2021-10-14-瑞士信贷集团-东盟新经济日_数字服务即将起飞_27页_840kb

报告摘要

ASEAN Internet Sector Summary

Core Content

The ASEAN Internet Sector is undergoing significant transformation, driven by the accelerated digital adoption following the COVID-19 pandemic. The shift to digital channels is seen as permanent, with increasing smartphone penetration and user education efforts expected to further boost the use of digital services. The ASEAN New Economy Day 2021 highlighted the potential for disruption in digital services, with tech unicorns emerging across various sectors.

The digital economy in ASEAN is supported by key players such as aCommerce, Boost, MoMo, Carsome, and LINE MAN Wongnai, who are leveraging technology and infrastructure to expand their services. Investment in infrastructure, particularly in logistics, fintech, and e-commerce, is critical to support the growth of digital services. Cross-border trade is also expected to increase, with last-mile delivery and data infrastructure being key enablers.

Main Points

Digital Adoption: The pandemic has accelerated the shift to digital channels, which is now expected to be permanent.
Infrastructure Challenges: Low digital service penetration and underdeveloped infrastructure are major hurdles in the region.
Growth Opportunities: The e-commerce, logistics, fintech, and health tech sectors are expected to grow significantly.
Policy and Regulation: The Indonesian Stock Exchange (IDX) is actively working on new regulations to support the listing of tech unicorns and is focusing on ESG standards and consumer protection.
Tech Unicorns: The number of ASEAN unicorns has grown to 39, with more expected to emerge due to rising wealth, PE capital, and public market support.
M&A and Digital Banking: M&A remains a preferred exit strategy, and e-wallets are seen as potential digital banks due to their distribution, capital, and tech capabilities.
Consumer Behavior: Social commerce and online grocery services are growing, with C2C and revenge spending playing a role in demand.
Market Fragmentation: ASEAN's fragmented market requires local strategies and scale before expansion into other regions.

Key Information

Digital Services Penetration

Consumer services (online and financial) remain low in ASEAN, but mobile internet is improving.
Smartphone adoption is on the rise, which is positively correlated with the growth of digital services.

ASEAN New Economy Day 2021

Hosted by Credit Suisse, the event included 9 panel sessions and 7 company sessions.
Topics covered included tech unicorns, e-commerce, fintech, health tech, logistics, and digital advertising.

Policy and Regulation

IDX is working on reclassifying sectors, dual-class shares, and special notations for companies with multiple voting shares.
ESG will be a core focus for IDX in the future, including the establishment of an ESG index.
Crypto is growing in Indonesia, but consumer protection remains a key concern.

Tech Unicorns and Growth

39 unicorns exist in ASEAN, with e-commerce, logistics, and fintech being the most growth-oriented sectors.
Ruangguru and VNLIFE are highlighted as potential unicorns.
PE capital is abundant and supporting the formation of more unicorns.

Key Players and Their Strategies

aCommerce: Offers end-to-end e-commerce solutions, including consulting, warehouse, and delivery services.
Boost: Has 9 million users and is expanding into digital banking.
MoMo: Focuses on offline and online merchants and is profitable in several areas.
Carsome: Provides used-car solutions and is targeting market consolidation.
LINE MAN Wongnai: Combines LINE Messenger and Wongnai to create a super-lifestyle platform.
Online Pajak: Offers tax compliance solutions and is expanding to other ASEAN countries.

E-commerce and Logistics

Last-mile delivery is a unique challenge in ASEAN due to fragmented markets and limited cross-border parcel deliveries.
E-commerce logistics is a key enabler for online grocery and social commerce.
Cross-border trade is expected to increase, with China and the US as reference points.

Online Grocery and Health Tech

Online grocery is still in its early stages, with consumer education and infrastructure being key to sustained growth.
HealthTech is hindered by lack of data infrastructure, but blockchain and AI are expected to play a greater role in the future.

Future Outlook

Digital services are expected to disrupt traditional sectors in ASEAN.
ASEAN is ripe for growth, with significant unspent PE capital and strong public market support.
M&A and IPOs are expected to increase as exit strategies for startups.
ESG and regulatory changes will be key drivers for sustainable growth in the region.