Insights · Updated as published
Southeast Asia consumer
lending market reports
Last updated: 28 Sep 2026
Macro and households, competition and capital, regulation, digital infrastructure and credit. Every figure carries its definition, basis date and source; T&S’s own opinions are published separately as “T&S View”.
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- Data as of 2026-09-27Credit
Loan-officer-named SMS reminders cut arrears only for repeat borrowers (2009–10 RCT)
A randomised trial in Philippine microfinance (2009–2010) tested SMS repayment reminders.
- Data as of 2026-09-26Macro & households
Philippine consumer confidence improves to −29.8% in Q3 2026 but stays negative
BSP's consumer confidence index for July–September was −29.8% (up from −42.0% in Q2 2026).
- Data as of 2026-09-26T&S View
T&S View: In Philippine household credit, check quality before chasing the demand rebound
Consumer confidence has improved, but unemployment and the consumer-loan NPL ratio have risen.
- Data as of 2026-09-25Regulation
OJK plans write-off rules for microfinance institutions, due in Q4 2026
OJK plans to insert write-off provisions (Articles 110A–110C) into its LKM regulation, POJK 41/2024.
- Data as of 2026-09-25T&S View
T&S View: Vietnam's data-driven lending push and consent rules call for joint design
In September a tax data-sharing agreement, the SBV's call for data-based underwriting and a consent circular coincided
- Data as of 2026-09-25Competition & capital
Vietnam's listed banks plan sizeable charter capital increases in 2026
Listed banks plan capital increases totalling VND 128 trn (about USD 4.93 bn), including stock dividends and private placements
- Data as of 2026-09-25Digital infrastructure
Vietnam's tax authority and credit bureau CIC sign data-sharing deal; scope undecided
The General Department of Taxation and the National Credit Information Centre (CIC) signed a data exchange cooperation agreement
- Data as of 2026-09-24Competition & capital
GCash operator Mynt secures more than 20 cornerstone investors for its IPO
Mynt secured PHP 36.5 bn from more than 20 cornerstone investors, about 68.8% of the base offer.
- Data as of 2026-09-24Competition & capital
Indonesia's DOKU rebrands as 'DOKU by Antom' and appoints a new CEO
On 24 September DOKU named co-founder Himelda Renuat CEO and rebranded as 'DOKU by Antom'.
- Data as of 2026-09-24Credit
African swine fever spreads in Laos, with family farms bearing most losses
Since June the outbreak has spread to 7 provinces, 19 districts, 95 villages; 14,002 pigs had died or been culled as of 24 September
- Data as of 2026-09-23Macro & households
ADB cuts Brunei's 2026 growth forecast to 1.2%
On 23 September ADB lowered Brunei's 2026 growth forecast to 1.2% (cut from 1.8% in the July outlook).
- Data as of 2026-09-23Macro & households
ADB cuts Myanmar's FY2026 growth forecast and keeps inflation forecast high
FY2026 (April–March) growth forecast cut to 2.2% (revised down from 2.4% (July 2026)); FY2027 at 2.7%
- Data as of 2026-09-23Macro & households
ADB nudges Southeast Asia's 2026 growth forecast up to 4.7%
On 23 September ADB raised Southeast Asia's growth forecast to 4.7% for 2026 and 4.9% for 2027.
- Data as of 2026-09-23Macro & households
ADB nudges up Thailand's 2026 growth forecast, flags shrinking consumer lending
2026 growth forecast 2.0% (raised from 1.8% (July 2026)); 2027 1.9% (lowered from 2.0% (July 2026)); Southeast Asia 4.7%
- Data as of 2026-09-23Macro & households
ADB raises Timor-Leste's 2026 growth forecast to 4.0%
On 23 September ADB raised Timor-Leste's 2026 growth forecast to 4.0% (raised from 3.8% in the July outlook) and set 2027 at 4.1%.
- Data as of 2026-09-23Macro & households
ADB raises Vietnam's growth forecast and notes limits on further credit expansion
2026 growth forecast raised to 7.8% (raised from 7.2%); 2027 to 7.6% (raised from 7.0%)
- Data as of 2026-09-23Macro & households
Bank Indonesia holds BI-Rate at 5.75%, prioritising currency stability
BI kept the BI-Rate at 5.75% at its 22–23 September board meeting.
- Data as of 2026-09-23Digital infrastructure
Credit bureau CTOS reports unauthorised access and temporarily suspends some reports
CTOS Digital detected unauthorised access to an environment supporting its consumer business and disclosed it to Bursa Malaysia.
