(Photo: weforum.org)

The report says South East Asia’s top digital economies grew faster than expected in 2022 and will reach 200 billion USD in total value of transactions this year.

The six biggest economies covered in the report - Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam - will reach the milestone of 200 billion USD by 2025, three years earlier than expected.

Southeast Asia’s online economy is still on track to reach 1 trillion USD by 2030 as online shopping becomes the norm, according to the report.

Another growth driver, digital financial services, which includes payments, remittances, lending, investments, and insurance, has seen healthy growth from 2021 to 2022, thanks to offline-to-online behavior shifts post-pandemic, said the report.