Unlocking ASEAN's Economic Potential with CBDCs: A Strategic Path Forward

Ressita Ramadhani
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Ressita Ramadhani: Economic Research Institute for ASEAN and East Asia (ERIA)

No PB-2025-10, Working Papers from Economic Research Institute for ASEAN and East Asia (ERIA)

Abstract: Central bank digital currencies (CBDCs) offer ASEAN countries an opportunity to modernise payments, enhance financial inclusion, and support economic integration. Countries such as Malaysia, Thailand, and Singapore are actively piloting CBDC initiatives, exploring both wholesale and retail applications, and testing cross-border interoperability. Global pilot projects – including mBridge, Dunbar, and Cedar x Ubin+ – provide valuable insights for ASEAN, demonstrating benefits in efficiency, transparency, and risk management. At the same time, implementing CBDCs presents challenges: smaller economies face potential capital flight, regulatory gaps remain in KYC, AML, and CFT frameworks, and CRS adoption is uneven. To fully harness CBDCs’ potential, ASEAN must establish standardised cross-border payment mechanisms, strengthen regulatory and financial security frameworks, and enhance digital literacy for governments, businesses, and citizens. By addressing these risks and leveraging regional collaboration, ASEAN can position itself as a competitive and resilient player in the evolving global digital economy. Latest Articles

Pages: 4 pages.
Date: 2025-09-30
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