemorating

10yearsof

unprecedentedgrowth

TheSEAdigitaleconomyhasgrown

from~$40BGMVadecadeagoto

over$300Bin2025.However,whatismoresignificantisthedecisiveshift

tomonetisationin2024thatis

forecasttopropelrevenueto$135B:

an11.2Xincreaseinadecade,

overcomingchallengeslikeCOVID-19andinflation.

Transformationalmilestonesoverthepastdecade

SEA'sdigitaleconomyhasundergoneamonumentaltransformation,

beginningwithanincrediblewaveof200Mnewuserscomingonline.In

doingso,theywentbeyondpassivescrollingtofullyembracingdigitallife,leadingtoafundamentalshiftin

regionalcommercewhere3in5

peoplenowshoponlineandover60%ofalltransactionsaredigital.

Lookingahead:thenextdecade

holdsbothpromiseanduncertainty

Thedecadeaheadwillbedefinedbythebalance

betweenpowerfulcatalystsandsignificanthurdles.

GrowthwillbedrivenbytheaccelerationofAI,the

revivalofcapitalmarkets,andgreatercooperation

amongSEAnations.Thismomentum,however,facesamajorheadwindfromglobaluncertainty.Thedecisivefactorwillbethewildcardofregulatorychoices,whichcaneitherunlockorinhibittheregion'simmense

potentialinthisnextphase.

Note:ROI=returnoninvestment

Keepinggrowthmomentum

steady

11

SEA’sdigitaleconomyisonastrongtrajectorytosurpass$300BinGMV.

Sustaineddigitaladoptionandeffectivemonetisationstrategieshaveresultedinaresurgentecommerce

sector,thefooddeliverymodelapproaching

profitability,theriseofretailmedia,andblurredlinesacrossentertainmentformats.

Revenue($B)

GMV($B)

Onlinemedia1TransportandfoodTravelEcommerce

+14%

+15%

+15%

+15%

305

34

34

51

100

299

33

33

50

99

260

29

29

45

87

27

4

21

31

30

226

26

25

37

76

25

3

17

4

24

4

24

185

181

156

138

41

40

35

31

2025(SEA-6)

2025

(ASEAN-10)

20252025

(SEA-6)(ASEAN-10)

2024

2023

2024

2023

12

SEAcontinuestodeliverdouble-digitgrowthinGMVandrevenue

Sustainedgrowthmomentumin2025

GMVandrevenue

demonstratesustained

double-digitgrowthdespite

continuedmacroeconomic

pressures.Brunei,Cambodia,Laos,andMyanmararenow

includedinouranalysis,

collectivelyaccountingfor~2%oftotalGMV.

RevenuegrowthremainsinlinewithGMVgrowth

Revenuegrowthiskeeping

pacewith,ifnotoutpacing,

GMVgrowthacrossallsectors,underscoringthemonetisationdisciplineconsistentlyobservedoverthepasttwoyears.

Note:1)Toavoiddouble-counting,revenueforonlinemediaexcludesretailmedianetworks.

Source:Bainanalysis

13

Digitalbusinessesderiverevenuethroughdirectsalesorbyfunctioningasanintermediaryplatform

Keyrevenueinthedigital

definitionseconomy

Ecommerce

Airline/hotels’ownchannels

OTA

platforms

Travel

Food

Fchannels

Fooddeliveryplatforms

Includesadvertising

delivery

N/A

Transportplatforms

Transport

Online/gamepublishers

Media

platforms

Onlinemedia

Insurance,etc.

Payments,etc.

Digitalfinancialservices(DFS)

Direct(1P)revenuemodel

Bchannels

Revenueisthepriceofthegoodsor

servicessold,ortheunderlyinginstrument

Thirdparty(3P)platformmodel

Ecommercemarketplaces

Revenuetothirdparty(3P)intermediary

platformsisaportionofthepriceofgoodsorservicessold,ortheunderlyinginstrument

Consumer

Consumer

Platform

Seller

Seller

Note:OTA=onlinetravelagency

EcommerceFooddeliveryTransportOnlinetravelOnlinemediaDigitalfinancialservices

Asthemarketconsolidates,ecommerceGMVandrevenuegrowthpickupagain

2025

(ASEAN-10)

2030

(ASEAN-10)

2025

(ASEAN-10)

Revenue($B)

●Grocery

Non-grocery

GMV($B)

2025(SEA-6)

2025(SEA-6)

359

59

4041

185

24

156

20

138

17

181

24

+13%

+16%

+16%

+11%

2024

2024

2023

2023

300

120

158

136

161

35

31

14

Themarketisconsolidatingaslargeplayersscale

Severaldomesticplayershaveexitedthemarket,

whichisconsolidatingaroundasmallernumberoflargerregionalcompanies.Theseleadingplatformsareleveragingsignificanteconomiesofscale,

whichcreatedistinctcompetitiveadvantages.

