I'm new to the story and wouldn't mind if somebody could educate...

I'm new to the story and wouldn't mind if somebody could educate me on Raiz. It looks like a neat product and I like the exposure to south-east Asia but I'm stuck on the following:
- for low balance accounts, the fees make the product pretty expensive, especially in a world where plain vanilla ETF are close to free
- their product looks like a "financial feature" to me and not necessarily a business or a financial product. How long would it take for an Afterpay or Alipay to replicate what to do (i.e., add this feature to their digital wallets - see announcement from APT today for instance) and do it better for cheaper?
- there are large savvy players in S-E Asia such as Sea Ltd, Alibaba and a myriad of Softbank and Tencent backed fintechs. Given their reach in the region, their customer acquisition costs are closer to 0. Look at SeaMoney for instance. Don't think it would be very hard for them to replicate what Raiz offers.

Many thanks!