Digital Technology Transforms All Sectors of South East Asia Economy

Diep Nguyen

09:39 08/06/2019

BizLIVE -

Education systems will have a key role to play in developing the technical knowledge and soft skills that are required to compete in the global digital economy.

Digital Technology Transforms All Sectors of South East Asia Economy
With digital technology transforming almost all sectors of the economy, the skills of the region’s workforceneed tokeep pace. Education systems will have a key role to play in developing the technical knowledge and soft skills that are required to compete in the global digital economy. Given the rate of technological change, adaptability and lifelong learning will be more important than ever, as well as more effective collaboration between the public and private sectors.
Digital payments are another essential underpinning of the digital economy, but the report finds that they remain underdeveloped in Southeast Asia compared to other parts of the world. In most countries in Southeast Asia, payments are overwhelmingly cash based. 
The World Bank’s global financial inclusion (findex) data shows that only 19 percent of financial account holders in the region access their accounts via the internet.  Implementing robust regulations and modern digital identification systems can help create the enabling environment for digital finance. At the same time, the digitization of government payments—for pensions, cash transfers, and other social programs—can incentive more change and generate momentum.
The report stresses however that Southeast Asia’s digital development cannot rely solely on virtual foundations. A well-functioning logistics sector is crucial to the growth of the digital economy, especially e-commerce. In the region, a modernized regulatory framework for logistics could increase competition, reduce logistics costs and improve the quality of services. In particular, streamlining customs procedures can make shipping faster, cheaper, more predictable, and give e-commerce a major boost.
Likewise, regional integration, including harmonizing regulations and facilitating transactions between ASEAN countries, can create an integrated digital market benefiting both businesses and consumers.
Finally, to address the risks and vulnerabilities that come with digital transformation, the report suggestsprioritizingeffective standards and regulationsfor electronic transactions, cross-border data flows, cybersecurity, data privacy, and consumer protection. Solid measures in these areas are essential to build trust in online platforms and create secure, sustainable digital economies.

DIEP NGUYEN

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