Videocommerceincreases

itscontributiontoGMV

Videocommercecontinuesitsrapidgrowth,nowdrivingapproximately25%oftotalGMV.

Thisexpansionisfuelledbyahighvolumeof

lower-valuetransactions,trustedlocalcreatorrecommendations,andseamless

social-ecommerceintegrationsthatconvertattentionintosaleswithminimalfriction.

AI’sgrowinginfluenceonconversion

AIhasbecomeacorepartoftheshoppingjourney:usersturntoAIforhelpwithresearchand

decision-making,whileecommerceplatformsuseAItopowerproductrecommendations.Sixty-twopercentofSEAconsumerssayAI-powered

features,suchashyper-personalisedproduct

recommendations,haveinfluencedtheirpurchasedecisions.1Thisiscreatinganewcompetitive

frontierforplatforms.

Thecreatoreconomybecomesmorediverse

Asthecreatorpopulationskyrockets,trustbecomesacriticaldifferential,asconsumerspreferauthenticrecommendations.Once

dominatedbytopcreators,theecosystemisnowdiversifying,withnicheandmicro-

influencersemergingasthenewdriversofmeaningfultransactions.

Note:2025estimatesarebasedonannualisedresultsfromH12025.

Sources:Bainanalysis;1)Google/Milieu,TheImpactofAlontheDigitalConsumerinASEAN,ASEAN-10,September2025,n=7,200consumers

EcommerceFooddeliveryTransportOnlinetravelOnlinemediaDigitalfinancialservices

Ahighvolumeoflow-costpurchaseshaspropelledvideocommerceto2.5XGMVintwoyears

VideocommerceGMV($B)

PercentageofecommerceGMV

<5%

2.5X

GMVgrowthsince2023

46

31

18

6

2022202320242025

20%

25%

13%

VideocommerceinSEA-6

Averageordervalue(AOV)

$13-$15

perorder

perorder

2024overall

ecommerceAOV

Sellersandstoresusingvideo

6.5B+

●50%YoY

3M+

80%YoY

2025overall

ecommerceAOV

2025video

commerceAOV

Transactionvolume

$6-$7

perorder

$11-$13

Shoppertainmenttakesoff

Videocommercehasevolvedfromaniche

channelintoamainstreamforcethatisprojectedtocapture25%ofallecommerceGMVby2025,upfromlessthan5%in2022.Theexplosive

growthisfuelledby‘shoppertainment’,afusionofcontentandcommerceoftenledbycreators,thattransformsonlineshoppingintoan

immersiveandentertainingsocialexperience.

Digitalreachdiversifies

Thenumberofsellersandstoresusing

videohassurgedby80%YoYtoover3M.

Withtherightrecipeforsuccess,

businessescanreachconsumersina

cost-effectiveway.Itprovidesadynamic

stagetoshowcaseproductsorcollaboratewithskilledcreatorswhocanamplifybrandmessagesanddrivesalesthroughtrusted,engagingcontent.

Volumeovervalueindrivinggrowth

ThegrowthinvideocommerceGMVis

powerednotbyhigherprices,butbya50%

YoYsurgeintransactionvolume.ThelowAOVforvideocommercehaspulledoverallAOV

downfromlastyear’saverage.Thissignalsabroadermarketshifttowardsatrust-based,

entertainment-ledmodelwherepersuasive

creatorsconvertaudienceexcitementdirectlyintopurchases,defininganewnormof

frequent,smallertransactions.

15

Source:Cube,SEA2025

EcommerceFooddeliveryTransportOnlinetravelOnlinemediaDigitalfinancialservices

Topsellers,products,andcreatorspropelthevideocommerceecosystem

Creators

Personalitiesandinfluencerswho

serveasthebridgetoconsumers.

Theybuildcommunitytrustand

authenticallydemonstrateproductswhiledrivingengagement.

Sellers

Products

Theitemsbeingsold.Invideo

commerce,theyarethefocalpointofthecontent,withtheirvalue

demonstratedthroughlivevideo,tutorials,andreviews.

Brandsandmerchantswhomakeupthecommercialengineofthe

ecosystem.Theyareresponsibleforsourcingproducts,managinginventory,andfulfillingorders.

