Powering Progress: Investing in ASEAN’s Digital Future
ASEAN’s digital economy offers immense growth opportunities for businesses and contributes to a connected global ecosystem.
The ASEAN region is poised to become a digital powerhouse, driven by a youthful, tech-savvy population and rapid economic growth. However, the path to realising its $2 trillion potential[1] has its own set of challenges—from regulatory complexity to rural connectivity gaps.
Bridging these divides is key to transforming opportunity into lasting impact.
Breaking down barriers to ASEAN’s digital future
The region’s urban areas have made significant strides in digital adoption, but rural regions risk being left behind. Internet connectivity remains inconsistent in many areas, leaving businesses and individuals without equitable access to the digital economy.
Another challenge lies in harmonising regulations across ASEAN’s diverse member countries. While nations like the Philippines and Singapore have improved seamless cross-border data flows, others are working to balance domestic priorities along with regional integration. Collaborative efforts to align frameworks will unlock more opportunities for business and reduce barriers to trade.
Additionally, ASEAN’s workforce faces a growing digital skills gap.[2] While the region benefits from a young talent pool, many workers lack the skills required to meet the demands of the digital economy. Without upskilling, ASEAN risks falling short of its digital ambitions.
Realising the region’s digital ambitions
The proliferation of 5G connectivity across ASEAN will play a crucial role in advancing connectivity, enabling faster internet speeds and greater network capacity. With more than 200 million 5G users expected in ASEAN by 2025,[3] Southeast Asia is well-positioned to improve accessibility for businesses and individuals alike. Beyond connectivity, 5G serves as a foundational technology driving advancements in artificial intelligence (AI), the Internet of Things (IoT), and other innovations that are transforming industries and empowering businesses.
Harmonising regulatory frameworks is another priority. The ASEAN Digital Economy Framework Agreement,[4] launched in 2023, aims to streamline cross-border trade by reducing costs and facilitating seamless data flows between member states.
In finance, tokenisation is driving a paradigm shift in how assets are traded. Project Guardian, led by the Monetary Authority of Singapore (MAS),[5] has demonstrated how tokenisation can unlock liquidity and reduce costs, and as a key participant, Standard Chartered has helped pilot trades of asset-backed security tokens. MAS’s recent announcement to support commercialisation signals a new phase of innovation. Such advancements position ASEAN as a leader in leveraging blockchain to modernise finance and trade.
Addressing the region’s digital skills gap is equally important. Initiatives such as Futuremakers by Standard Chartered have supported millions of young people with training tailored to the demands of the digital economy. Between 2019 and 2023, Futuremakers supported over 2.1 million young people, 68% of whom were women and girls.[6] Between 2024 and 2030, Standard Chartered has committed US$120 million to help create and sustain 140,000 jobs for disadvantaged young entrepreneurs and jobseekers.[7] Such programs ensure that ASEAN’s workforce will continue to be digitally proficient.
Enabling ASEAN’s digital growth journey through partnerships
Standard Chartered is a trusted partner in ASEAN’s digital transformation journey, leveraging its expertise and extensive network to drive impactful collaboration across the region. One initiative that demonstrates the bank’s eagerness to work with government partners to boost digitalisation is the Singapore Trade Data Exchange (SGTraDex). The exchange allows various actors in the supply chain ecosystem, including data contributors and data users, to share data securely, with the goal of improving the speed and quality of data required to facilitate global trade flows.[8]
The bank also partners with private players to develop tailored financial solutions. For instance, the bank worked with lubricants brand Castrol to facilitate complimentary insurance for motorcyclists in Indonesia and Malaysia.[9] Customers scan a QR code and upload a photo of their product receipt as well as personal details on the Castrol KitaCare portal, which enables customers to access their digital policy efficiently.
Standard Chartered’s partnerships with global industry bodies, such as the International Air Transport Association (IATA), underscore its interest in simplifying cross-border payments. Standard Chartered supports IATA Pay and IATA Easy Pay to simplify payments within the airline industry. Both provide a convenient, secure and efficient way for airlines to manage transactions, contributing to smoother operations and a more connected digital financial ecosystem across Southeast Asia.
The bank also engages with regulatory bodies, leveraging its deep understanding of local frameworks to provide solutions that navigate complex compliance requirements. These efforts help businesses expand their operations across jurisdictions, while adhering to local laws.
A vision for sustainable growth
As ASEAN accelerates its digital transformation, Standard Chartered’s comprehensive approach to fostering innovation and inclusion remains vital. The bank’s ongoing investments in both talent and emerging technologies—such as blockchain, quantum computing, and tokenisation—are paving the way for a more integrated and future-ready financial ecosystem.
Looking ahead, as the leading international bank present in all 10 ASEAN markets, Standard Chartered is well-placed to help companies unlock the region’s potential value of US$2 trillion by 2030, as it supports ASEAN’s ambitions to become a global leader in the digital economy.
With increasing global attention on ASEAN, the region’s ability to come together and align on strategic priorities will not only boost its competitiveness, but also position it as a critical driver of global economic growth. Together, ASEAN nations stand ready to seize this moment, showcasing their innovation and resilience to the world.
--- Patrick Lee, CEO, Singapore and ASEAN, Standard Chartered
