The digital economy of Southeast Asia will surpass USD 300 billion by 2026, according to a new report commissioned by a major payments platform, 2C2P, and Merchant Risk Council (MRC), a non-profit global membership organization that offers eCommerce fraud prevention programs, risk management, and payments optimization.
The ASEAN Economic Community (AEC) has established a goal for ASEAN to become a single market and production base by 2025, with a free flow of goods, services, investment, skilled labor, and a freer flow of capital. Southeast Asian countries already have this objective.
This objective is anticipated to be significantly aided by the digital economy. Future ASEAN nations are anticipated to keep making investments in digital infrastructure and support the expansion of digital industries.
This includes the growth of e-commerce, the adoption of digital payments, and the digitalization of established sectors like industry and agriculture. To assist the growth of the digital economy in the area, projects like the ASEAN Digital Integration Framework and the ASEAN Digital Innovation Blueprint are also being developed.
With a sizable and quickly expanding population and rising internet usage, the ASEAN digital economy has enormous room for expansion.
The ASEAN Secretariat created the ASEAN Digital Innovation Blueprint as a strategy to direct the growth of the digital economy in the ASEAN area. The plan identifies several crucial areas for action, such as:
- Digital infrastructure: To support the expansion of the digital economy, the blueprint asks for the creation of digital infrastructure, such as data centers and high-speed internet.
- Digital industry: In order to boost economic growth and add jobs, the blueprint wants to encourage the expansion of digital businesses including e-commerce and digital payments.
- Digital skills: To guarantee that the workforce is prepared with the abilities required to flourish in the digital economy, the strategy asks for the development of digital skills.
- Digital government: The strategy seeks to encourage the application of digital technology to government in order to enhance the provision of public services and boost accountability and transparency.
- Digital innovation: The strategy calls for the establishment of an environment that fosters innovation in order to aid in the growth of startups and new digital technologies.
- Digital regulation: The strategy encourages the creation of rules that will support the expansion of the digital economy while simultaneously safeguarding consumer privacy and cybersecurity.
- Digital inclusion: The strategy strives to make sure that all members of society, especially the poor and excluded, have access to the advantages of the digital economy.
