The financial services industry in the Association of Southeast Asian Nations (ASEAN) is experiencing a rapid increase in FinTech adoption, with Singapore leading the way. This is due to factors such as the rapid adoption of technology, high levels of mobile usage, rising internet penetration, an increasingly urban, literate and young population, and a segment of consumers and small- and medium-sized enterprises (SMEs) underserved by traditional banking solutions. The economic potential of ASEAN has also attracted large numbers of investors to the region. The ASEAN FinTech Network was formed to unite and facilitate collaboration between the FinTech ecosystems in each ASEAN country. Building the ASEAN FinTech ecosystem is complicated and involves various market participants and stakeholders coming together and working towards shared goals of a unified ASEAN Economic Community, increased financial inclusion for the unbanked and the seamless cross-border flow of goods, services and payments. Realising the potential benefits FinTech innovation can bring to the region will require commitment and collaboration.
