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The Future of FinTech in ASEAN

The Future of FinTech in ASEAN
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Author(s): Hazik Bin Mohamed (Stellar Consulting Group, Singapore, Singapore)
Copyright: 2020
Pages: 17
Source title: Financial Technology and Disruptive Innovation in ASEAN
Source Author(s)/Editor(s): Muhammad Anshari (Universiti Brunei Darussalam, Brunei), Mohammad Nabil Almunawar (Universiti Brunei Darussalam, Brunei) and Masairol Masri (Universiti Brunei Darussalam, Brunei)
DOI: 10.4018/978-1-5225-9183-2.ch003

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Abstract

FinTech and the digital economy offer opportunities for ASEAN to rebuild trust and confidence in a financial system that had lost them. Some technologists imagine this world without intermediaries, while others just want a faster and more efficient way of transacting. Banks, FinTech companies, and regulators need to collaborate to create an ecosystem to drive greater access to financial services in the integrated ASEAN economy. The authors discuss projected trends in technology and its use in the next few crucial years. They also recommend strategies that involve various market participants and stakeholders coming together and working towards shared goals of a unified ASEAN economic community by increasing financial inclusion for the unbanked and the seamless cross-border flow of goods, services, and payments in a safe and secure manner.

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