- Data as of 2026-09-23Macro & households
Singapore core inflation rises to 2.2% in August, seen elevated until mid-2027
MAS core inflation was 2.2% year on year in August (up from 2.0% in July); headline was 2.3% (up from 2.2% in July).
- Data as of 2026-09-23Regulation
Thai House passes bankruptcy bill creating debt rehabilitation for individuals
On 23 September the House passed the bill 444–0 (1 abstention, 1 not voting); individuals with debts of THB 100,000 or more gain access to rehabilitation
- Data as of 2026-09-22Macro & households
Laos migrant remittances reported for January–July as registered workers abroad decline
Remittances from Lao workers abroad were USD 500.7 m in January–July (Ministry of Labour and Social Welfare)
- Data as of 2026-09-22Credit
Vendor survey: 83% in Singapore trust AI loan comparison, 49% accept AI applying
Survey commissioned by Experian and run by Forrester; 482 Singapore respondents out of 6,247 across 13 markets.
- Data as of 2026-09-21Regulation
BSP Circular 1240 sets PHP 1 bn capital floor for digital-centric smaller banks
BSP Circular No. 1240, dated 21 September, tightens rules on thrift, rural and cooperative banks operating digital-style models.
- Data as of 2026-09-21Digital infrastructure
New MyKad fails eKYC verification at several providers; registration department responds
The new-generation MyKad, issued from 18 September, is not being recognised by providers' eKYC systems.
- Data as of 2026-09-21Macro & households
Singapore retrenchments rise to 4,620 in Q2 2026; six-month re-entry rate falls to 54.9%
Retrenchments were 4,620 in Q2 2026 (up 790 from 3,830 in Q1 2026), the highest in the last eight quarters.
- Data as of 2026-09-21Credit
Vietnam's listed banks see special-mention loans rise for a second straight quarter
The Group 2 (special mention) loan ratio at the 27 listed banks was 1.38% (up from 1.17% at end-2025; second consecutive quarterly rise)
- Data as of 2026-09-19Regulation
Reducing-balance hire purchase now offered by 14 of 20 banks in Malaysia
The amended Hire-Purchase Act (in force 1 June) abolishes the flat-rate method and the Rule of 78.
- Data as of 2026-09-19Credit
Vietnam central bank chief urges shift from collateral to data-based SME lending
SME credit grew 12.4% year to date to VND 4.1 quadrillion (about USD 155 bn; about 20% of total credit)
- Data as of 2026-09-18Macro & households
BSP survey: 48% of Filipino adults find emergency funds very hard to raise
In BSP's 2025 Consumer Finance and Inclusion Survey, 48% of adults said raising emergency funds would be very difficult.
- Data as of 2026-09-18Digital infrastructure
Laos links China's digital yuan (e-CNY) to its domestic QR payment network
On 18 September, at the China-ASEAN financial cooperation conference, Laos and China announced a link between e-CNY and Lao QR payments
- Data as of 2026-09-18T&S View
T&S View: In BNPL consolidation, managing cancellations and early arrears may beat scale
With Grab's acquisition of Atome, regional BNPL is entering a phase of absorption into large platforms.
- Data as of 2026-09-17Credit
OJK official says AI credit scores should not be the sole basis for lending decisions
An OJK department head said AI scores from private credit bureaus (LPIP) should not be the only basis for approvals.
- Data as of 2026-09-17Regulation
OJK scraps plan to cap online borrowers at three lenders
On 17 September 2026 OJK cancelled the planned limit of three pindar lenders per borrower.
- Data as of 2026-09-17Macro & households
UTCC survey shows average Thai household debt at a multi-year high
UTCC survey (1,720 respondents): average household debt of THB 794,945 (up 7.3% from THB 740,597 a year earlier; highest in 17 years)
- Data as of 2026-09-17Macro & households
Vietnam's credit growth outpaces deposit growth year to date
Year-to-date credit growth was 10.24% versus deposit growth of 8.77%, a gap of 1.47 pt
- Data as of 2026-09-16Regulation
Brunei's central bank mandates fair treatment of financial consumers from March 2027
On 16 September BDCB published its Notice on Fair Treatment of Financial Consumers (dated 31 August), effective 1 March 2027.
