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The Business Station
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Covid-19 has accelerated change in many respects, from the adoption of digital technologies to shifts in consumer behaviour. However, set against the backdrop of geopolitical tensions, a rising China and an increasingly divided US, the pandemic has also acted as a catalyst for power shifts within the Asian region. The 2020 edition of the Asia Power Index, produced by the Lowy Institute, aims to chart that shift, by looking both at hard power and soft power developments of 26 nation-states over the past year. We speak to the team behind the index, Hervé Lemahieu and Alyssa Leng of the Asia Power and Diplomacy Program at the Lowy Institute, for insight into this Covid-driven race to the bottom. Explore the full index here.
Image Credit: Shutterstock
Presenter: Lyn Mak
Producer: Shazana Mokhtar
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Events · May 13 · 4:01AM
ASEAN Gateway To Cross Border Payments
Events · May 13
ASEAN Gateway To Cross Border Payments
ASEAN’s digital payments sector is experiencing rapid growth, fueled by increasing smartphone use, fintech innovation, and a booming e-commerce landscape. Key markets like Indonesia, Vietnam, and the Philippines are leading the way, with major opportunities in digitizing MSMEs and expanding rural financial access. Consumers are shifting toward mobile-first behavior, embracing e-wallets, mobile banking, and digital banks that offer greater convenience and accessibility. ASEAN central banks are strengthening cooperation to enhance payment linkages through QR code integration and shared standards. A major initiative, Project Nexus, aims to make cross-border payments faster, cheaper, and more seamless, though challenges remain in aligning regulations and infrastructure. As digital transactions surge, cybersecurity becomes critical, with the need to protect users without disrupting the payment experience. Importantly, digital finance is helping bank the unbanked, especially in rural areas, where mobile money and fintech tools are providing people with their first access to formal financial services.How can ASEAN ensure inclusive growth as digital payments continue to expand?
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