Africa and ASEAN enter partnership to promote digital economies

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  • Areas of integration include finance, decentralized assets, and funding.
  • On October 1st, the second Africa x ASEAN Digital Economies and Fintech quarter begins.

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.

In order to promote electronic economies, Africa and ASEAN signed a partnership agreement that identified banking, decentralized assets, and funding as the convergence focus. Officials, organization leaders, and top finance and technology companies from across the two provinces witnessed the signing at the Fintech Forum in Kigali, Rwanda, which took place from June 20 to 22.

Through the One ASEAN Fintech Movement( OAFM ), Digital Pilipinas, and the Africa Fintechnology Network( AFN ), the partnership unites Asia and Pan Africa. This prepares Manila, Philippines, and Nairobi, Kenya for the first Africa x ASEAN Digital Economies and Fintech fortnight, which runs from October 2 to October 6, 2023.

According to Patrick Saidu Conteh, CEO of AFN,” Africa and ASEAN are truly situated to leap online financial creation.”
 
David Lee, co-founder and chairman of the Global Fintech Institute, said,” This is just a humble beginning, and we will roll out even more programs, such as” CFtP Lite” and other digital literacy programs to empower policymakers, practitioners and entrepreneurs.”

According to Amor Maclang, chairman of the Philippine Fintech Festival, co-founder of OAFM, chair of ASEAN for GIFT, and executive chairman of banking Philippines Association, the two countries and organizations will have a primary goal of engaging and investing in the combined population of 2 billion in our modern economy.

For its ASEAN counterpart, Amor Maclang of Digital Pilipinas, Philippine Fintech Association, and GIFT / OAFM were present to witness the signing of the partnership agreement. Monetary Authority of Singapore’s Sopnendu Mohanty was also present.

This agreement marks the start of a partnership between the two regions in the areas of campaigning, funding, payments, financing, decentralized assets, start-up development, regulatory trade, and education.
 
Global estimates for ASEAN are rising by 6 % periodically, reaching as high as US$ 1 trillion by 2030, and are expected to grow rapidly in the modern economy area. On the other hand, by 2050, Africa is expected to surpass US$ 712 billion.