At the ASEAN Tech Summit in Manila, Maya Bank’s President Angelo Madrid highlighted advancements in digital payments and financial services in the region. However, he emphasized that simply having access to financial tools does not equate to improved financial outcomes.
Maya Pushes for Stronger and More Sustainable Digital Finance For ASEAN
True progress involves individuals transacting reliably, saving regularly, borrowing responsibly, and increasing resilience to financial shocks. Madrid participated in a panel focused on fostering sustainable and inclusive financial ecosystems in ASEAN through technology and regulatory support.
Strengthening the common foundation
Madrid emphasized that governments and shared infrastructure providers can enhance inclusion by investing in ecosystem-wide capabilities such as digital identity, payment infrastructure, and real-time fraud intelligence.
A robust shared infrastructure can lower costs and facilitate competition among providers. Digital identity streamlines onboarding and helps mitigate fraud, while Open Finance enhances consumer choice by enabling data control and establishing standards for consent and security.
Affordability, trust and sustainable service
Madrid emphasized that affordability is crucial for financial inclusion and consumer trust, but it must be evaluated alongside transparency, reliability, safety, and choice. He noted that ongoing investments in cybersecurity, fraud prevention, and product development are vital for digital financial services.
While consumers should access affordable services, prices can vary among providers due to different operational structures. What is essential is fair value and strong consumer protections. Madrid advocated for strong competition and a shared infrastructure to enhance pricing and innovation for consumers.
Clear rules, room to compete
For ASEAN to maintain investment in digital financial services, clear, proportionate, and predictable regulations are essential, according to Madrid. Varied institutions operate under different licenses and obligations, necessitating common principles that protect consumers while fostering competition.
He emphasized that effective regulation builds consumer trust and encourages institutional investment. Furthermore, strong consumer protection and innovation can coexist, as a progressive regulatory framework allows for innovation within established standards.
Madrid believes the long-term goal for ASEAN should be to enhance its digital infrastructure while maintaining the diverse business models that improve access throughout the region. He concluded that as payments and financial services integrate more across ASEAN, trust, identity, data, and consumer protection must evolve alongside them.
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Started his freelancing adventure in 2018 and began doing freelance Audio Engineering work and then started freelance writing a few years later.
Currently he writes for Gadget Pilipinas and Grit.PH.
He is also a musician, foody, gamer, and PC enthusiast.
