South Korean blockchain developers see the Southeast Asian countries such as Vietnam and Thailand as a promising market.

Many firms are setting up offices there to develop platforms tailormade for the young generation who are are in the 20s and 30s.

Blockchain-based payment solution providers such as Paycoin and Terra are expanding business in the Southeast Asian market.

Kakao’s blockchain subsidiary Ground X held a meetup in Thailand. Blockore has started a consulting service for investors.

The Southeast Asian market is promising because their financial infrastructure is not well developed, but the young people are using digital devices actively.

According to a report by CBInsights, a U.S. market survey firm, only 47 percent of Southeast Asian people have bank accounts. About 95 percent of Indonesians or 142 million, are Internet users. About 60 percent of adult Indonesians use smartphones, the report said.

The online payment settlement market has been growing at a fast clip. Google and Temasek Holdings predicted that the Southeast Asian online economy would reach $240 billion by 2025. Out of the online marketplace, about half would be e-commerce, they predicted. About 76 percent of Indonesian mobile phone holders buy goods online.

Blockchain-based fintech is also emerging as a hot business in the Southeast Asian market.

Many Southeast Asians are working overseas and remitting funds to their families at home. They are actively using blockchain platforms to save fees in fund transfer to home.

South Korea’s cash transfer service provider Cross are not covering seven countries such as Vietnam, Malaysia, Thailand, the Philippines, Nepal, and China for cash remittance via its blockchain platform.

Also, many young Vietnamese and Thai people are developing blockchain technologies. These talented developers are attractive to South Korean blockchain companies.