- Data as of 2026-09-15Competition & capital
Grab to buy 60% of Atome for USD 1.49 bn, remainder to follow in a second stage
On 15 September Grab agreed to acquire 60% of BNPL and consumer lender Atome Financial for USD 1.49 bn.
- Data as of 2026-09-15Regulation
Singapore enforces a three-business-day cooling-off period for licensed moneylender loans
A three-business-day cooling-off period for unsecured non-business loans from licensed moneylenders took effect on 15 September (announced 31 August).
- Data as of 2026-09-14Competition & capital
GXBank signs IFC loss-sharing deal covering up to USD 110 m of MSME loans
IFC will provide first-loss cover of up to USD 4.95 m on MSME lending of up to USD 110 m.
- Data as of 2026-09-14Credit
Indonesian finance companies with gross NPF above 5% rise to 42 in July
42 finance companies had gross NPF above 5% in July, up from 38 in June (OJK).
- Data as of 2026-09-14Regulation
Vietnam's central bank mandates explicit consent for sharing credit information
Circular 46/2026/TT-NHNN amends Circular 15/2023/TT-NHNN, effective 1 November 2026
- Data as of 2026-09-12Digital infrastructure
Timor-Leste's central bank launches the TuQR unified QR code and Ti-FAST payment platform
On 12 September, at its fifteenth-anniversary ceremony, BCTL launched the unified QR payment 'TuQR' and the payment platform 'Ti-FAST'.
- Data as of 2026-09-11Macro & households
Malaysia's July unemployment steady at 3.0%; youth rate at 10.2%
The July unemployment rate was 3.0%, unchanged from June, with 520,300 unemployed (DOSM).
- Data as of 2026-09-11Digital infrastructure
MAS tests cross-bank AI models to detect suspicious accounts; results due by year-end
In a speech on 11 September, the MAS managing director said MAS is testing AI models on cross-bank and public-private data to detect suspicious accounts.
- Data as of 2026-09-09Credit
Bank of Thailand sets out three steps on shrinking SME credit, including alternative data
The BOT Governor outlined a lending portal (by year-end), a new credit guarantee (targeted for 2027) and alternative-data underwriting
- Data as of 2026-09-09Competition & capital
Timor-Leste's central bank grants leading MFI Kaebauk a full commercial bank licence
On 9 September the BCTL board approved a definitive banking licence for Banco Kaebauk, moving it from MFI to commercial bank.
- Data as of 2026-09-09Macro & households
Indonesia's August consumer confidence rises to 118.5 as saving share falls to 15.8%
BI's August consumer confidence index (IKK) was 118.5, up 1.7 points from 116.8 in July.
- Data as of 2026-09-09Macro & households
Myanmar lifts odd-even driving restrictions; refuelling limits remain
From 9 September, the odd-even number-plate driving restriction in place since 7 March was lifted
- Data as of 2026-09-09Credit
Philippine banks' consumer-loan NPL ratio rises to 5.49%
The banking system NPL ratio was 3.35% in July (up from 3.29% in June); NPLs totalled about PHP 585 bn.
- Data as of 2026-09-09Competition & capital
SSS's low-rate LoanLite micro-loan goes live on a digital bank app
The Social Security System's LoanLite is now available through the UnionDigital Bank app.
- Data as of 2026-09-08Credit
Indonesian finance companies' BNPL book up 54.65% year on year as approvals tighten
Finance companies' BNPL receivables were IDR 13.62 trn at end-July, up 54.65% year on year.
- Data as of 2026-09-08Macro & households
Philippine consumer loan growth slows to 17.1%, an eleventh straight monthly slowdown
Universal and commercial bank loans rose 10.4% year on year to PHP 14.98 trn in July.
- Data as of 2026-09-08Macro & households
Philippine July unemployment at 6.0%, up year on year; underemployment falls
The July unemployment rate was 6.0% (up from 5.3% in July 2025); unemployed persons totalled 3.14 million.
- Data as of 2026-09-08Competition & capital
Vietnam's listed banks raise the share of medium- and long-term lending
Medium- and long-term loans at the 27 listed banks reached VND 7.29 quadrillion (about USD 276.1 bn), 47.3% of total loans (up 0.9 pt from end-2025)
- Data as of 2026-09-07Credit
Indonesia's online lending book reaches IDR 105.63 trn, up 24.76%; TWP90 at 4.32%
Pindar (peer-to-peer) outstanding loans were IDR 105.63 trn at end-July, up 24.76% year on year (OJK).
