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ASEAN primed for digital future
ASEAN’s young consumers, just like their “millennial” counterparts in China, the United States or Europe, are highly likely to want to incorporate online and mobile innovation into multiple aspects of their lives.
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ASEAN’s young consumers, just like their “millennial” counterparts in China, the United States or Europe, are highly likely to want to incorporate online and mobile innovation into multiple aspects of their lives. (Shutterstock/-)
Half a century into the ASEAN story, the growing importance of digital innovation will shape the next wave of economic development.
As the ASEAN turns 50 this year, the economic strides that have made the regional bloc the world’s seventh-largest economy will set it up for sustained growth, increased prosperity and exciting prospects for the next half century.
Technology, and how it will continue to change the way people live, work, shop, dine, travel and save, is perhaps one of the most fascinating advances in recent times, and one that presents vast opportunities ahead.
China gives us a glimpse of the transformative power of online and mobile innovation in a young, increasingly affluent, and techsavvy population. From a standing start in 2003, the country has become the largest e-commerce market in the world. Likewise, Tencent’s Wechat app, which launched as recently as 2011 and can now do everything from messaging to payments, now has 963 million regular users.
True, neighboring ASEAN, with its 10 member countries, is not China. The region spans a huge array of cultures, languages, and political systems. Levels of affluence, economic and infrastructure development, and internet and mobile penetration vary widely.
Still, the region holds some of the same potential that can already be witnessed in China.
Take a look at the sheer numbers.
