FINTECH | ASEAN digital finance needs stronger infrastructure, policies
The Asean region had made progress in digital payments, financial services and account access, but the next challenge was turning that access into better financial outcomes.
ASEAN needs stronger digital infrastructure, clearer policies and competitive markets to make financial services more accessible, trusted and sustainable, Maya Bank President and CEO Angelo Madrid said at the ASEAN Tech Summit Manila 2026.
Speaking during the Futurecast panel “Building Sustainable and Inclusive Financial Services Ecosystems in ASEAN,” Madrid said the region had made progress in digital payments, financial services and account access, but the next challenge was turning that access into better financial outcomes.
“Access is necessary, but an opened account or downloaded app is not yet a financial outcome,” Madrid said. “Real progress is when people can transact reliably, save regularly, borrow responsibly and become more resilient to financial shocks.”
Madrid said governments and shared infrastructure providers could accelerate financial inclusion by investing in digital identity, payment and settlement infrastructure, real-time fraud intelligence, trusted data-sharing standards and reliable connectivity.
“Strong shared infrastructure creates a foundation on which providers can compete more effectively on price, service, reach and innovation,” he said.
Digital identity could simplify onboarding and reduce fraud if it is trusted, reusable, privacy-protecting and interoperable, Madrid said. Open Finance could also expand consumer choice if users retain control of their data and standards cover consent, security, liability and portability.
Affordability should also be considered alongside transparency, reliability, safety and consumer choice, he said. Digital financial services require continuing investment in cybersecurity, fraud prevention, settlement and reconciliation, customer support, system resilience, compliance and product development.
“Consumers should have access to affordable and transparent services, but affordability does not mean every provider must arrive at the same price,” Madrid said. “Different institutions operate under different licenses, business models and cost structures. What matters is that consumers receive fair value, strong protection, reliable service and continued innovation.”
For regulation, Madrid said ASEAN governments should establish clear outcomes, proportionate rules and predictable policies while recognizing differences among financial institutions, including their licenses, permitted activities, balance-sheet obligations and prudential requirements.
“Clear and predictable regulation supports consumer trust while giving institutions the confidence to continue investing and innovating,” he said.
He added: “A progressive regulatory environment sets strong standards and clear outcomes, then gives institutions room to innovate and compete within those guardrails.”
Madrid said the region’s long-term opportunity was to strengthen its common digital foundation while preserving the diversity of institutions and business models that have helped expand access to financial services.
“Payments and financial services are already becoming more connected across ASEAN,” he said. “The next step is making sure trust, identity, data, and consumer protection can move with them.”
Full disclosure: All news articles published on the TechSabado website are written by human journalists, unless otherwise specified. Final text editing is also performed by human editors, with artificial intelligence (AI) used only to assist with additional grammar and style guide corrections..
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