- Data as of 2026-09-07Macro & households
Thailand's August inflation accelerates on fuel costs; core remains subdued
August headline CPI rose 2.53% y/y (up from 1.95% in July); core was 1.44% (up from 1.34% in July)
- Data as of 2026-09-07Credit
Thailand Q2: NPL ratio flat, but nearly half of new bad loans are re-defaults
The bank NPL ratio was 2.82% (vs 2.85% in Q1 2026), but new NPLs in Q2 were about THB 110 bn
- Data as of 2026-09-06Competition & capital
Vietnam consumer finance H1: combined profits rise, FE CREDIT the lone decliner
Combined H1 pre-tax profit of six major consumer finance companies rose 36.8%; only FE CREDIT declined (−42.8% y/y; the only decline among the six)
- Data as of 2026-09-04Regulation
Bank of Thailand plans to license BNPL providers from Q4 2026
The BOT Governor set out a draft rule and public consultation by end-September, targeting implementation in Q4
- Data as of 2026-09-04Macro & households
Philippine inflation eases to 6.1% in August, still well above target
August CPI inflation was 6.1% year on year (down from 6.2% in July; fourth consecutive monthly slowdown), per PSA data.
- Data as of 2026-09-03Macro & households
AMRO: regional public finances resilient as energy support and welfare lift outlays
AMRO's September quarterly fiscal bulletin: revenue rose year on year in most ASEAN+3 economies, led by income and consumption taxes.
- Data as of 2026-09-03Macro & households
BNM holds OPR at 2.75%; 2026 growth projected at about 5%
BNM kept the Overnight Policy Rate at 2.75% at its 3 September MPC meeting.
- Data as of 2026-09-02Macro & households
Laos inflation edges up in August, above the central bank's 2026 target after a rate cut
August CPI inflation was 7.7% y/y (up from 7.6% in July); the January–August average was 7.9%
- Data as of 2026-09-01Macro & households
Indonesia's August CPI inflation at 3.19%, nearing the 3.5% ceiling of BI's target
August CPI rose 3.19% year on year, 0.21% month on month and 1.86% year to date (BPS, 1 September).
- Data as of 2026-09-01Digital infrastructure
MAS proposes stablecoin rules under the Payment Services Act; comments due 16 October
On 1 September MAS published a consultation paper on amending the Payment Services Act (PSA) to regulate stablecoins.
- Data as of 2026-09-01Macro & households
Myanmar's August manufacturing PMI returns to expansion territory, but output still falls
The August manufacturing PMI was 50.3, up from 49.3 in July; first reading above 50 in four months (S&P Global via JETRO)
- Data as of 2026-07-28Macro & households
Cambodia EWA pool: up to about 4.6 million wage earners; account ownership at 39.0%
Wage and salaried workers were 44.5% of employment in 2025 (ILO modelled estimate)
- Data as of 2026-07-07Competition & capital
Cambodia MFI loans hit USD 5.99bn, 1.53 million borrowers; IFC Board finds no breach
CMA annual report: microfinance loan portfolio USD 5.99bn in 2025, up more than 15% y/y
- Data as of 2026-05-24Digital infrastructure
Bakong processed about 1.32 billion retail transactions in 2025; riel volume +157.3% y/y
NBC payments annual book: about 1.32 billion Bakong retail transactions in 2025 (771 million in riel, 554 million in USD)
- Data as of 2026-03-28Regulation
Cambodia lending rules: a rate cap and complaint duties, but no DTI cap in NBC legislation
The Prakas on Interest Rate Ceiling on Loan (March 2017) is listed as current NBC legislation, setting the cap at 18% a year
- T&S View
T&S View: cash-flow lending has promise, but rate caps and low account access constrain it
Regulation and international scrutiny are headwinds for land-collateral and over-lending models
- Regulation
NBC–UN microfinance plan: 10 of 22 actions done by September 2025; reviewed July 2026
As of the third high-level convening in September 2025, 10 of 22 over-indebtedness actions were complete
- Credit
Cambodia's NPL ratio keeps rising as a remittance slump strains household cash flow
NBC NPL ratio 8.9% at end-2025 (up from 7.4% at end-2024), rising to 9.6% in June 2026
- Macro & households
Cambodia SME loans at USD 37.4bn; application value −5.1% q/q, 90+ DPD up to 7.7%
SME loan balance of USD 37.4bn at end-March 2026, +0.9% q/q (CBC)
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