CIMB ASEAN Research Institute, in collaboration with the ASEAN Business Club and ASEAN Business Advisory Council Malaysia, held the inaugural Smart Showcase Series on 15 August 2019, focusing on ‘The Future of Fintech in ASEAN’, in line with the ASEAN Business Advisory Council’s theme for 2019, “Empowering ASEAN 4.0”.
Tan Sri Dr. Munir Majid, Chairman of CIMB ASEAN Research Institute (CARI) and President of the ASEAN Business Club, opened the Smart Showcase Series on Fintech. In a show of support for the event, Khun Arin Jira, 2019 Chair of ASEAN-BAC presented the special remarks. The opening keynote remarks was then given by Datuk Syed Zaid Albar, Chairman of the Securities Commission of Malaysia.
Throughout the one-day event, around 30 speakers from Malaysia, Singapore, Thailand, and Japan showcased the latest developments in Fintech technologies in various areas including Bank-tech, Insurtech, RegTech, Lending Tech, Wealth Tech, equity crowdfunding, and blockchain.
Region-wide initiatives covering the ASEAN region were also presented:
- Fintech trends in ASEAN – an overview of the Fintech scene in the region by McKinsey & Co
Financial integration in ASEAN – a summary of the region’s financial integration progress presented by the ASEAN Secretariat
- Application Programming Interface Exchange (APIX) – a cloud-based open innovation platform that connects financial institutions with Fintech firms
- Fintech Challenge Vietnam – an initiative by the Asian Development Bank (ADB) to pair innovative Fintech companies with corporate partners in Vietnam to spur the Fintech sector in the Mekong region
- Regional Digital Trade Connectivity (RDTC) – a new initiative which aims to streamline the various digital processes used to facilitate trade in ASEAN
- Blockchain-powered trade platform – a platform that uses blockchain and artificial intelligence to create a more efficient and secure ASEAN-wide trade platform
Aside from the showcase presentations, two ASEAN Roundtable Series panel discussions were held, the first of which discussed the opportunities for Fintech in ASEAN involving representatives from Fintech associations of Thailand, Singapore, and the Philippines.
In the second panel, speakers from the ASEAN Bankers Association, BigPay, Magpie.IM Inc, and Axiata Digital eCode (Boost) exchanged views on how ASEAN intends to migrate to a cashless and borderless ePayment ASEAN ecosystem.
In the final session, the Ambassadors of France, Mexico, and Thailand discussed the progress of Fintech in their respective countries in embracing the Fourth Industrial Revolution.
Companies and organisations represented at the Smart Showcase Series included the Fintech Association of Malaysia (FAOM), Thai Fintech Association, Singapore Fintech Association, Fintech Alliance.Ph, Monetary Authority of Singapore (MAS), Ata Plus, GAX MD, Asian Development Bank (ADB), the Thai Bankers’ Association, Funding Societies Malaysia, ASEAN Bankers Association, BigPay, Magpie.IM Inc, Axiata Digital eCode (Boost), Tookitaki, Fermion, NTT Data and the ASEAN Secretariat.
The Smart Showcase Series was sponsored by Silverlake with the venue sponsored by Securities Commission of Malaysia.