Asian economies are more digitally engaged relative to their global peers at similar stages of development, according to Deloitte.
In the second edition of their «Voice of Asia» series, Deloitte says Asia is beating global peers on digital engagement with locations such as Singapore and Hong Kong world leaders.
The large population bases in countries such as China, India, Indonesia and Vietnam also point to considerable opportunities for the future.
Asia has become the centre of global economic growth and by embracing digital, it will continue to lead global economic growth over the coming decade.
Ample Funding For Fintech
The healthy innovation and fintech startup infrastructure now spreading throughout Asia, including into frontier markets such as Cambodia and Myanmar, will help maintain the momentum of financial technology adoption across the region.
Because of the growing wealth there is also a steady stream of local funding in Asia to support the further development of the new innovations both up and downstream.
Winning The Race on Digital Engagement
As the fastest growing region in the world and a significant driver of global economic growth over the past decade, Asia is assuming the digital leadership position in the 21st century.
According to the Deloitte digital engagement indices for government, business and consumers, Asian economies are ahead in digital engagement terms, with almost all Asian countries above the world average.
By boosting productivity and opening new channels of commerce, digital engagement can enhance economic growth beyond what would otherwise be the case.
Trust is a Key Element
«e-payment systems can allow people to transact online without cash or a physical meeting, knowing their money is safe and being transferred via a third party,» said William Chou, Deloitte China TMT Industry National Managing Partner.
The move to digital is for everyone across the region, as innovation via digital means the region can provide new sources of competitive advantage, create new jobs and help alleviate socio-economic challenges.
