RedFOX Labs chose to plant roots in SEA for good reason: the region’s multi-country Internet economies are experiencing the world’s fastest growth.
But you don’t have to take our word for it. Every year since 2016, Google’s ‘e-Conomy SEA’ research program dives deeper into trends across SEA’s ‘Big Six’ countries — Indonesia, Malaysia, the Phillippines, Singapore, Thailand, and Vietnam.
This year’s report, released mere days ago and available here, reveals fresh insight into what we’ve known all along. More specifically, Southeast Asia hosts a multitude of Internet-driven economic juggernauts. Not only did 2019 see the region’s mobile economy reach $100B for the first time, but forecasts project that figure to swell to $300B by 2025.
While several factors are fueling this massive expansion, two in particular — gaming and digital spending — are especially attractive to RedFOX. Because as it turns out, we’re already building separate blockchain ventures addressing each of these categories.
In addition to the online report, you can download the ‘e-Conomy SEA’ PDF and slide deck. Everyone is free to conduct independent research, but today we’re curating info as it applies to our project, operating from right here in Vietnam.
Unparalleled Mobile Engagement
Between 2015 and 2019, 100M new users joined the ranks of SEA’s Internet economies — a spike of over 38%. This dramatic boost qualifies Southeast Asia as the world’s most engaged mobile Internet region.
Not only are more and more residents of SEA coming online, but they’re also devoting additional time to using the Internet on a mobile device. Of the globe’s top 10 countries ranked by daily Internet usage, six of them are in SEA, which also accounts for the top four spots.
Now, going online is one thing, but using the web to make purchases calls for another metric altogether. And, in perfect alignment with our upcoming cashback and rewards platform, SEA’s mobile shoppers are increasingly looking for discounts on products and services.
In 2019, SEA’s ‘Big Six’ countries realized at least a 2x spike in discount-related search volume. In other words, there are hundreds of millions of Southeast Asians looking to save money on their everyday purchases.
Looming global recession aside, an increasing number of online shoppers realize that a little digging leads to a wealth of savings. And by aggregating cashback and rewards points into a mobile portal, we’re making the hunt for savings easier for them.
Our platform’s initial target is Myanmar. Shortly thereafter, we’re bringing shopping discounts and cash rewards to the Philippines as well as Vietnam.
Embodying the concept of on-the-go spending is the RedFOX mobile crypto wallet — now in closed beta testing. A whopping 90% of SEA’s online population accesses the web from a smartphone, making our wallet app a seamless transition into financial self-governance.
The RedFOX multi-asset mobile wallet is like carrying a bank in your pocket.
While there is some forward progress to celebrate, the majority of Southeast Asians still lack adequate access to traditional financial services. And the hardest-hit country is Vietnam, with an overwhelming 79% of the population classified as either ‘unbanked’ or ‘underbanked.’
Meeting someone who’s part of the Internet economy but doesn’t play games is increasingly difficult. Like tokens and the arcade machines of yesteryear, mobile phones and gaming apps are made for each other.
Not only are we diving into the blockchain gaming industry ourselves, but playing games is also part of the fun in using our upcoming rewards app.
When it comes to gaming, demographics play a substantial role in upward mobility. SEA’s population is one of the world’s youngest. To be considered a “mobile citizen,” one must be 15 years old. And within Southeast Asia, 10M residents reach that milestone every year.
From a pure growth perspective, online gaming revenue jumped a massive 263% between 2015 and today.
And that figure is expected to more than double in the next six years. By then, the RedFOX gaming division aims to have an assortment of titles playable within its NFT-powered ecosystem.
Yes, videogames are fun. That’s their primary purpose. However, adding blockchain to the mix makes games more secure by keeping cheaters at bay. On top of all that, NFTs ensure in-game items are free to wander from title to title.
The Internet economies of Southeast Asia are overflowing with chances to capture the attention of massive audiences. Better still, those opportunities get larger with every passing year.
While 20% is the minimum rate of annual economic growth in SEA’s ‘Big Six’ countries, that figure is astronomical here in Vietnam. Powered mostly by the nation’s insatiable appetite for eCommerce, we’re currently enjoying yearly growth rates exceeding 40%! Simply put, there’s no shortage of chances for us to gain market share across a number of consumer categories.
As the world becomes increasingly digitized, Southeast Asia’s future looks exceptionally bright. Moreover, the decision to build on top of Komodo Platform’s innovative tech gives us a distinct first-mover advantage. We don’t need to spin our wheels, trying to figure out complex solutions — KMD has already blazed a path for us.
Summing up, Google’s latest SEA report reaffirms our conviction that RedFOX Labs is in the right place at the right time.