Fintech in Southeast Asia is reaching new records for both deals and funding. One of the reasons for this rise may be, perhaps surprisingly, the ride-hailing business.

The region, which includes countries like Vietnam, Indonesia and the Philippines, among others, is a widely under-banked market. In fact, according to a CB Insights report, published Wednesday, a minority of adults in the region — only 47% — had a bank account last year. But that is changing, especially thanks to the mobile phone.

Eugene Danilkis, CEO of software-as-a-service banking engine provider Mambu, points to the Philippines as an example, noting that, while that market might have a meager 31% banking penetration rate, its mobile penetration rate is a staggering 113%, meaning there are more mobile accounts than people in the country, due to many customers having multiple accounts. This allows other tech-heavy or mobile-dependent industries like ride-hailing or telecommunications to expand into the financial services space.

One such example, according to the CB Insights report, is Indonesian car-hailing app Go-Jek, which last year spun off Go-Pay, an e-wallet service that so far has 400,000 merchant partners across Asia. In 2018, Go-Pay reported that its total transaction volume exceeded $6 billion.

Ride-hailing is not the only catalyst in driving fintech growth in Southeast Asia, but it is a key example of how non-financial players are driving innovation and growth in the financial services industry. This phenomenon is true in other parts of the world, as well. In the U.S., for example, way before Amazon posed a threat to the banking world, coffee-retailer Starbucks was already being regarded by many FIs as the most advanced payments system in the country. Jim McCarthy, executive VP of innovation and strategic partnerships for credit card giant Visa, publicly stated that it was learning from Starbucks’ payment method of using QR codes and seamlessly integrating rewards and points programs into a digital payment system.

As for the Southeast Asian market, major investors like Ant Financial and Softbank pouring funds into the burgeoning fintech scene also helps. Their presence has caused other investors to also take note of the market. In fact, this week’s CB Insights report shows that, by the end of 2018, funding in Southeast Asian fintech startups grew to 143% year-over-year to $485 million across 68 deals. Most recently, in January, Ant Financial invested $40 million in Indonesian e-commerce payment and lending platform Akulaku, bringing its valuation to $450 million.

Read the full CB Insights report here.