Asean countries band together to foster fintech advances
Financial technology organisations from six Asean countries have formed a network to encourage collaboration and develop the region as a hub for the sector. The Asean Fintech Network joins together organisations from Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. The region has a growing online population but poor access to banking, with 300 million people not having accounts. The new network will work to promote training of the fintech workforce, increase global market access, boost the accessibility of capital and improve availability of new technology.

National financial technology organisations from six Asean countries have banded together to form a network designed to foster collaboration and boost the region's position as a fintech hub.

Bodies from Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam make up the Asean Fintech Network.



The Asean region is seen as rife for fintech disruption, with over 620 million people across 10 countries, with a shared GDP of $2.5 trillion and a rapidly growing online population yet low banking penetration - more than 300 million citizens do not have bank accounts.



The network has identified four priorities: training of the fintech workforce; boosting accessibility of investment capital; creating global market access; and deepening the availability of cutting-edge technology.



Singapore Fintech Association president Chia Hock Lai says: "the AFN is a strong platform to promote cross-border collaboration among members and help promote fintech in the region."