The development of cross-border payment infrastructure is playing a pivotal role in enhancing financial inclusion across Southeast Asia.
As the Association of Southeast Asian Nations (ASEAN) intensifies its efforts to integrate national payment systems and expand cross-border QR and real-time payment networks, the focus is increasingly on the infrastructure needed to ensure these innovations benefit underserved populations and small businesses.
Dr. Otgonbayar Uuye, Head of AI and Co-Founder of AND Global, highlights the significance of scalable digital infrastructure in reducing barriers to affordable financial services. "Interoperable payment systems and cross-border payment connectivity are emerging as critical building blocks for financial inclusion in Southeast Asia," he stated. This infrastructure is crucial for enabling economic participation among consumers and small enterprises in the region.
The role of AI-driven credit scoring and risk assessment tools is also emphasised, as they expand access to financing for individuals and small and medium-sized enterprises (SMEs) with limited traditional credit histories. Additionally, cloud-based banking platforms and real-time payment networks are helping financial institutions serve customers more efficiently and at a reduced cost.
AND Global, a leading fintech infrastructure company in Southeast Asia, secured $21.4 million (£16.5 million) in Series B funding last year to scale its inclusive fintech initiatives. The company is focused on AI-powered lending and financial inclusion, aiming to extend the benefits of digital finance to underserved communities.
As the region continues to develop its fintech infrastructure, the emphasis on infrastructure investment over consumer-facing applications is seen as key to unlocking the next stage of financial inclusion and economic growth. This approach aims to build inclusive digital financial ecosystems across diverse ASEAN markets, ensuring that the benefits of digital finance reach underserved populations at scale
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