MDEC launches inaugural SME Digital Summit to unleash 5 Bain Analysis, 2020. Third, enhancing innovation cooperation in the digital economy industry. The ASEAN Digital Economy (& Enterprise Innovators Within But many significant roadblocks stand in the way of realizing this potential. WEF Digital Asean initiative - Push for digital skills The members of the Regional Comprehensive Economic Partnership (RCEP), the ten ASEAN states and Australia, China, Japan, New Zealand and South Korea, make up around a third of the world's population and 30 percent of its gross domestic product (GDP). Google estimated that the value of the Southeast Asian (SEA) internet economy grew by a whopping 40% from 2018 to 2019, recording an average of 33% compound average growth rate (CAGR) (Google et al., 2019a). Singapore's Digital Economy Partnership Agreement The Go Digital ASEAN initiative is designed to: equip micro and small enterprises and underemployed youth, particularly those in rural and isolated areas, with crucial digital skills and tools; expand economic opportunity across ASEAN Member States; and minimize the negative impact from the Covid-19 crisis. Development. The cost of a SIM card was prohibitive, and mobile phones were simply unavailable to most people. Rise of ASEAN's digital economy | Global CMB | HSBC The nation's investments in the digital realm indicate that Singapore aims to capitalize on this era of digitalization. An ageing ASEAN Although more than half of Southeast Asia is currently under the age of 30, the region has a rapidly ageing population; by 2035, ASEAN is projected to have more than 127 million . Go Digital ASEAN: digital skills to unlock new economic opportunities. In his opening remark, Founder and Chairman of FPCI Dr. Dino Patti Djalal highlighted the significant growth rate in digital economy in post-pandemic scenario, pointing out the region's online spending to US$174 billion this year, compared to $100 billion in 2020, on its fast track to reach $363 billion by 2025 on the back of rapidly growing . Barely 1 percent of Myanmar's 54 million people were online in 2011. This divide will only deepen in the Covid-19 pandemic and severely impact ASEAN's micro . ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines , Singapore, Thailand and Vietnam , with a combined population of around 650 million. Fieldwork ran from 18/08/2020 - 02/09/2020 online via a 25-minute Computer Assisted Web Interviewing survey with a total of 4,712 respondents interviewed. Digital lending in Asean increased 48% from US$26 billion in 2020 to US$39 billion this year, and is set to hit US$116 billion by 2025, the report said. Its digital market has expanded threefold in the past three years and represents 7 percent of ASEAN's US $2.8 trillion GDP. Global cross-border e-commerce has become increasingly important in the international economy. Many of the fundamentals are already in place: Robust economy generating GDP of $2.5 trillion and growing at 6 percent per year Literate population of more than 600 million Malaysia: Your Digital Home. But many significant roadblocks stand in the way of realizing this potential. Thousands of Thai citizens, including many students, continued a series The potential for economic growth through digital democracy is vast. Satvinder Singh said that the region had reached the halfway mark of the plan, with 55% of all the initiatives that are supposed to be completed by 2025 already achieved by the middle of this year, leaving 35% initiatives in progression and the rest of 10% to get them fully working. Highlighting the impact on e-commerce . JAKARTA (The Jakarta Post/Asia News Network): The rivalry between global major powers, namely the United States and China, has shaken the digital space since 2018 when the Huawei vice-chairwoman . The digital economy is set to increase ASEAN's GDP by $1 trillion by 2025 according to the World Economic Forum (WEF). ASEAN's digital economy currently generates approximately $150 billion in revenues annually, according to a joint study by AT Kearney, a leading global management consulting firm, and Axiata, a . By 2025, ASEAN's digital economy is expected to increase from 1.3 percent of GDP in 2015 to 8.5 percent, ASEAN Secretary-General Lim Jock Hoi said. 7. UOB Indonesia established TMRW, ASEAN's first digital bank, in August 2020. In recent years, with the continuous breakthrough of the Internet, big data, artificial intelligence, smart city, E-commerce and other modern information technologies, digital economy has become a new driving force for global economic development. Improving Digital Connectivity For E-commerce: A Policy Framework and Empirical Note for ASEAN. October 2020 Dear Members, I hope you and your families remain safe and healthy. The economy of Malaysia is the fourth largest in Southeast Asia according to the International Monetary Fund 2020.It is also the 36th largest economy in the world. The ASEAN digital economy is growing quickly, but the participation of women is not yet equal to that of men. In his intervention during the 22nd ASEAN Republic of Korea (ROK) Summit held via videoconference on Tuesday, he said South Korea is highly . The collaboration between the ACCMSME and The Asia Foundation, supported by Google.org demonstrates synergy and partnership with non-government . The pledge, part of the World Economic Forum's (WEF) Digital Asean initiative, aims to train 20 million people in South-East Asia by 2020, especially those working in small- and medium-size enterprises. China and ASEAN kicked off a new era in 2020 . The Importance of Digital Skilling. September 2, 2020. ASEAN is the fastest growing Internet market in the world. Digitalization of the economy has only . gender equality in the digital economy (Buvinic, Noe, and Swanson, 2020; Data 2X, 2020). Implemented by The Asia Foundation, with support from Google.org, Google's philanthropic arm, the initiative will train up to 200,000 people from rural regions and underserved . Rapid urbanisation across Asia means cities have to become . DEPA was first signed in June 2020 and is the world's first 'digital only' trade agreement that establishes digital trade rules and digital economy collaborations, representing a new form of economic engagement at a . Abstract. Speaking of the ASEAN Digital Masterplan, Secretary General for ASEAN Economic Community H.E. China-Asean Digital Silk Road under construction. S ince the mid-2010s, there has been a growing concern about international tax legislations not keeping pace with the evolution of the economy. Go Digital ASEAN. The COVID-19 pandemic has highlighted the importance of digital economy in restoring economic and social development, creating more jobs and improving people's well-being, Chinese Premier Li Keqiang said on Friday in a congratulatory message to the opening ceremony of the 2020 China-ASEAN Year of Digital Economy Cooperation (DEC). In 2020, the Asean economy contracted by 3.3 per cent primarily due to mobility and cross-border travel restrictions. ASEAN, the world's fifth-largest economy, is moving towards greater economic integration yet is severely constrained by an expanding digital divide. The region has become the world's sixth largest economy with a combined GDP of US$2.55 trillion. The growing wave of collaboration between Chinese and Malaysian digital enterprises is a prime testament to Malaysia's strength in Digital Economy ecosystem, which prioritises greater growth, innovation, and shared prosperity. In China, the digital economy contributes 16% of GDP. New Media and Content The second of three new Strategic Thrusts Malaysia Digital Economy Corporation (MDEC) will launch the Malaysia Tech Month 2020 (MTM 2020) in November 2020, a month-long curation of the nation's best digital and technology content and virtual experiences enabled by visionary leaders and courageous investors showcasing Malaysia's world-class tech and digital innovation to local and global investors. The Importance of Digital Skilling. The internet has been part of life in Myanmar for less than a decade. The Association of South East Asian Nations (ASEAN) has an opportunity to leapfrog to the forefront of the fast-moving global digital economy. Digital Innovation across ASEAN. Since its founding in 1967, ASEAN's share of global gross domestic product has almost doubled from 3.3% to 6.2% last year. Given the rapid acceleration of the digital economy across ASEAN (Google, Temasek, and Bain, 2020), many of the post-pandemic recovery jobs will be digital-related or digital-enabled. Podcast: Bulldozing ASEAN's Digital Divide. In his opening remark, Founder and Chairman of FPCI Dr. Dino Patti Djalal highlighted the significant growth rate in digital economy in post-pandemic scenario, pointing out the region's online spending to US$174 billion this year, compared to $100 billion in 2020, on its fast track to reach $363 billion by 2025 on the back of rapidly growing . ASEAN has laid out important policy measures and frameworks . Data is in a stage of rapid growth. The first two are the Digital Economy Partnership Agreement between Singapore, Chile, and New Zealand and the Singapore-Australia Digital Economy Agreement , both of which were signed in 2020. Indonesia's total digital economy transactions had reached US$44 billion in 2020 and are expected to increase to US$124 billion by 2025, he added. "The government has projected a 20% contribution to GDP by 2020. Labour productivity in Malaysia is significantly higher than in neighbouring Thailand, Indonesia, the Philippines or Vietnam, due to a high density of knowledge-based industries and adoption of cutting-edge technology for . Listen to this article. August 10, 2021 . By 2025, the region's sector is expected to grow to $300 billion. Singapore is proposing the development of an Asean smart cities network. The Go Digital ASEAN initiative focuses on closing the digital gap across ASEAN, in support of the vision set out by the ASEAN Coordinating Committee on MSMEs. USAID.GOV August 2020 ASEAN-USAID IGNITE: DIGITAL ECONOMY | 1 GROWING ASEAN'S DIGITAL ECONOMY Southeast Asia has the potential to become one of the world's top five digital economies. Geneva, Switzerland, 13 October 2021 - The World Economic Forum launches today the ASEAN Digital Generation Report 2021, a special edition of its annual ASEAN youth survey report series, which examines the impact of the pandemic on personal income, savings and the role of digitalization in the region's economic recovery.The report's survey, conducted with close to 90,000 participants . However, the ASEAN digital economy success Global COVID-19 Confirmed Cases, By Region 1 1.2 Oxford COVID-19 Government Response Stringency IndexAsia, 2020 2 Pair these developments with the double-digit growth of Indonesia's digital economy, 9 having originated 70% (or USD5.47 billion) of all digital investments in Southeast Asia in 2020-2021, 10 and the market is an important destination for international businesses interested in the region. Navigating industry disruptions, transitioning to a new normal.The Platform on Digital Economy and New Value Creation helps companies leverage technology to be agile in the face of disruption and to create the new digitally enabled business models for a new normal - post-COVID, purpose driven, sustainable and inclusive.The unprecedented disruption by COVID-19 is accelerating the urgency for . Nonetheless, the Asean ministers also said that the regional economy is picking up, with gross domestic product in South-east Asia expected to reach 4 per cent