Gu Ming, CEO of FinVolution's Indonesian operations, talks up financial inclusion at ASEAN Summit 2023

Ming Gu, CEO of the Indonesian unit of FinVolution, a leading fintech service provider, spoke at the 43rd ASEAN Summit in Jakarta on September 6, engaging attendees in discussions on regional development and a fintech infrastructure within the ASEAN region.

The summit, which ran from September 5 through 7, gathered leaders from 22 nations and delegates from nine international organizations in the Indonesian capital.

Under Indonesia's rotating ASEAN chairmanship, this year's summit carries the theme "The Epicentrum of Growth." In his opening remarks, Indonesian President Joko Widodo urged member states to develop ASEAN into a cornerstone of prosperity, peace, and stability.

More Than 20 Million Registered Users

Gu addressed attendees to the ASEAN BAC FINTECH Roundtable Luncheon 2023 that was held on September 6 as part of the summit.

FinVolution has actively participated in the Belt and Road Initiative. Since 2018, the company has expanded its presence in the ASEAN region, introducing fintech brands AdaKami in Indonesia and JuanHand in the Philippines, he noted.

As of Q2 2023, FinVolution boasted more than 20 million registered users in Indonesia and the Philippines, making a significant contribution to the inclusive finance business of various financial institutions in the region.

During the same period, FinVolution facilitated 1.82 billion RMB in inclusive financial services for local consumers and small-scale merchants in Indonesia and the Philippines. This figure has continued to grow at a fast clip.

Rapid Expansion in the ASEAN Market

FinVolution's rapid expansion in the ASEAN region aligns with the flourishing local economic landscape. Official data reveals that the bloc has grown at an average annual rate of nearly 4% over the past decade, way outpacing the global average of 2.6%.

Addressing the roundtable on September 6, Gu of FinVolution recognized the enormous market potential for fintech in the ASEAN region. With 16 years of industrial expertise, FinVolution is set to offer innovative services to local enterprises and consumers, reflecting its faith in ASEAN's long-term growth prospects.

During his keynote speech on September 6, Arsjad Rasjid, Chairman of the Indonesian Chamber of Commerce and Chair of the ASEAN Business Advisory Council, emphasized the indispensable role of fintech in driving the rapid development of ASEAN.

Representatives from regulatory authorities, financial institutions, and fintech companies were invited to the conference with the goal to foster awareness and understanding of inclusive finance and financial equality. The gathering also sought to establish collaborative mechanisms to build a more equitable and inclusive financial service ecosystem.

FinVolution was the only Chinese company present. Starting his address with a reference to the company's overseas business expansion, Gu detailed solutions aimed at empowering small and micro enterprises and promoting inclusive finance.

Integrate Sustainable Development into Daily Operations

He stressed that support for the Belt and Road Initiative underpins FinVolution's development in the ASEAN market. And a prosperous ASEAN market provides fertile ground for the company to grow. FinVolution aims to leverage its technological advantages and inclusive finance principles to strengthen its offerings in the region.

In today's highly digitalized business landscape, companies must prioritize long-term benefits and sustainable development more than ever, Gu said. Companies should integrate these principles into their daily operations, so as to better fulfill their social responsibilities, drive inclusive finance initiatives, and fuel sustainable economic growth, he explained.

Gu pledged that FinVolution will continue to deepen its presence in the Indonesian market, respecting local business norms, cultures and customs. Additionally, the company strives to go above and beyond in its localization efforts to provide quality services to the ASEAN market and contribute to the development of the local economy, he claimed.

About FinVolution Group

FinVolution Group is a leading fintech company that connects millions of consumers as well as micro- and small-sized enterprises with financial institutions.

Founded in 2007 and listed on the New York Stock Exchange in 2017, we have been at the forefront of the pan-Asian credit technology industry, pioneering innovative technologies in credit risk assessment, fraud detection, big data, and artificial intelligence. With a proven track record of robust growth in pan-Asian countries, we have established leading fintech platforms in China, Indonesia, and the Philippines.

About ASEAN

The Association of Southeast Asian Nations (ASEAN) was established in 1967, currently comprising 10 member states including Indonesia, Thailand, Singapore, the Philippines, Brunei, Malaysia, Vietnam, Laos, Cambodia, and Myanmar.