How can technology be used by the financial services industry to boost the development of cross-border payments and trade in the ASEAN region?

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[...] And if business is doing well, the financial services industry will do as well. So the technological aspect should not only be about ICT; but also any device to ensure the proper functioning of the logistics chain. Economic integration and trade growth is possible only with payments interoperability, which will allow individuals, corporates and institutions across the region to make cross-border digital payments in a convenient, affordable, fast, seamless and secure way ASEAN member states have an obligation to join ABIF so that cooperation and regulatory agreements between them are stronger. [...]

[...] Finally, we have seen that collaboration between ASEAN member states is essential for a smooth monitoring of the payments landscape. It is also essential to harmonize the standards on which the interoperability of payments and economic integration in the region are based. References Chhak, L. (2020). Le cadre juridique de la libre circulation des biens et des services dans la Communauté économique de l'ASEAN (Doctoral dissertation, Université Côte d'Azur). Achieving Financial Integration in the ASEAN Region PDF Chen, L. (2020). Improving Digital Connectivity For E-commerce: A Policy Framework and Empirical Note for ASEAN. [...]

[...] ASEAN's ambition is to develop its various financial services, but this requires improving cohesion between member states in the region. The unity among ASEAN member countries can be strengthened so that the region can respond more effectively to widely varying global economic trends, and to be able to exploit emerging opportunities as they arise. It is in this context that the AEC 2025 action plan was envisioned. This plan aims for full economic integration by 2025. But one of the challenges for ASEAN member countries is to create a real balance. [...]

[...] First, there is a regulatory environment that must exist and be harmonized among all ASEAN member countries. Second, take into account the gaps that exist between ASEAN member countries. Indeed, financial ICT infrastructure is not at the same level. This has an impact on the rate of adoption of electronic payment methods, as well as on the development of platforms for e-commerce. Moreover, while the companies that develop the technologies are quite advanced, governments and financial agencies are still in the early stages of their operations and are just beginning to understand the different implications for regulation and policy making. [...]

[...] How can technology be used by the financial services industry to boost the development of cross-border payments and trade in the ASEAN region? Introduction ASEAN's financial services industry needs to be supported by technology to increase its competitiveness. The future of this industry depends on one hand on the development of cross-border trade in the ASEAN region, and on the other hand, on the development of the means of payment that exist. But inventing a technology and making it available to the financial services industry is not enough to ensure progress. [...]