this year and 5.2 per cent next year. A new report into the region's digital economy shows the dramatic effects that the pandemic has had on daily life. ASEAN, E-commerce, Connectivity, Services, Technology. Kantar e-Conomy SEA 2020 primary research commissioned by Google, Research was conducted in Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. Digital skills to unlock economic opportunities. And this year has been designated as the China-ASEAN Year of Digital Economy Cooperation. "Digital democracy will facilitate trade flows among nations in the region," says Rama Sridhar, "and could potentially boost ASEAN's GDP by US$1 trillion by 2025 alone.". The gap is particularly large in skills, jobs, and leadership positions - especially in science, technology, . The prominence of fintech and e-commerce in . We are encouraged to see that U.S. President Donald Trump and the first family have recovered from COVID-19, and we continue to keep those suffering from COVID-19 across the United States and ASEAN in our thoughts and prayers. form of economy: the digital economy.1 The digital economy revolution in ASEAN has been marked by impressive growth rates. Go Digital ASEAN and ASEAN Digital Skills Vision 2020 demonstrate a vast mobilization by business leaders and citizens to meet the challenges of 2020. The digital bank's consumers will be immersed in a digital banking experience, enjoying digital services anytime and anywhere. TONY CRIPPS. According to Statista, an international data organisation, the amount of . Digital bank leverages. Frost and Sullivan expects spending on IoT implementations in the region to grow 35% from . Both countries launched the UK-Thailand Smart City Handbook, established in partnership with Thailand's Digital Economy and Promotion Agency (DEPA). SINGAPORE - As Asean continues to grapple with Covid-19 cases and an uncertain recovery, its economic ministers have committed to conducting a study on a region-wide digital economy pact by 2023. 8.16 Progress in Selected Asian Economies in Solving Challenges of the Digital Economy 251 8.17 Digital Platform Penetration Index, 2019 254 8.18 Digital Skills by Region and Income Group 260 FiguRes 11. With 125,000 new users coming onto the Internet every day, the ASEAN digital economy is projected to grow significantly, adding an estimated $1 trillion to regional GDP over the next ten years. (Cover image: A teleconference of China-ASEAN Digital Economy Cooperation, June 12, 2020. Dec 10, 2020. With 125,000 new users coming onto the Internet every day, the ASEAN digital economy is projected to grow significantly, adding an estimated $1 trillion to regional GDP over the next ten years. Podcast: Bulldozing ASEAN's Digital Divide. The theme of China-ASEAN cooperation in 2020 is "digital economy". ling progress. Go Digital ASEAN and ASEAN Digital Skills Vision 2020 demonstrate a vast mobilization by business leaders and citizens to meet the challenges of 2020. The cost of a SIM card was prohibitive, and mobile phones were simply unavailable to most people. The Covid-19 pandemic has shown the importance of the digital economy in enhancing the resilience of the region. Women also have less access to opportunities linked to the digital economy. A concrete example is the 'Go Digital ASEAN' initiative - a partnership In the US it makes up 35%. In 2020, the region saw as many as 40 million first-time users of online market place like Poliman, across Singapore, Malaysia, Indonesia, the Philippines, Vietnam and Thailand (Google et al 2020) With more than 300 million internet users in the region and a dozen tech unicorns valued above USD 1 billion, the digital economy is a priority . With 125,000 new users coming onto the Internet every day, the ASEAN digital economy is projected to grow significantly, adding an estimated $1 trillion to regional GDP over the next ten years. KUALA LUMPUR: The digital economy has the potential to be the key driver in developing new industries and areas of growth in ASEAN as it has become an important element in everyone's daily life . Additionally, new initiatives were introduced to address emerging issues related to the development of digital . Cooperation activities in the ASEAN digital sector are guided by the sector's Strategic Action Plans, namely, the ASEAN ICT Masterplan 2010-2015 (AIM2015), the AIM2020, and the upcoming ASEAN Digital Masterplan 2021-2025 (ADM2025). Implemented by The Asia Foundation, with support from Google.org, Google's philanthropic arm, the initiative will train up to 200,000 people from rural regions and . 10 March 2020. By Mi Ki Kyaw Myint. Micro, small, and medium enterprises . September 2, 2020. Thrusts aims to enable an ASEAN digital economy to develop and grow. October 23, 2020 Mind the Gap: How . [Indonesia, Jakarta, December 10, 2020] To boost the regional recovery in the post-COVID 19 era, ASEAN should accelerate its digital integration which has the potential to generate a US $1 Trillion uplift in GDP by 2025, said Dr. Aladdin D. Rillo, Deputy Secretary-General for ASEAN Economic Community, at an online panel on Thursday. Malaysia Digital Economy Corporation (MDEC) will launch the Malaysia Tech Month 2020 (MTM 2020) in November 2020, a month-long curation of the nation's best digital and technology content and virtual experiences enabled by visionary leaders and courageous investors showcasing Malaysia's world-class tech and digital innovation to local and global investors. JAKARTA (THE JAKARTA POST/ASIA NEWS NETWORK) - The rivalry between global major powers, namely the United States and China, has shaken the digital space since 2018 when the Huawei vice-chairwoman . Leading tech companies are answering the call of the trending digital economy. 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