Banks, fintech players strengthen presence in ASEAN
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
MyFintech Week 2025 takes place in Malaysia from August 4 - 7, gathering nearly 1,000 industry leaders, regulators and innovators to explore the future of finance and technology. (Photo: antaranews.com)
Kuala Lumpur (VNA) – Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital fi💙nancial services landscape.
At the MyFintech Week 2025 in Malaysia, CIMB Bank Bhd and CIMB Malaysia CEO Gurdip Singh Sidhu said the bank is scaling its ASEAN presence through both physical expansion and cross-border digital offerings, a strategy that has enabled it to serve over 50 million users across the region.
At a media panel session titled “Going Beyond Borders: How Fintechs and Financial Institutions are Redefining Regional Scale” held on the sidelines of the MyFintech Week 2025, he said his bank may historically be viewed as a legacy financial institution, but it is accelerating its digital transformation.
At the same time, the bank also the largest investor in Touch ‘n Go Digital, which operates the largest e-wallet in Malaysia, and functions as a non-bank digital super app, facilitating smoother transactions.
With Touch ‘n Go eWallet now supported on the Alipay+ platform, cross-border payments are seamless for both foreign visitors and Malaysians abroad, while also enabling local small and medium enterprises to accept payments from international customers, he said.
Jake Xue, Ant International general manager of global business services and support, said the company is expanding its cross-border payment infrastructure and digital financial services to connect 1.7 billion users with over 100 million merchants worldwide.
Malaysia is strategic to the company’s global vision, not only as a gateway to ASEAN, but also as a source of diverse and digitally savvy talent, he said, adding that the company plans to grow its Malaysian team to 1,000 employees by the yearend, up from 800 currently.
President of the Fintech Association of Malaysia Anil Singh Gill said Bank Negara Malaysia (BNM) is now globally recognised as one of the most solid and competent regulators in terms of financial governance for both institutions and fintechs.
BNM currently has clear guidelines such as technology risk management. However, Malaysia still needs more open financial policies to enhance competitiveness and ensure transparency.
MyFintech Week 2025 took place in Malaysia from August 4 - 7, gathering nearly 1,000 industry leaders, regulators and innovators to explore the future of finance and technology./.
More than 87% of Vietnam’s adult population now hold payment accounts at banks while many credit institutions are processing more than 95% of transactions through digital channels.
As of now, over 87% of adults have payment accounts at banks, and many banks have over 95% of transactions processed through digital channels. Digitizing transactions allow for secure monitoring and prevention of fraud in the banking system.
According to the State Bank of Vietnam (SBV), the banking sector has invested over 15 trillion VND (617.6 million USD) in digital transformation by the end of 2022.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
