e-Conomy SEA 2025 Report: Inside ASEAN-4’s Emerging Digital Economies

Over the past few months, we’ve covered the performance of individual SEA-6 markets, namely Indonesia, Malaysia, Singapore, Vietnam, Thailand, and the Philippines– along with a comprehensive look at the broader trends shaping Southeast Asia’s digital economy.

As we conclude our coverage of the e-Conomy SEA 2025 Report, we now turn our attention to the ASEAN-4 economies– Brunei, Cambodia, Laos, and Myanmar– which are steadily emerging as the region’s next digital growth frontier. These markets, though smaller in scale, are witnessing steady progress driven by improving infrastructure, rising digital adoption, and increasing policy support.

Here are some of the major highlights of the report.

1. ASEAN-4 Digital Economy Reaches $6B with Strong Growth Potential

The combined digital economy of the ASEAN-4 countries reached $6B in 2025, with projections indicating growth to $10B–$25B by 2030. This expansion is primarily driven by e-commerce, along with transport and food services.

E-commerce accounts for the largest share at $4B in 2025 and is expected to grow to around $6B by 2030. Meanwhile, sectors like online travel, transport and food, and online media are also gaining traction, reflecting gradual diversification across digital services.

2. Digital Payments Dominate DFS Growth Across Markets

Digital financial services (DFS) in ASEAN-4 are heavily concentrated in payments, with total digital payment GTV reaching $17B in 2025 and projected to grow to $30B–$40B by 2030.

Other segments such as digital lending and insurance remain relatively underdeveloped, with loan book balances at around $1B and insurance premiums at just $0.02B in 2025. However, expanding QR payment systems and cross-border interoperability are steadily improving financial inclusion across these markets.

3. Mobile-First and Social Commerce Drive E-commerce Adoption

E-commerce in ASEAN-4 markets is largely mobile-first, with social commerce playing a central role in product discovery and transactions. Platforms leveraging short-form content and creator-led engagement are increasingly shaping consumer behaviour.

Improved logistics, rising smartphone penetration, and better digital literacy, especially in rural areas, are expected to further accelerate adoption, making social commerce a key growth lever in these economies.

4. Tourism Recovery and Infrastructure Investments Boost Growth

Tourism is emerging as a strong growth driver across ASEAN-4 markets. Cambodia welcomed approximately 6.7M international visitors in 2024, a 23% year-on-year increase, while Laos recorded around 4M visitors, up 25%.

Infrastructure developments such as new airports in Cambodia and cross-border connectivity through the Laos-China Railway are improving accessibility. However, recovery remains uneven, with markets like Myanmar still relying heavily on domestic travel due to ongoing challenges.

5. AI Adoption Rises with Strong App Revenue Growth

ASEAN-4 markets are showing strong early momentum in AI adoption, particularly in Myanmar and Cambodia, where AI-featured apps recorded revenue growth of 86% and 116%, respectively.

Around 82% of users have been exposed to AI through various channels, while a growing proportion interact with AI tools daily. Despite lower overall penetration compared to larger markets, these trends indicate significant long-term potential for AI-driven services.

Bottom Line

The ASEAN-4 economies may still be at an early stage of digital development, but their trajectory points toward steady and meaningful growth. With a combined digital economy of $6B and strong projections for the years ahead, these markets are gradually building the foundations for broader digital participation.

While infrastructure gaps, regulatory challenges, and macroeconomic uncertainties remain, rising adoption of digital payments, social commerce, and AI signals a shift toward deeper digital integration. As policy support strengthens and connectivity improves, ASEAN-4 is set to play an increasingly important role in Southeast Asia’s digital future.

To delve deeper into the report, click here to read the full report.

With this, we conclude our coverage of the e-Conomy SEA 2025 Report. Over the past few weeks, we’ve explored the digital economies of Indonesia, Malaysia, Singapore, Vietnam, Thailand, and the Philippines, along with a comprehensive view of regional trends shaping Southeast Asia’s digital landscape. You can explore all our previous blogs in the series by clicking on the country links above.