Fintech Tools in Business Practices: Evidence from ASEAN Micro-, Small and Medium-Sized Enterprises

Southeast Asia: Actual Problems of Development. 2024. No. 4(65). P. 11–24.

Evgeny A. Kanaev, Aisylu R. Garaeva, Olga L. Solodkova

The paper explores the way micro-, small and medium-sized enterprises (MSME) in ASEAN countries use financial technology (fintech) tools through the prism of global fintech trends and grass-root commercial practices across Southeast Asia. On tracing trends and dynamics of global fintech processes, the paper reveals salient features of fintech practices across Southeast Asia to finally turn to synergizing the global and regional fintech trends with the priorities of ASEAN MSME. The findings indicate that although some obstacles are in place, generally MSME actively use fintech tools with assistance from government authorities, private fintech platforms and ASEAN initiatives. The relevance of the research is clear, as it reveals salient features of ASEAN MSME as regional economic role players before the establishment of ASEAN Community 2025. As a focus on ASEAN MSME from the perspective of fintech tools has not been a special research direction, the paper has obvious academic novelty. Since the way MSME in ASEAN member states use fintech tools is a comprehensive and multidimensional topic, revealing its key characteristics is a timely exercise, as it allows detailing the digital transformation of regional economic and business practices, including trans-boundary ones, and, by extent, conceptualizing salient features of the ASEAN Economic Community. The latter point accounts for the theoretical significance of the study.

Keywords: Юго-Восточная Азия, Southeast Asia, глобальные тенденции, финтех, fintech, Global Trends, Government programmes, ASEAN multilateral initiatives, micro-, small and medium-sized enterprises, business lending, многосторонние инициативы АСЕАН, микро-, малые и средние предприятия, правительственные программы, кредитование бизнеса