Malaysia can play a leading role in growing region’s digital economy
It said the initiative was launched to capitalise on the confluence and exponential growth of the internet economy and cross border e-commerce activities.
“The initiative was also set up to facilitate seamless cross border trade and enable local businesses to export their goods with a priority for e-commerce.
“It’s now crucial that we see this model become industrialised across a wider spectrum of technologies and countries throughout Southeast Asia,” the bank said in a statement today.
According to HSBC, Southeast Asia’s digital economy was worth US$31 billion in 2015 and is forecast to grow to US$200 billion by 2025.
It said the World Bank has reported that the full potential of the region’s digital economy is not being realised due to the pervasive regulatory barriers and constraints at the country level.
HSBC Malaysia chief executive officer Stuart Milne said the defining characteristic of successful organically grown holistic standards is that they have to be outward-looking: designed for broad mutual benefit rather than to isolate and sustain the privileges of the local market.
“Any agreement should allow the free-flow of data across borders, a measure that has been proven to foster innovation, while protecting the security and integrity of personal information,” he said.