Asean countries launch fintech network

News


14 Nov, 2017

Asean countries launch fintech network

National financial technology organisations from six Asean countries have begun a joint effort to form a network designed to foster collaboration and boost the region's position as a fintech hub.

Financial bodies from Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam make up the Asean Fintech Network, in what is seen as a manifestation of fintech’s capacity to be both an innovator and disruptor for the world of finance.

In fact, the Asean region is seen as rife for fintech disruption, with over 620 million people across 10 countries, with a shared GDP of $2.5 trillion and a rapidly growing online population yet low banking penetration - more than 300 million citizens do not have bank accounts.

The network has identified four priorities: training of the fintech workforce; boosting accessibility of investment capital; creating global market access; and strengthening the availability of cutting-edge technology.

Singapore Fintech Association President Chia Hock Lai says: "the AFN is a strong platform to promote cross-border collaboration among members and help promote fintech in the region."

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