When you hear the term ASEAN, what is the first thing that comes to mind? Rapidly evolving technologies and their growing adoption, a large population, and varied, diverse cultures – all valid points, but if you thought of FinTech, you’ve hit the nail on the head. To begin with, here’s an overview of the region in terms of its demographics.
ASEAN in Figures
ASEAN is the third-largest region in Asia. Its founding members include Indonesia, Malaysia, the Philippines, Singapore, and Thailand. Over the years, other countries in the region have gained entry to the association, thereby enjoying the benefits that come with membership. Today, ASEAN is a force to reckon with, especially when it comes to the region’s economics.
It is home to more than 630 million people with one-fourth of the population living in urban areas. ASEAN has an annual growth rate of 4.7% and has USD 119.97 billion in FDIs; it is also one of the fastest-growing regions globally and the seventh-largest economy in the world.
ASEAN’s population is young and educated with a literacy rate of over 80%. ASEAN is also cell phone-savvy with more than 0.5 phones per person and enjoys...