India-ASEAN Digital Cooperation: Assessing the Regulatory Ecology for Financial Technology Collaboration

Eria

No 2024-RPR-22 in Books from Economic Research Institute for ASEAN and East Asia (ERIA)

Abstract: India has appointed the Economic Research Institute for ASEAN and East Asia (ERIA) as its Knowledge Partner for ASEAN–India relations. At the 21st ASEAN–India Summit, held in Vientiane, Lao PDR, on 10 October 2024, India and ASEAN issued the 'ASEAN–India Joint Statement on Advancing Digital Transformation.' This statement outlines a framework for cooperation in Digital Public Infrastructure (DPI), financial technology, and cybersecurity to promote broader economic and social integration and capacity building. India’s robust DPI can be extended to the ASEAN region, enabling collaboration in financial markets and deepening economic cooperation. As digital technology increasingly drives market movements, investments, and cross-border financial flows, collaboration in fintech and technology exchange can greatly benefit both regions, particularly in terms of employment generation and wealth creation. India, with its rapidly growing fintech hubs, offers opportunities for ASEAN partners to leverage these advancements. Regulatory approaches to financial technology amongst larger ASEAN economies differ significantly. This pilot study examines the existing infrastructure and regulatory policies in these economies, as well as in smaller economies like Cambodia, Lao PDR, Myanmar, and Timor-Leste, which require capacity building in technology, infrastructure, and institutional frameworks. This report provides a baseline overview of regulatory ecosystems and infrastructure needs across selected digital finance sectors, including securities exchange, insurance, payments, and the capacity-building requirements of smaller ASEAN economies.

Date: 2024
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