Elsewhere, virtual banking and open data might sound like buzzwords, but in Hong Kong, they are becoming a reality. Hong Kong has embarked on a journey of digital transformation in the financial services sector to safeguard its role as a leading global financial center.
Asia’s policy makers should strengthen cooperation to harness the potential of new financial technologies for inclusive growth. At the same time, they should work together to ensure they can respond better to the challenges posed by fintech.
Technological advances have been key in raising sustainable income levels over the longer-term, but their potential adverse distributional effects in relation to wage growth and employment prospects can be a cause for concern.
Technological change and the relentless pace of automation offer significant opportunities for productivity growth and improved efficiency, but they also bring related risks of increased worker displacement and the challenge of upskilling labor.
Thailand and other economies in East Asia can leverage on technology and build on the growth of the services sector to support economic transformation and enhance economic inclusiveness. This was highlighted by experts at a seminar themed “Resilience and Growth in a Changing World” co-hosted by the ASEAN+3 Macroeconomic Research Office (AMRO) and Bank of Thailand (BOT) on June 12, 2018 in Bangkok, Thailand.
The ASEAN+3 region is in a sweet spot for tourism. Globally, the trends are favourable for tourism with a rapidly rising middle class, improved connectivity, and shifting consumer preferences towards customized services and fresh experiences.
Is technology a boon or bane for ASEAN+3 economies as the pursuit of growth and resilience continues a decade after the onset of the Global Financial Crisis?
