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ASEAN Digital Generation Report: Financial Inclusion

Core Content

This report, published by the World Economic Forum in collaboration with Sea, focuses on the adoption, expectations, and potential of digital financial inclusion among ASEAN's digital generation (aged 16 and above). It is the sixth annual report in a series since 2017, aimed at providing evidence-based insights to support policy-making and multistakeholder efforts in promoting a more inclusive and sustainable digital economy.

Main Findings

1. Adoption of Digital Financial Services

• Digitalization Trends: ASEAN's digital generation continues to adopt digital financial services, especially digital payments (e-banking and e-wallets), which are the second most widely used digital application after social media.
• User Preferences: 87% of respondents expressed a desire to further digitalize financial services, with a stronger inclination among already active users, entrepreneurs, and well-banked individuals.
• Frequency of Use: 71% of respondents are frequent users of financial services (mostly through online channels), while 13% are less frequent users (mostly through offline channels).

2. Desired Functions of Financial Services

• Individual Needs: Managing cash flows and expenses, saving for the future, and having a safety net during difficult times are the top three functions for individuals.
• Business Needs: For business owners, managing cash flows and expenses is equally important as expanding their businesses, attracting new customers, and resolving disputes with suppliers or customers.
• Broader Impact: These functions highlight the evolving role of financial services beyond traditional banking, emphasizing their importance in both personal and business contexts.

3. Inclusivity for Underserved Groups

• Access to Services: Digital financial services are becoming more accessible, especially for rural dwellers, micro-businesses, and women. However, access to advanced services (credit, investment, insurance) remains limited.
• MSMEs and FinTech: MSMEs, particularly micro-enterprises, are increasingly relying on FinTech and online lending services for financing, which is helping to bridge the gap in traditional banking access.
• Women's Adoption: 65% of women use digital finance apps, compared to 59% of men. One in five women who needed loans borrowed from FinTech, making it the second most important formal borrowing source after commercial banks.

4. Gaps in Financial and Digital Literacy

• Knowledge Levels: While savings accounts and local payments are well understood, knowledge of credit, investment, and insurance products is lower, with only 66% of respondents feeling confident in these areas.
• Learning Methods: Family and friends (43%) and learning by doing (41%) are the most common methods for acquiring financial management skills, followed by social media (30%).
• Formal Education: Despite the majority (77%) of respondents who learned from school finding it the best method, only 18% received formal financial education in school. There is a significant demand for formal training and expert guidance.

5. Security and Fraud Concerns

• Top Concerns: Security and privacy are the primary concerns for ASEAN's digital generation, alongside online fraud and scams.
• Impact of Pandemic: Experiences during the pandemic, such as online fraud, fake news, and data breaches, have heightened these concerns.
• Barriers to Adoption: Fear of hidden costs, ambiguous contract terms, and complicated interfaces and processes are critical barriers to financial service adoption.

6. Financial Exclusion

• Excluded Groups: Rural dwellers, micro-enterprises, and women are among the most financially excluded groups in ASEAN.
• Credit Access: 79% of the financially excluded group do not have access to credit, insurance, and investment products.
• Gender Gap: Women are less likely to use credit, investment, or insurance products than men, with 81% of women not using any of these, compared to 76% of men.

7. International Payment Challenges

• Low Adoption: Only 33% of respondents have used international payment services.
• Impact on MSMEs: 42% of MSME entrepreneurs reported that their inability to receive and/or send international payments has hindered cross-border trade.
• Need for Solutions: Improving interoperable payment solutions is essential to enable more seamless and cost-effective international transactions.

Key Recommendations

• Multistakeholder Collaboration: A whole-society approach is needed to address gaps in digital and financial literacy, enhance cybersecurity, and improve access to digital financial services.
• Tailored Financial Education: Training programs should be designed to meet the specific needs of different age groups and locations within ASEAN's digital generation.
• Enhanced Financial Inclusion: Efforts should focus on expanding access to advanced financial services, especially for women and rural dwellers, and promoting FinTech as a solution for underserved micro-businesses.
• Consumer-Centric Services: Financial service providers should prioritize security, transparency, and ease of use to build trust and meet the evolving needs of digital users.

Conclusion

The report underscores the importance of digital financial inclusion in driving economic resilience and growth for ASEAN. It highlights the need for targeted actions, improved education, and better infrastructure to ensure that all segments of the digital generation can benefit from the digital economy. The findings provide a valuable foundation for future policy and stakeholder initiatives aimed at fostering a more inclusive and sustainable financial landscape.