Nation's fintech companies expand their reach

Noting that all these roles require advanced technology, WeBank said that instead of being disruptive, fintech companies should seize the opportunity to collaborate with traditional financial institutions in ASEAN countries.

"The combination of fintech innovation, deep market engagement and solid infrastructure will generate massive energy to achieve inclusive finance," the spokesman said.

In addition, WeBank said the China-proposed Belt and Road Initiative can help boost communication and collaboration in fintech innovation among countries and businesses, providing opportunities for Chinese fintech companies to expand cross-border collaboration.

Alicia Garcia Herrero, chief economist for Asia Pacific at French investment bank Natixis, said, "ASEAN is among the top targets for Chinese fintech companies as they embark on the Belt and Road Initiative."

This is mainly due to the region's high demand for tourism-related mobile payments and the strategic need to secure local market access, she said.

China is the largest source of tourists to ASEAN countries, according to a report co-edited by experts from the ASEAN Tourism Research Center at the China Tourism Academy and Guilin Tourism University, Guangxi Zhuang autonomous region.

On average, Chinese tourists used mobile services 3.4 times per 10 payments last year, according to global market consultancy Nielsen.

Ravindra Ngo, founder and CEO of investment and consulting company Invest in Cambodia, which is based in Hong Kong, said Chinese fintech companies such as Alipay were among the earliest mobile payment entrants to Cambodia.

The rising number of Chinese tourists to key Cambodian destinations, including the capital Phnom Penh and the northern town of Siem Reap, has allowed digital wallet providers to extend services overseas and penetrate the local market, Ngo said.

"Chinese companies are investing in different sectors like real estate, infrastructure, hospitality and travel, which all have indirect links to the digital payment system," he added.