To ensure ongoing economic growth in Asia and for the poorest to have a chance to benefit from the region’s growing prosperity, we must prioritize bringing financial services readily and cheaply to the “unbanked”.
To avoid heavy-handed state intervention in small businesses, we need to think of new ways to make it easier for SMEs to obtain credit from commercial banks in ASEAN economies.
GLEIF will be a critically important contribution to help realize many of the current developments in fintech, and to spur more growth in cross-border trade.
There are several important challenges to tackle before blockchain-based solutions can solve real-world problems.
The region’s infrastructure bond market is still at a nascent stage.
The success of these financial instruments in India and Nigeria shows that patriotic ties can be a powerful incentive for diaspora members to invest in their home countries.
Any contemporary story on development in Asia-Pacific begins with reflection on massive gains achieved in the fight against poverty. The incidence of people living on less than $1.25 a day fell from 54.5% in 1990 to 20.7% in 2010, with the number of extreme poor declining from 1.48 billion to 733 million. This precipitous decline in poverty incidence has been accompanied by tremendous gains in access to health and education.
As articulated by Cavoli, Rajan, and Siregar (2004) in their survey of East Asian financial integration, financial integration is a multidimensional process closely associated with development of financial markets.
The ASEAN Economic Community, planned to come into effect in 2015, is expected to liberalize goods, capital and skilled labor flows in the ASEAN region. While there has been considerable progress in the area of trade integration, financial integration still lags behind. The ASEAN Banking Integration Framework, which aims to liberalize the banking market by 2020, could help pave the way for further integration and the entry of ASEAN banks into regional banking markets.
The PRC has achieved remarkable economic growth, but serious imbalances between regions and areas remain. The government is aiming to bridge these gaps by developing inclusive finance tools.