Tech companies contribute just under 3% of total revenue on the Southeast Asia 500 list, with only one internet company, Sea, breaking into the top 20 at No.15.

This contrasts with the Fortune 500, where four internet companies rank in the top 20.

Despite the small share, key tech platforms have climbed the rankings due to rapid growth, driven largely by financial services.

Sea, Grab, and GoTo: Leveraging Financial Services for Expansion

Sea’s revenue surged by nearly 30% year-on-year to $16.8 billion, lifting it five spots in the rankings.

Singapore-based Grab advanced 24 places to No. 128 with $2.8 billion in revenue, while Indonesia’s GoTo jumped 13 places, generating $1 billion in sales.

Each company credits financial services as a major factor behind this growth, despite originally focusing on gaming, ride-hailing, or delivery.

The Growth Trajectory of Digital Financial Services Arms

Sea’s financial arm, Monee, expanded 35% last year to $2.4 billion and continued its strong momentum in 2025 with a 57.6% revenue increase in Q1 to $787.1 million.

Consumer and loans principal outstanding rose 76.5% to $5.8 billion. Since launching its e-wallet in 2014, Sea has broadened offerings to include credit, banking, and insurtech, primarily through consumer and SME credit services.

Sea also operates digital banks Maribank (Singapore) and Seabank (Indonesia, Philippines).

Similarly, Grab’s financial services grew 44% last year to $253 million, with a further 36% increase in Q1 2025.

Starting from an e-wallet, Grab now provides loans to drivers and merchants and runs digital banks GXS Bank (Singapore) and GX Bank (Malaysia). Loans disbursed hit $566 million, up 56% year-on-year.

GoTo launched its standalone financial app, GoPay, in 2023, optimizing access for users with less powerful phones.

Holding a 22% stake in Indonesia’s digital Bank Jago, GoTo’s financial services revenue nearly doubled to 3.7 trillion Indonesian rupiah ($230 million).

Why Southeast Asia’s Tech Giants Are Investing Heavily in Financial Services

Though still smaller than their main businesses, financial services offer these companies a natural path to serve Southeast Asia’s largely underbanked population.

With typically higher gross margins than e-commerce or ride-hailing, financial services present attractive growth opportunities.

These platforms leverage rich user data from their core services to assess credit risk more accurately than traditional banks, enabling loans to previously underserved groups.

Digital banking further expands customer acquisition by linking e-wallet users to new accounts, deepening data collection, and enabling future offerings such as investment and insurance products.

PHOTO: REUTERS/EDGAR SU

This article was created with AI assistance.