# Sources cited in PEKO research Every numbered source behind The State of F&B Customer Retention in Southeast Asia 2026, listed in full. Each entry keeps the label it carries in the report, so a citation copied from here matches the report exactly. Report: The State of F&B Customer Retention in Southeast Asia 2026, https://heypeko.com/reports/f-and-b-retention-sea-2026 Published 2026-09-15 · Last updated 2026-09-15 Publisher: Hungry Bear Internet Pte. Ltd. (PEKO) Canonical: https://heypeko.com/research/citations Licence: https://creativecommons.org/licenses/by/4.0/ Sources are cited by publication, title and date, as printed in the report. Where a source has no stable public page, no link is given rather than an invented one. ## Numbered sources [M-1] iPOS.vn and Nestlé Professional, Vietnam F&B Market Report H1 2025, October 2025, as reported by Vietstock, 14 October 2025. https://heypeko.com/research/citations#m-1 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-1 [M-2] B&Company, 'The trend of mass closure of F&B stores in the first half of 2025', citing iPOS.vn. https://heypeko.com/research/citations#m-2 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-2 [M-3] Reuters, 'The bill's too high: why Singapore's F&B scene is losing flavour', 10 April 2025 (closures per month, 2022–2025); Malay Mail, 20 July 2025 (3,047 closures in 2024). https://heypeko.com/research/citations#m-3 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-3 [M-4] Ministry of Trade and Industry Singapore data, January–23 October 2025, as cited by Funding Societies and Indonesia Business Post: 3,357 openings, 2,431 closures. https://heypeko.com/research/citations#m-4 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-4 [M-5] Momentum Works, Food Delivery Platforms in Southeast Asia 6.0, January 2026, as reported by TechNode Global, 28 January 2026. https://heypeko.com/research/citations#m-5 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-5 [M-6] Momentum Works, as reported by The Investor (Vietnam), 29 January 2026: Vietnam delivery GMV US$2.1B, ShopeeFood 48%, GrabFood 48%, beFood 4%. https://heypeko.com/research/citations#m-6 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-6 [M-7] Eats365, 'Food Delivery Platforms in Malaysia 2026', citing ShopeeFood merchant FAQ (30% standard commission) and independent estimates for GrabFood and foodpanda. https://heypeko.com/research/citations#m-7 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-7 [M-8] Global Payments / Worldpay via Fintech News Singapore, 'Southeast Asia Payment Methods in 2026': DuitNow QR 2.6M acceptance points end-2024; A2A forecast 2030. https://heypeko.com/research/citations#m-8 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-8 [M-9] Bank Negara Malaysia, Governor's keynote, as reported by TechNode Global and Fintech News Malaysia, May 2026: DuitNow QR volume more than doubled to 3 billion in 2025. https://heypeko.com/research/citations#m-9 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-9 [M-10] VnEconomy, 'Opportunities for QR payment growth', 2025: NAPAS ~35M transactions/day, ~15M VietQR transfers/day; P2M QR standard rollout. https://heypeko.com/research/citations#m-10 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-10 [M-11] PwC Singapore, Payments' State of Play 2026: digital payments adoption 92.0% in 2025. https://heypeko.com/research/citations#m-11 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-11 [M-12] B&Company, 'F&B franchise in Vietnam: why 2026 is becoming a more selective expansion phase', citing iPOS.vn: 2025 revenue VND 726.5T, outlets ~329,500, 69.38% reporting raw-material cost pressure. https://heypeko.com/research/citations#m-12 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-12 [M-13] Market Research Singapore, 'Pressure on the Plate', citing Department of Statistics Singapore F&B Services Index June 2025 and Knight Frank / Zipdo cost data. https://heypeko.com/research/citations#m-13 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-13 [M-14] Momentum Works, Food Delivery Platforms in Southeast Asia 4.0, January 2024, as reported by Katadata: platform shares by market, 2023. https://heypeko.com/research/citations#m-14 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-14 [M-15] Momentum Works, Food Delivery in Southeast Asia 5.0, 2025: 2024 GMV US$19.3B, +13%. https://heypeko.com/research/citations#m-15 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-15 [M-16] Momentum Works, Food Delivery Platforms in Southeast Asia 4.0 announcement: Singapore topline flat in 2023. https://heypeko.com/research/citations#m-16 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-16 [M-17] Reichheld, F. F. and Sasser, W. E. (1990). 'Zero Defections: Quality Comes to Services', Harvard Business Review, September–October 1990. https://heypeko.com/research/citations#m-17 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-17 [M-18] Public help documentation of KiotViet and iPOS (Vietnam) on loyalty enrolment and balance display, as catalogued in PEKO's Loyalty Transparency Standard, 2026. https://heypeko.com/research/citations#m-18 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-18 [M-19] Advocado, 'Advocado vs Simple Loyalty (Mulah Rewards) Malaysia', April 2026: competitor-authored comparison; consulted for market context only, no figures from it are relied on in this report. https://heypeko.com/research/citations#m-19 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-19 [M-20] klikit, 'Food Delivery Commission Fees in Malaysia (2026)': subscription-tier commission ranges. https://heypeko.com/research/citations#m-20 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-20 [M-21] Tazapay, 'Local Payment Methods and E-Wallets in Southeast Asia', 2026: Malaysia digital payment adoption >80%. https://heypeko.com/research/citations#m-21 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-21 [M-22] DataReportal, Digital 2025: Malaysia and Singapore: WhatsApp usage among internet users aged 16–64. https://heypeko.com/research/citations#m-22 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-22 [M-23] StoreHub, 'POS System for Restaurant Malaysia' (blog) and storehub.com/my/pricing, accessed September 2026. https://heypeko.com/research/citations#m-23 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-23 [M-24] Qashier, qashier.com/my/software-pricing and F&B pricing pages, accessed September 2026. https://heypeko.com/research/citations#m-24 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-24 [M-25] Eber, eber.co/pricing, accessed September 2026. https://heypeko.com/research/citations#m-25 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-25 [M-26] Department of Statistics Singapore, Food & Beverage Services industry infographic (reference year 2021, updated March 2023). https://heypeko.com/research/citations#m-26 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-26 [M-27] Rubbish Eat Rubbish Grow, 'Why so many F&Bs are closing down in Singapore', December 2025, citing tax-declaration analysis: secondary source; treat the 82% figure as indicative. https://heypeko.com/research/citations#m-27 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-27 [M-28] Antom / AMRO, Southeast Asia Payment Trends 2026: regional QR interoperability. https://heypeko.com/research/citations#m-28 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-28 [M-29] State Bank of Vietnam, 2025 QR payment growth (62% volume, 151% value), as reported by Fintech News Singapore. https://heypeko.com/research/citations#m-29 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-29 [M-30] Digital in Asia, Asia Digital Payments Tracker 2026: VietQR share of e-commerce and POS value, 2025. https://heypeko.com/research/citations#m-30 · https://heypeko.com/reports/f-and-b-retention-sea-2026#m-30 ## How to cite the report PEKO (2026). The State of F&B Customer Retention in Southeast Asia 2026. Hungry Bear Internet Pte. Ltd. https://heypeko.com/reports/f-and-b-retention-sea-2026 ## Other language edition - Nguồn tham khảo trong nghiên cứu của PEKO: https://heypeko.com/vi/nghien-cuu/nguon-tham-khao --- PEKO is operated by Hungry Bear Internet Pte. Ltd. https://heypeko.com/research/citations