Stronger digital infrastructure, clear regulations and competitive markets are needed to sustain the growth of digital financial services and advance financial inclusion across the Association of Southeast Asian Nations (ASEAN), according to Maya Bank president and CEO Angelo Madrid.

Speaking at the ASEAN Tech Summit Manila 2026, Madrid said the region has made significant progress in digital payments, financial services and account access, but the next challenge is turning wider access into better financial outcomes.

“Access is necessary, but an opened account or downloaded app is not yet a financial outcome,” Madrid said. “Real progress is when people can transact reliably, save regularly, borrow responsibly and become more resilient to financial shocks.”

Madrid made the remarks during the Futurecast panel, “Building Sustainable and Inclusive Financial Services Ecosystems in ASEAN,” which examined the role of technology, regulation, infrastructure and business models in the region’s digital finance growth.

Madrid said governments and shared infrastructure providers can help accelerate financial inclusion by investing in capabilities that benefit the broader financial ecosystem.

These include digital identity, payment and settlement infrastructure, real-time fraud intelligence, trusted data-sharing standards and reliable connectivity.

Stronger shared foundations can reduce friction and system-wide costs while allowing individual financial service providers to focus on developing better products and services.

“Strong shared infrastructure creates a foundation on which providers can compete more effectively on price, service, reach and innovation,” Madrid said.

He said digital identity can simplify customer onboarding and help reduce fraud when it is trusted, reusable, privacy-protecting and interoperable.

Open Finance can likewise expand customer choice when consumers retain control over their data and clear standards are established for consent, security, liability and portability.

Madrid also emphasized the importance of affordability, transparency, reliability, safety and choice in building consumer trust.

He said digital financial services require continued investment in cybersecurity, fraud prevention, settlement and reconciliation, customer support, system resilience, compliance and product development.

“Consumers should have access to affordable and transparent services, but affordability does not mean every provider must arrive at the same price,” Madrid said.

“Different institutions operate under different licenses, business models and cost structures. What matters is that consumers receive fair value, strong protection, reliable service and continued innovation.”

He added that strong competition, supported by efficient shared infrastructure, should continue to improve prices and value for consumers while allowing providers to innovate within their respective mandates.

For ASEAN to sustain investment in digital financial services, Madrid said regulations should be clear on desired outcomes, proportionate in implementation and predictable over time.

He noted that financial institutions operate under different licenses, permitted activities, balance-sheet obligations and prudential requirements. Common principles, he said, can protect consumers while recognizing these structural differences and allowing institutions to compete on their respective strengths.

“Clear and predictable regulation supports consumer trust while giving institutions the confidence to continue investing and innovating,” Madrid said.

He said consumer protection and innovation need not be competing objectives, adding that a progressive regulatory environment should establish strong standards and clear outcomes while allowing institutions room to innovate and compete within those guardrails.

Madrid said ASEAN’s long-term opportunity lies in strengthening its common digital foundation while preserving the diversity of institutions and business models that have helped expand financial access across the region.

“Payments and financial services are already becoming more connected across ASEAN,” he said. “The next step is making sure trust, identity, data, and consumer protection can move with them.”