FPT CEO Identifies the Biggest Bottleneck in ASEAN’s Digital Finance Ecosystem

As AI and digital financial models continue to advance rapidly, building a secure, transparent, and interoperable digital environment is becoming essential for ASEAN to strengthen its competitiveness. This was a key message delivered by Mr. Nguyen Van Khoa, CEO of FPT Corporation, at the high-level dialogue titled “Building a Regional Fintech Ecosystem: From Policy to Action.”

High-level dialogue “Building a Regional Fintech Ecosystem: From Policy to Action.” Photo: Quang - TTXVN

The dialogue was held as part of regional initiatives promoting financial technology (fintech) cooperation. Attendees included Deputy Prime Minister Nguyen Van Thang, Lao Minister of Foreign Affairs Thongsavan Phomvihane, leaders of Vietnamese ministries and agencies, as well as domestic and international businesses and experts.

As ASEAN accelerates digital economic integration, cross-border payments, and AI adoption in financial services, the dialogue aimed to identify solutions that foster innovation while ensuring system security and protecting users’ rights in the digital environment.

As a Vietnamese technology corporation with extensive experience delivering digital transformation solutions for the financial and banking sectors across global markets, FPT was invited to share practical insights from technology implementation and international collaboration. “The greatest opportunity for ASEAN fintech is not simply creating more products, but establishing a common trusted architecture for the region’s digital finance ecosystem. This architecture must enable innovation while ensuring security, facilitate interoperability while respecting data sovereignty, and leverage AI with accountability,” said Mr. Nguyen Van Khoa, CEO of FPT Corporation, during the discussion.

Mr. Nguyen Van Khoa, CEO of FPT Corporation, presenting at the dialogue. Photo: TTXVN

According to Mr. Khoa, ASEAN has already established important foundations for digital finance development, including digital payment systems, digital banking services, fintech regulatory sandboxes, and cross-border payment cooperation initiatives. However, differences in technical standards, data governance approaches, digital identity frameworks, and supervisory mechanisms remain significant barriers preventing these initiatives from scaling effectively across the region.

As financial transactions become increasingly digitalized, trust is emerging as a critical factor for sustainable market growth. Citizens need assurance that their personal data is protected. Businesses require a transparent regulatory environment that supports innovation. Regulators, meanwhile, need effective tools to identify and manage emerging technology-driven risks.

From the perspective of a technology enterprise, FPT proposed that ASEAN prioritize cooperation in three key areas.

First, promoting controlled financial data-sharing mechanisms based on user consent and privacy protection. Such frameworks would enable individuals and businesses to access financial services more conveniently while creating opportunities for new service models.

Second, developing common principles for AI governance. As AI is increasingly used for fraud detection, credit assessment, decision support, and risk management, ensuring transparency, explainability, and accountability will become increasingly important.

Third, strengthening regional cooperation in fraud detection, cybersecurity, and oversight of cross-border financial risks. According to Mr. Khoa, technology not only creates new challenges but also provides regulators with powerful tools to enhance monitoring and risk response capabilities.

Beyond regional initiatives, Mr. Khoa noted that Vietnam can play an active role in connecting collaborative efforts related to cross-border payments, digital identity systems, AI applications for financial fraud prevention, and improving access to financial services for small and medium-sized enterprises (SMEs).

Rather than pursuing a one-size-fits-all framework for all member states, ASEAN could begin with pilot programs addressing specific challenges and then gradually scale successful models across the region.

As ASEAN seeks new drivers of growth, many experts believe the key challenge is no longer how quickly each country can develop individually, but how effectively they can build new spaces for regional collaboration. In digital finance, this begins with shared foundations of trust, connectivity, and responsible technology adoption—elements increasingly viewed as the cornerstone of a secure, inclusive, and sustainable ASEAN digital ecosystem in the decades ahead.