ASEAN countries are ripe for FinTech revolution underpinned by unserved consumer and SME financial demands, rapid adoption of technology and regulatory support to innovation. Traditional players are keeping a close watch on these developments and are quickly moving towards digital channels of delivery through their existing platforms or digital banks. Looking forward, banks, FinTechs and regulators are collaborating to create an ecosystem that will drive greater access to financial services in the ASEAN economies.
ASEAN is a diverse group of 625M people, 12 countries & $2.8 trillion GDP, with an fast growing online population (~225M currently) and low banking penetration with huge scope for financial inclusion where more than 300M still don’t have bank accounts. In the next few years, this part of the world will have one of the highest growth potential for financial services consumption and innovation.
AFN aspires to enable the fintech founders in ASEAN create the next generation of fintech solutions by equipping them with right tools and solutions to succeed. AFN shall enable fintech startups in ASEAN expand their operations into ASEAN markets and globally. AFN shall work with stakeholders like policy makers, developmental organizations, international financial hubs to support the growth of ASEAN Fintech ecosystem.
AFN shall grow the fintech ecosystem in ASEAN flourish by developing a spirit of collaboration among startups and fintech hubs. Countries in ASEAN have long historical and cultural ties with closely interrelated economies. It is in the interest of all the hubs to collaborate and flourish together.