In recent years, the convergence of social media and online investment platforms has significantly reshaped retail investor behavior across Southeast Asia. This review synthesizes findings from academic literature published between 2010 and 2024, focusing on how digital platforms influence investment decisions, market participation, and financial literacy in the region. Drawing on studies from Indonesia, Vietnam, Thailand, Malaysia, and the Philippines, the paper explores the role of influencers, algorithmic recommendation systems, online investment communities, and the democratization of financial information. The review identifies three core thematic areas: (1) social media as a behavioral finance driver, (2) technology adoption and financial inclusion, and (3) regulatory and ethical considerations. While existing studies highlight the empowering role of social media in investment democratization, they also reveal significant risks related to misinformation, speculative behavior, and market manipulation. Future research directions could include cross-cultural comparative studies, the impact of Gen Z investors, and the integration of AI in social finance platforms. This review contributes to a deeper understanding of the evolving digital investment landscape in Southeast Asia and its implications for academia, practitioners, and policymakers.

Authors:
Nghinh-Xuan Dang, British University Vietnam, Vietnam
Hoang-Nam Tran, Tokushima University, Japan

About the Presenter(s)
Dr. Hoang-Nam Tran is currently an Associate Professor at Research Center for Higher Education, Tokushima University, Japan.

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