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Building out its digital economy can drive Asean’s GDP (Gross Development Product) up US$1 trillion by 2025, though, digital trade barriers and lack of seamless cross-border payments are key barriers.
The region’s digital economy currently represented just 7 percent of its GDP, which was half of China’s and one-fifth of the US, according to a report by Bain & Company, in association with Google, Sea, and Tan Sri Rebecca. The survey polled more than 2,300 small and midsize businesses (SMBs) across all 10 Asean members, which included Singapore, Malaysia, and Indonesia.