Smartphone penetration rising in APAC annually by 10.8% on average is one of the main drivers for the commercial adoption of 5G. The extensive adoption of mobile phones and Internet penetration stimulates the progress of Asia in this field. Statista reports that, with an increase in the number of smartphone users in Indonesia to 89.9 million by 2022, the penetration rate will grow from 26% in 2018 to 33% in 2023. In Vietnam, the share of smartphone users will rise from 34% in 2018 to 40% by 2021. The Philippines are predicted to show the same rate (40%), up from 32% in 2018. India may expect to have 36% of smartphone users in the country by 2022, i.e. 10% more than in 2018.
With insufficient access to banks among the population, advanced mobile solutions and digital background have facilitated the development of alternative lending across the region. Thus, according to the report by Cambridge Centre for Alternative Finance, South-East Asia had the highest overall volume of $2.19 billion within the online alternative finance market in APAC (excluding China) in 2018.