ASEAN Exchanges

Gateway to ASEAN Investment

ASEAN Exchanges is a collaboration among the exchanges in the ASEAN countries with the objectives of promoting greater integration of the ASEAN capital markets, enhancing the visibility of ASEAN as an asset class, and strengthening ASEAN as an attractive investment destination for both ASEAN and global investors.

Current participating ASEAN exchanges (“Member Exchanges”) are Bursa Malaysia Berhad, Indonesia Stock Exchange, The Philippine Stock Exchange, Singapore Exchange, The Stock Exchange of Thailand, and Vietnam Exchange.

Cross Asset Strategy

<ul><li>ASEAN is navigating a significant transition from being a region of digital consumption to one of digital infrastructure formation.</li><li>As global supply chains reconfigure, the ASEAN-6 economies are positioning themselves as critical nodes in the global artificial intelligence (AI) and compute ecosystem. This shift is driven by the recognition of computing infrastructure not merely as a utility, but as a strategic asset essential for national competitiveness and economic resilience.</li><li>The region’s evolution is occurring against a backdrop of geopolitical diversification, often described as the China Plus One strategy, where multinational enterprises seek to diversify their production and digital footprints.</li></ul>

ASEAN is navigating a significant transition from being a region of digital consumption to one of digital infrastructure formation.As global supply chains reconfigure, the ASEAN-6 economies are positioning themselves as critical nodes in the global artificial intelligence (AI) and compute ecosystem. This shift is driven by the recognition of computing infrastructure not merely as a utility, but as a strategic asset essential for national competitiveness and economic resilience.The region’s evolution is occurring against a backdrop of geopolitical diversification, often described as the China Plus One strategy, where multinational enterprises seek to diversify their production and digital footprints.

AI & Compute Infrastructure: Building ASEAN’s Digital Backbone

<ul><li>Cross-border financial transactions in Southeast Asia have transformed over the past decade.</li><li>A remittance that once consumed days and cost approximately 6% in fees can now settle in under 60 seconds via a mobile number, reflecting the scale of change across the <a href="https://www.temasek.com.sg/content/dam/temasek-corporate/news-and-views/resources/reports/e-conomy-sea-2025-report.pdf" target="_blank" rel="noopener">ASEAN digital economy</a>, which absorbed US$120 billion in private funding and expanded aggregate revenue 11.2 times between 2016 and 2025.</li><li>The ecosystem’s underlying mechanics have shifted materially. Institutional allocators have shifted focus to companies demonstrating strong governance and cost discipline instead of growth-at-all-costs mandates. </li></ul>

Cross-border financial transactions in Southeast Asia have transformed over the past decade.A remittance that once consumed days and cost approximately 6% in fees can now settle in under 60 seconds via a mobile number, reflecting the scale of change across the ASEAN digital economy, which absorbed US$120 billion in private funding and expanded aggregate revenue 11.2 times between 2016 and 2025.The ecosystem’s underlying mechanics have shifted materially. Institutional allocators have shifted focus to companies demonstrating strong governance and cost discipline instead of growth-at-all-costs mandates. 

Fintech and Embedded Finance: From Hyper-Growth to Sustainable Scale

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<li>ASEAN currencies have remained comparatively stable despite global shocks, supported by strong domestic fundamentals, prudent monetary policy, sustained FDI inflows, and diversified economic bases. While geopolitical tensions, sanctions, and trade fragmentation have tested emerging markets, ASEAN economies have leveraged policy buffers and regional growth dynamics to mitigate volatility.</li>
<li>Rising geopolitical uncertainty and pressure on the US dollar’s dominance have accelerated ASEAN’s push toward deeper regional integration. Initiatives such as Regional Payment Connectivity, integrated QR systems, financial safety nets, Digital Economy Framework agreements, and exploration of Central Bank Digital Currencies (CBDCs) are strengthening intra-regional trade, reserve diversification, and financial sovereignty — reducing reliance on external currencies.</li>
<li>The rapid expansion of fintech and digital banking across ASEAN is reinforcing financial system resilience while unlocking scalable investment themes. Growth across digital payments, lending, neobanking, embedded finance, investment technology, and supporting infrastructure is positioning the region as a structurally attractive long-term play within emerging market financial services.</li>
</ul>


ASEAN currencies have remained comparatively stable despite global shocks, supported by strong domestic fundamentals, prudent monetary policy, sustained FDI inflows, and diversified economic bases. While geopolitical tensions, sanctions, and trade fragmentation have tested emerging markets, ASEAN economies have leveraged policy buffers and regional growth dynamics to mitigate volatility.
Rising geopolitical uncertainty and pressure on the US dollar’s dominance have accelerated ASEAN’s push toward deeper regional integration. Initiatives such as Regional Payment Connectivity, integrated QR systems, financial safety nets, Digital Economy Framework agreements, and exploration of Central Bank Digital Currencies (CBDCs) are strengthening intra-regional trade, reserve diversification, and financial sovereignty — reducing reliance on external currencies.
The rapid expansion of fintech and digital banking across ASEAN is reinforcing financial system resilience while unlocking scalable investment themes. Growth across digital payments, lending, neobanking, embedded finance, investment technology, and supporting infrastructure is positioning the region as a structurally attractive long-term play within emerging market financial services.


Currency Resilience in ASEAN: Moving Towards an Independent Financial System

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ASEAN is scaling into a top-tier economic engine, targeting a US$4.2T GDP in 2025 and cementing its position as the world’s fifth-largest bloc.
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Regional exports are set for a breakout phase—BCG projects ~90% growth by 2031 to US$3.2T annually, far outpacing sub-30% global trade expansion.
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The uplift is anchored by supply-chain integration across autos, electronics, apparel, agri-food, and data/IT services, supported by policy tailwinds and US–China realignment.
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</ul>



ASEAN is scaling into a top-tier economic engine, targeting a US$4.2T GDP in 2025 and cementing its position as the world’s fifth-largest bloc.


Regional exports are set for a breakout phase—BCG projects ~90% growth by 2031 to US$3.2T annually, far outpacing sub-30% global trade expansion.


The uplift is anchored by supply-chain integration across autos, electronics, apparel, agri-food, and data/IT services, supported by policy tailwinds and US–China realignment.



External Trade Focus: ASEAN–China Relations in a Rebalanced World

<ul><li>Dual listings between ASEAN Markets are a relatively new concept, which allows locally listed companies to list on another exchange in the region, often under a Depositary Receipt (DR) scheme.</li><li>These instruments can be orchestrated by the companies themselves, either as a secondary listing, as depositary receipts, or the listings can be sponsored by a broker or investment bank.</li><li>Most dual listings are secondary listings rather than primary listings but will still be subject to regulations in the secondary market.</li></ul>

Dual listings between ASEAN Markets are a relatively new concept, which allows locally listed companies to list on another exchange in the region, often under a Depositary Receipt (DR) scheme.These instruments can be orchestrated by the companies themselves, either as a secondary listing, as depositary receipts, or the listings can be sponsored by a broker or investment bank.Most dual listings are secondary listings rather than primary listings but will still be subject to regulations in the secondary market.

Dual Listings In ASEAN: Trends And Drivers