Building a Resilient Digital Economy in Asia 2017 | Asian Development Bank Institute (ADBI) | 7 April 2017 | Tokyo, Japan

Background
Digital economy refers to the broad range of economic activities that include using digitized information and knowledge as the key factor of production. It includes the use of modern information networks and communication technology as an important activity space and driver of productivity growth and economic structural optimization. Internet, cloud computing, big data, the Internet of Things (IoT), FinTech and other new digital technologies are used to collect, store, analyze, and share information digitally and transform social interactions. Digitized, networked, and intelligent information and communications technologies (ICTs) enable modern economic activities to be more flexible, agile, and smart.

In Asia, digital economy is experiencing high growth, rapid innovation, and broad application to other economic sectors. The phenomenal growth of e-commerce in Asia is a case in point as many Asian countries (particularly People’s Republic of China, Indonesia, and India) have become important buyers and sellers of goods and services online. Digital connectivity also offers a lot of potential in reducing trade costs by using ICT to link up markets and enter global value chains. In the area of finance, digital technology promotes financial inclusion in many developing Asian countries. It is estimated that digital solutions can meet up to 40% of the volume of unmet demand for payment services by households, and 20% of unmet credit needs of small firms in Asia. As a result, investment in financial technology in Asia has expanded in various sectors such as payments, mobile, data and analytics, and regulatory technology.

Despite the vast opportunities presented by digital economy, Asia is yet to fully realize the potentials of harnessing digital technology for sustainable development because of many challenges, including , the absence of national regulations and policies to support cross-border commerce and finance, as well as poor ICT infrastructure, trade facilitation and logistics, and inadequate skills development.

Objectives
Promote discussion among government officials, experts, and members of ADBI Advisory Council, and to share policy insights and country experiences related to digital economy;

Facilitate discussion on how to build a resilient digital economy in Asia, and to analyze the impact of digital economy on trade and finance in developing Asian economies; and

Support ADBI’s strategic theme of poverty reduction and inclusive growth.
Participants

About 12 government officials from six developing countries in Asia (India, Malaysia, Philippines, the People’s Republic of China, Sri Lanka, and Thailand); and ADBI Advisory Council members.

Participant responsibilities
Actively join discussions and share views and experiences.

Output
Better knowledge and enhanced capacity of Asian countries to understand the various aspects of digital economy particularly its implications for trade and finance (e.g., e-commerce and digital finance);
Enhanced dialogue among government officials and experts on key issues related to the opportunities, challenges and development dimension of digital economy; as well as relevant aspects of digital economy such as regulatory and legal environments; and
Presentation materials for upload to ADBI website.

Speakers for 2017

Naoyuki Yoshino, Dean, ADBI

Naoyuki Yoshino, Dean and Peter Morgan, Senior Consultant for Research, ADBI

Alisa DiCaprio, Research Fellow, ADBI

Naoyuki Yoshino, Dean, ADBI