With SEA’s internet economy being projected to reach a great value by 2025, it is a no-brainer that the digital wallet market in the region will also grow in tandem with it. Infinito, a digital wallet operator in SEA, is in a prime position to capitalize on the impending rise of the region’s digital wallet market.

In line with the rise of financial technology (Fintech) in SEA is the development in recent times of digital banks in the region. As SEA’s leading financial hub, Singapore is at the forefront of the regional digital banking segment. The Monetary Authority of Singapore (MAS), the country’s central bank, had on 28 June 2019 announced that it will be issuing up to two digital full bank (DFB) licences and three digital wholesale bank (DWB) licences by mid-2020. Following closely behind is Malaysia, its central bank, Bank Negara Malaysia (BNM) had on 27 December 2019 issued its Exposure Draft on Licensing Framework for Digital Banks. Following the issuance of the Exposure Draft, BNM announced that it is planning to issue up to five digital banking licenses to qualified applicants. 

A key precursor to the advent of digital banking in SEA is perhaps the rise of digital wallets in the region. In their joint report titled “e-Conomy SEA — Unlocking the $200 Billion Digital Opportunity in Southeast Asia”, Google and Temasek estimated that SEA’s digital wallet market was worth US$22 billion in 2019 and that this is projected to grow by more than fivefold to exceed US$114 billion by 2025. One of the primary factors which have driven the SEA’s digital wallet revolution is the much-improved internet connectivity in the region. In the span of four years from 2015 to 2019, the number of internet users in SEA has risen by an astounding 100 million. Other factors include the coming to the fore of the region’s internet economy in particular in consumer sectors such as electronic commerce (e-commerce) and ride-hailing. 

With SEA’s internet economy being projected to reach a value of US$300 billion by 2025, it is a no-brainer that the digital wallet market in the region which forms an integral part of the internet economy will also grow in tandem with it. All in all, it appears that the only way to go for digital wallet operators in SEA is upwards and skywards.

An Infinitely Perfect Blockchain Experience

One particular digital wallet operator in SEA which is in a prime position to capitalize on the impending rise of the region’s digital wallet market is Infinito, as its blockchain wallet i.e. the Infinito Wallet, has been downloaded more than 400,000 times and has more than 70,000 users. Infinito Wallet together with the Infinito Blockchain Platform and Infinito App Square form part of the InfinitoPAY Ecosystem and it aims to help users and businesses manage and grow crypto wealth, build and enjoy blockchain applications as well as make and receive payments securely in a few clicks. 

For developers, the Infinito Blockchain Platform provides a wide variety of business-oriented, plug-and-play blockchain modules that make it easier and faster to implement blockchain as part of business operations in a manner which warrants the highest levels of scalability, security, and accessibility. As for general users, Infinito Wallet provides users with easy access to cryptocurrencies as part of an integrated product ecosystem. In this instance, Infinito Wallet functions as a mobile access point for cryptocurrencies by facilitating the making of authorized payments in a seamless manner using cryptocurrencies. 

Not only that, but Infinito Wallet also empowers users by granting them the right to vote for new wallet features and coins. In September 2019, Infinito upped the ante even further by integrating Chanelly’s instant exchange widget into the decentralized application (DApp) browser built into Infinito Wallet thereby allowing its users to engage in crypto trading using assets in their Wallets without having to go through cumbersome registration procedures such as the requirement to import private keys and so forth. This was in line with Infinito’s mission of providing the best blockchain experience for its users.

Additionally, Infinito App Square which functions as built-in DApp store for Infinito Wallet is the most scalable DApp browser in the market as it is compatible with the top four leading blockchain platforms i.e. Ethereum, EOS, ONTology, and Binance Chain. Tying together the InfinitoPAY ecosystem is the Infinito Token (INFT) which functions as a universal currency by fuelling the operations of the ecosystem. Users of the ecosystem can earn INFTs by increasing their score through engaging in DApp-related activities or other activities such as voting, inviting friends to join Infinito or reporting of suspicious activities on the platform. Subsequently, users of the ecosystem can stake their INFTS to obtain rewards which will be credited into their Infinito Wallets.  

Infinito: Trailblazing Leader of SEA’s DeFi Sector

As one of the trailblazing pioneers in the decentralized finance (DeFi) sector, Infinito has set a high threshold for the market with the holistic and all-encompassing suite of blockchain-based services offered through its InfinitoPAY ecosystem. With its business operations traversing across SEA covering Malaysia, the Philippines, Singapore, Thailand and Vietnam, Infinito is looking odds on to cement its position as the leader of the region’s DeFi sector.

Reference:

1. MAS, Digital Bank Licence. Accessible at https://www.mas.gov.sg/regulation/Banking/digital-bank-licence

2. BNM, Exposure Draft on Licensing Framework for Digital Banks (27 December 2019) Accessible at https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=4970

3. The Star, Bank Negara to Issue up to 5 Digital Banking Licences (27 December 2019). Accessible at https://www.thestar.com.my/business/business-news/2019/12/27/bank-negara-to-issue-up-to-5-digital-banking-licences

4. Google, e-Conomy SEA — Unlocking the $200 Billion Digital Opportunity in Southeast Asia (2019). Accessible at https://www.blog.google/documents/47/SEA_Internet_Economy_Report_2019.pdf

5. Infinito, Infinito App Square Scales Up – Now Supports DApps On ONT And BNB Along With ETH And EOS (23 April 2019). Accessible at https://www.infinitowallet.io/infinito-wallet-dapp-browser-for-eth-eos-bnb-ont/

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