A collaboration among 6 fintech non-profit industry organisations from across the region, celebrated their launch at the Singapore Fintech Festival.
The ASEAN Fintech Network (AFN), current membership includes Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Representatives from each body gathered in Singapore to announce their collaboration and a commitment to build engagement and cooperation across the ASEAN community.
As a grassroots movement, AFN will assist fintech startups in Asean to expand their operations into fresh markets, both in Asean and globally. The regional body will work with stakeholders to support the growth of Asean fintech ecosystem, along with a spirit of collaboration among startups and fintech hubs, the grouping said in a press release.
Reaching the Unbanked
The opportunity for fintech companies in Asean is far-reaching. The region itself boasts over 620 million people across 10 countries, with a shared gross domestic product (GDP), of $2.5 trillion.
It has a rapidly growing online population of 225 million coupled with low banking penetration, more than 300 million citizens do not have bank accounts.
Quartet of Ideals
Host of the launch and incubator of the AFN, Singapore Fintech Association (SFA) president, Chia Hock Lai believes that «the AFN is a strong platform to promote cross-boarder collaboration among members and help promote fintech in the region.»
AFN centres success around four pillars; training of potential fintech workforce, improved accessibility of investment capital, global market access and deepening availability of cutting edge technology.
