SMALL BUSINESSES in Southeast Asia

Most ASEAN small businesses hit 50% digitization rate (Business World)

Small businesses in Southeast Asia, particularly those furthest along in their digital transformations, have expressed an openness to pursue further digitalization to aid in their economies’ recovery, according to a study.

The study, ASEAN Digital Generation Report published this month by Sea Ltd. and the World Economic Forum (WEF), found that 74% of micro-, small-, and medium-sized enterprises (MSMEs) have digitalized at least half of their tasks.

The survey too in responses from 86,000 business owners across the region, with 77% of respondents aged 16 to 35.

“We wanted to understand the views, priorities, and concerns of the digital users in ASEAN and gain statistical insights that will help inform and shape relevant regional policy,” said Joo-Ok Lee, WEF’s head of regional agenda in the Asia-Pacific, at the virtual launch of the report Wednesday. 

Of the Philippine respondents, 63% said that digitalization is important for economic recovery, followed by those from Malaysia (60%) and Vietnam (60%).

The study found that an inclusive and sustainable digital transformation will hinge on improving the quality and affordability of infrastructure, upskilling the workforce, and enhancing trust in the digital environment.

This article originally appeared on Business World. You can view the original article here:

Business World

14 October 2021