ASEAN governments must strengthen digital identity, payment systems, fraud monitoring, and data-sharing rules to support the next phase of financial inclusion, according to Maya Bank.
“Access is necessary, but an opened account or downloaded app is not yet a financial outcome,” Angelo Madrid, president and CEO of Maya Bank, said at the recent ASEAN Tech Summit Manila. “Real progress is when people can transact reliably, save regularly, borrow responsibly, and become more resilient to financial shocks.”
Madrid joined the Futurecast panel “Building Sustainable and Inclusive Financial Services Ecosystems in ASEAN,” which discussed the role of technology, regulation, infrastructure, and business models in expanding digital finance across the region.
He said governments and shared infrastructure providers should invest in digital identity, payment and settlement systems, real-time fraud intelligence, reliable connectivity, and common standards for secure data sharing.
“Strong shared infrastructure creates a foundation on which providers can compete more effectively on price, service, reach, and innovation,” Madrid said.
A trusted and reusable digital identity system could make it easier for customers to open accounts while reducing fraud. Open Finance could also give people more control over their financial data, but Madrid said clear rules are needed for consent, security, liability, and data transfers.
He added that affordable financial services should not come at the expense of security, reliability, transparency, or customer choice. Banks and fintech companies must continue spending on cybersecurity, fraud prevention, settlement, customer support, compliance, and product development.
“Consumers should have access to affordable and transparent services, but affordability does not mean every provider must arrive at the same price,” Madrid said. “Different institutions operate under different licenses, business models, and cost structures. What matters is that consumers receive fair value, strong protection, reliable service, and continued innovation.”
Madrid also called for regulations that are clear, proportionate, and predictable, allowing providers to invest while protecting customers.
“A progressive regulatory environment sets strong standards and clear outcomes, then gives institutions room to innovate and compete within those guardrails,” he said.
As payments become more connected across ASEAN, Madrid said identity, data safeguards, trust, and consumer protection must also work across borders.