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Brazil will also be home to the world’s third-most-penetrated cross-border buyer market this year, behind only Singapore and Canada, per our forecast. Listen Next. Around the World: Economic effects on retail and ecommerce. Around the World: The international forecasts of past (2023), present (now), and future (2024).

Thailand and Singapore are the next most interesting options. By 2026, Thailand’s ecommerce market will near $20 billion. Singapore will remain small, but by then, over 15% of its retail sales will transact digitally—an enticing figure for such a wealthy population.

Given their relative sizes, Indonesia underspends on advertising, and Singapore overspends. Indonesia is the overwhelming leader in the region when it comes to ecommerce and other digital activities. But it’s not as dominant in overall ad spending. Every country in the region is lagging in the digital transformation of its ad industry.

These are the findings from a survey of 9,000 consumers in Australia, Canada, Germany, Hong Kong, Italy, Saudi Arabia, Singapore, the UK, and the US, conducted in October 2023 by Opinium Research. By the numbers: In this survey, customers’ reasons for choosing their primary banks aligned with our previous findings.

Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam will collectively account for about half of all TikTok users in Asia-Pacific (excluding China). And except for Singapore, all will see over 10% growth in TikTok users this year. Indonesia will retain its position as the country with the third-largest number of TikTok users, behind only the US and Brazil.

Our digital user estimates for Southeast Asia, which we currently define as Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, are updated on an annual basis to continually incorporate the latest changes and developments in consumers’ technology adoption.

There are major obstacles to developing ecommerce in the country, but in 2026, the Philippines will surpass Singapore in total ecommerce sales. What’s Inside. This report is part of a global ecommerce series and contains our latest forecast for ecommerce in six countries (Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) in Southeast Asia through 2027, where possible.

The survey was conducted in Australia, Brazil, Canada, China, France, Germany, India, Japan, the Nordics, Mexico, Singapore, South Korea, Taiwan, the UK, and the US.

Indonesia, Malaysia, Singapore, the Philippines, Thailand, and Vietnam together will account for about half of TikTok users in Asia-Pacific, excluding China. And all of those countries except Singapore will see their TikTok user base rise more than 10% this year.

TikTok has also reportedly stored sensitive financial data of its major influencers on Chinese servers, countering CEO Shou Zi Chew's claims that US data is stored only in Virginia and Singapore, per Forbes.

The share of transactions made via real-time payments infrastructure in Singapore, for example, is expected to increase 78% between 2021 and 2026, per ACI Worldwide. Mastercard’s benefit: partnering with Checkout.com can give Mastercard a stronger foothold in Asia-Pacific and increase its cross-border payments volume.

It partnered with Mumbai-based private lender IndusInd Bank to provide remittance services from the US and Singapore to India with no hidden fees or exchange rate markups. It also launched Wise Platform in India to help large companies and banks build Wise’s cross-border payments tech into their infrastructure, according to a press release.

Live retail ecommerce sales in the region (including Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) surged from $1 billion before the pandemic in 2019 to $13 billion in 2022, according to research firm Cube Asia.

Methodology: Data is from an Airship survey conducted by Sapio Research as cited in a May 2023 press release. 11,000 respondents ages 18+ were surveyed in Brazil, Canada, France, Germany, Indonesia, Singapore, South Africa, Thailand, the UK, and the US during February 2023. Airship is a provider of mobile engagement solutions.

The background: Walmart-owned PhonePe has shifted strategies in recent months, separating from parent Flipkart and moving its headquarters from Singapore to India. It has already enjoyed huge success on India’s Unified Payments Interface (UPI). PhonePe enabled the biggest share of UPI transactions by volume in December, beating Google Pay and Paytm, per NPCI data.

The news: Stripe introduced Tap to Pay on Android for merchants using Stripe Terminal in Australia, Canada, New Zealand, Singapore, the UK, and the US, per TechCrunch. The tech lets merchants accept in-person contactless payments with any Android mobile device that has NFC technology. Compatible payment methods include Google Pay and Visa, Mastercard, and American Express cards.

The report surveyed 800 C-suite and senior compliance decision-makers in the US, Canada, UK, French, Germany, Netherlands, Singapore, Hong Kong, and Australia.