Africa and ASEAN enter partnership to promote digital economies

By Digital News Asia July 3, 2023

Fintech, decentralised assets, and fundraising is seen as areas of convergence
First Africa x ASEAN Digital Economies and Fintech month kicks off on Oct

Amor Maclang (bottom row, centre) of DP, OAFM, GIFT-ASEAN together with David Lee (bottom row, right) of GFI, and Patrick Saidu Conteh (bottom row left) of AFN signs the partnership agreement witnessed by movers and shakers from ASEAN and Pan Africa's fintech ecosystem.

Africa and ASEAN signed a partnership agreement to promote digital economies, identifying fintech, decentralised assets, and fundraising as a focus for convergence. The signing was done at the Fintech Forum in Kigali, Rwanda held from June 20 -22 and was witnessed by regulators, association heads and leading fintech and technology businesses across the two regions.

The partnership brings together ASEAN and Pan Africa through Global Impact Fintech ASEAN (GIFT), the One ASEAN Fintech Movement (OAFM), Digital Pilipinas, and the Africa Fintech Network (AFN). This sets the stage for the first Africa x ASEAN Digital Economies and Fintech month, from 2 to 6 October 2023, in Manila, Philippines and Nairobi, Kenya.

“Africa and ASEAN are uniquely placed to leapfrog digital economic development,” says Patrick Saidu Conteh, CEO of AFN.

“This is just a humble beginning, and leveraging on the inputs from our partners, we will roll out even more programmes such as “CFtP Lite” and other digital literacy programmes to empower policymakers, practitioners and entrepreneurs,” said David Lee, Co-Founder & Chairman of Global Fintech Institute.

“Africa and ASEAN have almost the same parallel journey in our digital economy, and our commitment to take this side by side with our African Fintech Leaders ensures that engaging and investing in the combined population of 2 billion as a fintech market will be a primary agenda of many companies, countries and organisations,” says Amor Maclang, Convenor of Digital Pilipinas and Philippine Fintech Festival, Co-Founder of OAFM, ASEAN Chair of GIFT, and Executive Director of Fintech Philippines Association.

For its ASEAN counterpart, witnessing the partnership agreement signing were Monetary Authority of Singapore’s Sopnendu Mohanty, Chief Fintech Officer; Global Fintech Institute's Dr David Lee; Ouk Sarat, Head of Payment Service Department, National Bank of Cambodia; Remi Pell, Chair of Cambodia Fintech Association and Amor Maclang of Digital Pilipinas, Philippine Fintech Association and GIFT/ OAFM.

This agreement marks the beginning of a collaboration between the two regions in advocacy, fundraising, payments, lending, decentralised assets, start-up development, regulatory exchange and education.

Africa and ASEAN are expected to grow exponentially in the digital economies space, with global projections for ASEAN growing by 6% annually, reaching as high as US$1 trillion by 2030. Africa, on the other hand, is projected to top US$712 billion by 2050.