PercentageofGMVcapturedbytopperformers

Thetop10sellerspercategorydrive

20%

oftotalcategorytransactionsintheirrespectivecountry

Thetop1,000creatorsproduceamedianof

30+

monthlylivevideosLIVE

LIVE

80%werefeaturedinlivevideos

Thetop1,000productspercountrydrive

25%

Ecommercevideocreatorniches

Pimrypie

Mixedcategories

Quy?nLeo

Mixedcategories

LouisseScarlettFamily

Shoppingandretail

Rosmar

Beauty

WinWilliam

Phonesandelectronics

Kohcun

Phonesandelectronics

ofthecountry’stotalGMV

Heroproductstakethespotlight

Whiletheecosystemfeaturesa

longtailofsellersandstores,video

commerceisdominatedbyasmall

pooloftopsellersandbest-selling

products.Successisintrinsically

linkedtotheliveformat:80%ofthese

top-performingproductsarefeaturedinlivestreams.Theabilitytobuild

authenticityandtrustthroughreal-timeinteractionmakesitthekeychannelforcreatingviraldemandandestablishingproductsasbestsellers.

Creatorscaleisbuiltontrust

Topcreatorsoperateatremarkable

scale,broadcastingamedianofmorethan30monthlylivestreams.Their

constantpresenceisessentialformaintainingadirectandauthenticconnectionwiththeiraudience,a

factorthatunderpinstheirsuccess.

Evenastheyachievemega-creator

status,preservingthisrelatabilityis

critical,astrustisthefoundational

currencyofthecreatoreconomy.It

isthistrustthatmakesthempowerfulpartnersforamplifyingsalesofnew

andexistingproducts.

Source:Cube,SEA2025

17

EcommerceFooddeliveryTransportOnlinetravelOnlinemediaDigitalfinancialservices

Videocommerceexpandsbeyondbeautyandfashionintoafullspectrumofeverydayretailcategories

Videocommercecategoriesandproducts

Examplesoftopproducts

PercentageofGMV

9%

7%

7%

7%

10%

12%

Other

Foodandbeverage

Everydaysupplies

Healthandbaby

Homeandtools

Phonesandelectronics

Category

Labubus

Same-daydurians

Washingdetergents

Gutsupplements

Bedmattresses

Smartphonesandtablets

Caroil

3-in-1coffee

Petfood

Babyformula

Storageandpackaging

Headphones

21%

Beautyandpersonalcare

SunscreenFoundationmakeup

BodylotionandcreamsWaterprooflipstick

27%

Fashionandaccessories

Women’sunderwearRingsandearrings

Wide-legpantsInvisiblesocks

Source:Cube,SEA2025

Adistinctcategorymix

Videocommerceisforgingacategory

mixthatsetsitapartfromtraditional

ecommerce.Onestandoutisthebeauty

vertical,whichcapturesalargershareof

thepieinthisformatduetothepower

ofdemonstration.Anotherkeytrendis

thepopularityofeverydaystapleslike

homeandtools,andgroceries.Incontrast,categoriessuchasphonesandelectronicsaregrowingbuttrailtheirshareinthe

broaderecommercemarket,signallingpotentialforfutureexpansion.

The‘show,don’ttell’advantage

Ananalysisoftop-sellingproductsrevealsthatsuccessinvideocommerceiscloselytiedtotheproducts’suitabilityforalive,

interactiveformat.Examplesofgoodsthatdowellinthisenvironmentinclude:

1)cosmetics,whichneedtobeseenin

action;2)supplements,forwhichliveQ&Ashelpbuildconsumerconfidenceintheir

safetyandefficacy;and3)limited-editionitems,includingcollectiblesandflash-salegadgets,thatleveragecommunity

excitementtodriveimpulsebuys.

Digitalfinancialservices

Adjacentrevenuestreams

GMV($B)

Revenue($B)

Advertising

+60-90%

YoYrevenuegrowth

+18%+33%

+14%

+14%

Commissionsondine-invouchers

36

2.42.42.0

Loyalty

subscriptions

2223

19

17

1.5

Cloudkitchens

2023

2024

20252025

(SEA-6)(ASEAN-10)

2030

(ASEAN-10

)

2025(SEA-6)

2025(ASEAN-10)

2023

2024

SteadyGMVgrowthreflectsfooddelivery’sshiftfromluxurytoroutine

Ashifttowardseverydayaffordability

Despitemacroeconomicchallenges,demandforfooddeliveryhasremainedbuoyant.

Platformsareincreasinglytargetingsegmentsthatvalueaffordabilitybyintroducingnew

productsanddiversemenuoptions,shiftingtheservicefromadiscretionaryluxurytoamoreaccessibleoptionforabroader

consumerbase.Insomemarkets,averageordervalueshaveincreased,drivenby

cross-sellingtacticslikefreedeliveryforadd-onordersandgrouporders.

Nextstop:profitability

Platformshavebeenactivelybuildingmore

sustainablebusinessmodels.Theyhavemadesignificantprogressinreducingtheircosttoservethroughoptimisedlogisticsand

streamlinedoperationsinkeymetroareas.

Mostarenowprofitableoraresoonapproachingprofitability.

Smallerbusinessesgetintotheadvertisinggame

Majorplatformsarereportinghighdouble-digitgrowthinadvertisingrevenue.Long-tail

vendorsarefollowinginthefootstepsoftheir

largercompetitorsbyadoptingsophisticated

advertisingsolutionsofferedbytheplatformstodriveawarenessandconversions.Asplatformsbecomeaprimaryadvertisingchannelforthesebusinesses,theirwillingnesstopayisincreasing.

Ecommerce

Transport

Onlinetravel

Onlinemedia

Fooddelivery

18

Notes:2025estimatesarebasedonannualisedresultsfromH12025.Previouslyreportednumbersfor2023havebeenrevised.

Source:Bainanalysis

Ecommerce

Transport

Onlinetravel

Onlinemedia

Fooddelivery

Digitalfinancialservices

Platformsaremovingbeyonddeliverytocapturevaluefromin-restaurantdining

OnlineGMV

23B

Totalmarketsizeforfoodservices(2025)

Totalfoodservices

GMV

Expansionintodiningin

Source:Bainanalysis

Consumers

Merchants

Platforms

Savings

Growth

Engagement

Exclusivediscountsof

Alow-costmarketingchannel

Increasedappusageanduser

10-30%ontotalbills

toacquirecustomersandincreasefoottraffic

stickiness,reducingchurn

Convenience

Monetisation

Asingleappfordiscovery,

Profitability

Expandedshareofwalletand

transport,andpayment

Ahigh-marginalternativeto

expensive(20-25%commission)

customerlifetimevalue,plusadditionalrevenuestreams

Discovery

deliveryservices

fromwallets,ads,

Curatedlistsandratings

commissions,etc.

tofindtrustedrestaurants

Partnership

Amarketingpartnerhelpingtodrivetheircoredine-inbusiness,beyondjustalogisticsprovider

Data

Visibilityintooffline

consumerspendingpatterns

Ecosystembenefitsfromexpansionintodiningin

EcommerceFooddeliveryTransportOnlinetravelOnlinemediaDigitalfinancialservices

TransportGMVandrevenuecontinuetogrowasplayersdiversifyofferings

1.81.91.6

2025

(ASEAN-10)

2030

(ASEAN-10)

2025

(ASEAN-10)

Revenue($B)

GMV($B)

2025(SEA-6)

2025(SEA-6)

11.111.5

+26%

+41%

+16%

+17%

2024

2024

2023

2023

22.5

9.6

7.6

1.1

Diversifiedstrategies

toenhanceprofitability

Playershaveimplementedatieredapproachtoappealtobothmassandhigh-valueusers.Subscriptionbundlesdrivefrequency,whilein-appadsprovideanadditionalrevenue

stream.Alongwiththesestrategies,thereductionofconsumerincentivesisalsodirectlycontributingtoprofitability.

Publicandprivate

sectorsfuelEVadoption

Electricvehicle(EV)adoptionisacceleratingacrossSEA,propelledbygovernment

incentivesanddemandfromtransport

platforms,withmomentumparticularlystronginmarketslikeVietnam.Supportivepolicies

includesubsidiesfor20,000two-wheelerconversionsinHoChiMinhCityanda

forthcomingbanonfossil-fuelmodelsinHanoi’scentralbusinessdistrictfromJuly

2026.Indonesiaislikewiseencouragingtheshiftwithincentivesforelectric

two-wheelersandlocalEVproduction.

Autonomousvehicle

disruptiononthehorizon

Ongoingautonomousvehicle(AV)pilotssignaladisruptiveopportunityinSEA.

Mobilityplayersaregettingaheadofthe

gamebyparticipatinginpilotsandworkingonownershipandeconomicmodelsforthedeploymentofAVs.

20

Note:2025estimatesarebasedonannualisedresultsfromH12025.

Source:Bainanalysis

21

EcommerceFooddeliveryTransportOnlinetravelOnlinemediaDigitalfinancialservices

FourkeyfactorsshapethetrajectoryofAVadoption

AVeconomics

Theeconomicsofrobotaxishavethe

potentialtooutperformhumandriverswithinthreetofiveyears.Thisshiftis

possibleduetoreducedmanufacturingcostsinChina,advancedLevel4

capabilitiesallowingremoteoperatorstooverseelargerfleets,andimprovedvehicleutilisation.

Technologicalmaturity

MultiplepilotsareunderwayacrossSEA,althoughnonehaveyetbeenvalidatedinopen,uncontrolledtrafficconditions.ThedeploymentofAVmodels,trainedincountrieswheretraffic

patternsaredifferentfromSEA,hasonlybeenproveninfenced,low-speedzones.

Consumeracceptance

Whilecurrentacceptanceislow,

consumerawarenessandcuriosityaregrowing.Buildingarobust

safetyandtrusttrackrecordover

thenextfewyearswillbecriticalforwidespreadadoption.