Staff Reporter
Published:
Photo from Magnific
The measures fall under the ASEAN Digital Economy Framework Agreement.
Singapore will look to prioritise ASEAN digital trade initiatives when it assumes the bloc's chairmanship next year, Prime Minister Lawrence Wong said.
The initiatives fall under the ASEAN Digital Economy Framework Agreement, which aims to reduce regulatory barriers, facilitate cross-border data flows, and improve digital trade across the region.
Speaking at the DBS Asia Future Forward Conference on 12 October, Wong said firms operating across the region currently face differing regulations, systems, and requirements.
The agreement aims to enable companies to reach customers across the region more easily, conduct cross-border payments with less friction and potentially lower costs, and expand their operations across ASEAN.
However, Wong pointed out that more work must be done to translate DEFA into practical benefits for companies.
“When Singapore takes on the chair of ASEAN, we will look at how we can give some priority to some of these initiatives," he added.
Wong identified market fragmentation as a challenge for Southeast Asian startups seeking to scale their operations and attract investment.
He said greater economic integration, alongside stronger entrepreneurship and innovation ecosystems, could help support the development of larger capital markets in the region.
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