In the next few years, 5G is expected to be rolled out globally. Its impact cannot be underestimated; it will enable businesses in Asean to imagine a future that does not exist yet.Tensions between the US and China, uncertainty over Brexit, political transitions around the world, protests in Hong Kong and now the escalated US-Iran geopolitical tensions are among recent developments affecting economies and financial markets.
This is fuelling direct-to-consumer online sales and the explosion of the Internet economy, which encompasses sectors such as e-commerce, ride hailing, on-demand services, online travel and many more. All across Asean, governments have recognised the importance of instant payment platforms to bring speed and convenience to their citizens, increasing the velocity of money and, in turn, economies. The prospect of greater financial inclusion providing more people with access to banking services and encouraging micro-entrepreneurship is only just beginning!
All these are just the tip of the iceberg: 5G will enable businesses to imagine a future that does not exist yet. This will bring banking services to the vast unbanked population in Asean, giving them the opportunity to save, invest, spend, protect and borrow for their personal and micro business needs.
In our estimate, over the mid- to long term, this alone could add as much as 50 to 70 basis points of GDP growth to the Asean countries. It is not just US and European-parented corporations that are looking to Asean; large numbers of Chinese, Japanese, Korean and Taiwanese companies are doing so as well.
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Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »