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Financial technology companies, digital payments providers, and ASEAN digitalization policy experts doubled down on supporting and accelerating the transition of micro, small, and medium enterprises (MSMEs) into the digital economy, highlighting the sector’s ability to contribute to the region’s growth.
ASEAN, counting over 480 million digital consumers, is primed to lead inclusive and sustainable digital trade. But MSMEs are historically subject to persistent barriers and exclusion from the benefits of digital commerce. Despite representing 95% of businesses and 60% of jobs worldwide, the sector currently faces a $5.7 trillion financing gap globally.
A panel session, titled “Beyond Borders: ASEAN’s Bold Paths to MSME Digitalization,” was co-organized by the Philippine Mission to the WTO and GCash, the Philippines’ leading digital finance super app and largest cashless ecosystem. It gathered perspectives and best practices on how to solve persistent challenges to MSMEs’ integration into digital trade, convening speakers from GCash, Indonesian open-platform digital wallet DANA, and the Bank for International Settlements’ (BIS) Innovation Hub.
In his opening remarks, Ambassador Manuel Teehankee, the Philippines’ Permanent Representative to the WTO, underscored that in ASEAN, “MSMEs form the backbone of our economies, but challenges persist.”
He emphasized the importance of practical innovations in accessibility and cross-border interoperability to help MSMEs face the increasing complexity of global markets.
