Wednesday August 5, 2020 15:06

Stcoks Press Release : 30 Jul 2020

Cracking the code to digital banking success Stcoks—30 Jul 20

“We live in a time of great change. Thanks to technology, the rate of change around us continues to accelerate,” said Jim Whitehurst, president of IBM. Although today’s banking landscape in Asia-Pacific is proving slow to change, the

Changes in consumption patterns in ASEAN accelerated by trends brought about by COVID-19 Stcoks—30 Jul 20

SINGAPORE--30 Jul--PRNewswire/InfoQuest
Bain & Company and WEF research shows that the middle-class is set to grow to 70 percent of the population and consumption will increase by 2.2 times to nearly $4 trillion by 2030

ASEAN represents a dramatic consumption opportunity in the coming years, driven by four mega-forces: strong demographic trends; rising income levels; geopolitical shifts that are increasing foreign investment; and digital advancements opening new consumer markets. By 2030 there will be eight major consumption themes in ASEAN, including the doubling of consumption and the blurring of the boundaries between premium and value shopping. Some of these themes will be accelerated by COVID-19, including digital adoption and shifting retail channels. These are the findings of Bain & Company and World Economic Forum's report, Future of Consumption in Fast-Growth Consumer Markets: ASEAN 2030.

"As ASEAN continues its path as one of the world's most dynamic consumption environments, private and public-sector leaders will have to take shared accountability to ensure such consumption is inclusive and responsible. Even as we look to addressing the immediate challenges due to COVID-19, I am confident that strategic foresight from this report will contribute to inspiring action and realizing a prosperous long-term future for ASEAN with sustainable benef