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How ASEAN is fostering trust in its digital economy
Many people in the region, particularly the youth, have changed the way they consume information, purchase goods and services, utilize financial services, and interact with the government by integrating digital technologies into their daily lives.
The Association of Southeast Asian Nations (ASEAN) is aiming to develop a strong digital economy worth $1 trillion by 2030.
However, challenges such as socio-economic differences and regulatory regimes need to be addressed. The ASEAN Digital Economy Framework Agreement offers a blueprint for harmonizing digitalization across member states.
- The ASEAN region has the potential to grow its digital economy from $300 billion to almost $1 trillion by 2030, driven by its young and increasingly online population.
- The ASEAN Digital Economy Framework Agreement offers a blueprint for harmonizing digital integration among member states at different stages of development, addressing challenges such as socio-economic differences and regulatory regimes.
- By creating an inclusive and sustainable digital economy, ASEAN can empower micro, small, and medium-sized enterprises, generate quality employment, and strengthen economic competitiveness and resilience for its citizens.
It focuses on topics like digital trade, cybersecurity, digital payments, and artificial intelligence. The agreement aims to create an inclusive and sustainable digital economy that empowers small businesses, develops digital skills, and generates employment opportunities.
ASEAN is one of the world’s fastest-growing regions, with average real gross domestic product growth forecast to reach 4.6% in 2023 and 4.8% in 2024. By 2030, it is expected to be the fourth-largest economy in the world. This dynamism is driven by a population of 700 million, composed of young, educated, increasingly online individuals and a growing middle class.
The World Economic Forum is supporting this initiative through the ASEAN Digital Economy Agreement Leadership project. The goal is to build trust and collaboration among ASEAN member states to create a unified digital economy.
Many people in the region, particularly the youth, have changed the way they consume information, purchase goods and services, utilize financial services, and interact with the government by integrating digital technologies into their daily lives.
Positively, governments region-wide have recognized the importance of harnessing the ongoing digital transformation for good and deployed policies to foster a thriving regional digital economy.
Early progress is heartening. Countries at the subregional level have already collaborated to facilitate digital technologies for cross-border payments. Thailand and Singapore have been at the forefront of this; their PromptPay and PayNow systems enable instant, low-cost mobile transfers using just a recipient’s phone number.
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