以东南亚为例研究报告

Institute of International StudiesFudan University FinTech Empowering the Belt and RoadInitiative:A Case Study of Southeast Asia Research Team Cai Cuihong, Professor at Fudan University Zhang Luyao, PhD Candidate at Fudan UniversityYu Dahao, PhD Candidate at Fudan UniversityLi Yuhua, PhD Candidate at Fudan University Executive Summary As the Belt and Road Initiative (BRI) enters a new phase of high-quality development,financialtechnology(FinTech)is emerging as a key enabler for deepening regionalcooperationandaccelerat-ingstrategicimplementation.Thisreportprovidesa FinTech,the report argues,is injecting fresh dynamism into the BRI by enhancinginfrastructurefinancing efficiency,promoting interoperability in cross-border paymentsystems, supportingthe expansion of cross-border trade and e-commerce, strengthening Overall,this report aims to offer a strategic framework and roadmap for China’sparticipation in BRIFinTech cooperation,helping to translate domestic experience into Introduction I. FinTech Development Landscape in the Belt and Road Initiative Partner Economies (I) Regional Profiles of FinTech Development(II)The Global FinTech Competitive Landscape II. Harnessing FinTech to Advance the Belt and Road Initiative(I)How FinTech Enhances "Policy Coordination" (II)How FinTech Supports "infrastructure Connectivity"(III) How FinTech Facilitates "Unimpeded Trade" III. FinTech as a Catalyst for Belt and Road Cooperation in SoutheastAsia (I) Mobilizing FinTech to Unlock Capital for the Belt and Road Initiative in Southeast Asia(II) Harnessing FinTech to Strengthen Trade and Logistics Connectivity in Southeast Asia(III)Employing FinTech to Accelerate Digital Economy Integration in Southeast Asia IV. Challenges and Risks in the Implementation of the Belt and RoadInitiative (A Case Study of Southeast Asia) (I) Regulatory Fragmentation and Policy Misalignments(II)Technological Constraints and Digital Infrastructure Vulnerabilities(III) Market Competition and Constraints of the FinTech Ecosystem(IV) Geopolitical Challenges and Strategic Competition V. Policy Recommendations (from the Southeast Asian Experience)(I)Recommendations for Chinese Government (II)Recommendations for Chinese FinTech Firms 41 Conclusion Introduction Since its inception in 2013, the Belt and Road Initiative (BRI) has evolved into a pivotal framework for advancingglobal infrastructure development and economic cooperation. In the context of accelerated globalization and therise of the digital economy, financial technology (FinTech)—as a foundational pillar of digital transformation—has Southeast Asia, as a strategically important region along the economic corridor of BRI, offers fertile ground forFinTech innovation. With over 650 million people and rising internet penetration, the region has rapidly adoptedmobile payments, e-commerce platforms, and digital banking solutions. Close economic, trade, and investment tieswithChina—coupled with regional integration initiatives such as the Regional Comprehensive Economic This report seeks to answer a central question: How can FinTech facilitate the implementation of the BRI? Byexamining case studies of FinTech deployment across BRI countries—particularly in Southeast Asia—it assesses howdigital technologies are enabling investment, infrastructure financing, cross-border trade, and digital economic I. FinTech Development Landscape in the Belt and RoadInitiative Partner Economies exceeded USD 95.9 billion in value and is projected toreach USD 130 billion by 2025. This growth is fueledbyhigh mobile internet penetration,a large (I) Regional Profiles ofFinTech Development As the Belt and Road Initiative (BRI) continues toexpand in scale and depth, financial technology hasemergedas a strategic engine driving economicgrowth,trade facilitation,and broader financialinclusionacross participating countries.FinTech Mobilepayment has become the mainstreamfinancial service across the region. Survey statisticsshow digital payment accounts for 50% of the totaltransaction value. It is projected that by 2030, theproportion of cash payments will further decrease to34%. The widespread use of smartphones provides BRI countries—spanning over 150 economies acrossAsia, Europe, Africa, and Latin America—exhibit starkdifferences in FinTech maturity. Regions such asSoutheast Asia, South Asia, and the Middle East arewitnessing accelerated adoption of digital payments The rise of digital banking marks another significanttransformation. Singapore, Indonesia, and Malaysiahave rolled out digital banking licenses, encouragingthe growth of fully online financial institutions aimed 1.Southeast Asia: A FinTech Frontier forMobile Payments and Digital Banking Progresshas also been made in cross-borderpayment interoperability. The Monetary Authority ofSingapore (MAS) and the Bank of Thailand (BOT) have Southeast Asia has emerged as a strategic frontier forFinTechdevelopment under the Belt and RoadInitiative