“From Open Finance to an Inclusive Digital Society”
Distinguished guests
I'm honored to be here today at Money20/20 to discuss a topic that’s crucial to the future of f inance in ASEAN: “From Open Finance to an Inclusive Digital Society.”
Our region, a vibrant mosaic of economies, presents an unparalleled opportunity for f intech innovation. With a combined population exceeding 650 million and a rapidly growing digital consumer base, the potential is immense.
ASEAN's digital economy is projected to reach over $360 billion by 2025.1 Yet, a significant portion of our population remains unbanked or underbanked. For instance, studies indicate that over 60% of adults in some ASEAN nations lack access to formal financial services.2 This substantial underbanked segment represents a critical opportunity for fintech to provide relevant and accessible solutions.
The reasons for this underbanking are multifaceted, often stemming from limited data availability for credit assessment, a lack of transparency in financial product offerings, and poor interoperability between existing systems. These factors collectively contribute to a high cost of customer acquisition for traditional banks, hindering their ability to effectively serve these populations. Fintech, with its agility and data-driven approaches, is uniquely positioned to overcome these barriers, fostering greater financial inclusion and driving economic growth by empowering our communities with seamless access to tailored financial tools and services.
Money20/20 Keynote Presentation on “From Open Finance to an Inclusive Digital Society” by Deputy Governor Roong Mallikamas
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