The 2024 ASEAN Monitoring Progress Report provides a data-driven view of financial inclusion, financial capability, MSME finance and emerging Inclusive Green Finance (IGF) across the region. The findings show accelerated progress: financial exclusion in the region has dropped to 20.77%, surpassing the ASEAN 2025 target well ahead of schedule. Countries such as Cambodia (14.73%→30.46%), Lao PDR (73.8%→94.4%), and Viet Nam (77.41%→87.08%) showed some of the fastest gains in account ownership, due largely to an increase in digital access points such as ATMs, POS terminals, and mobile money agents.
Digital adoption surged across markets also contributing to improved financial inclusion. Indonesia’s QRIS transaction value grew 170% to IDR 82.7 trillion, Viet Nam’s mobile money usage nearly quadrupled, and digital payment usage in the Philippines showed more than a 50% increase.
Financial capability initiatives led to improvements in financial literacy and over-indebtedness: The Financial Education Network in Malaysia reached more than 6.3 million Malaysian during financial literacy month, Indonesia reached nearly 3.5 million people through its financial capability initiatives leading to a 32 percent increase in its financial literacy index, while the Philippines saw a 55 percent decrease in households with late loan payments.
MSME financing continues to strengthen financial inclusion in the region: MSME loan shares reached 26% in Cambodia, 20.32% in Indonesia, 18.31% in Viet Nam, and 16.7% in Malaysia. Indonesia’s flagship KUR scheme alone disbursed IDR 255.8 trillion to 4.57 million borrowers, maintaining low NPLs at 2.03%. Women entrepreneurs also saw improved access to credit, with 37% of MSME lending in Lao PDR flowing to women-owned businesses and nine loan funds targeting women entrepreneurs in Malaysia.
The report also marks ASEAN’s first coordinated tracking of Inclusive Green Finance. Countries are beginning to develop green taxonomies, regulatory incentives, and inclusive green finance products: Indonesia provided a reduction in a bank’s reserve requirement of up to 5% if they extend credit to green sectors, Viet Nam’s green credit reached 4.5% of total loans, the Philippines issued PHP 256.69B in sustainable bonds, and Malaysia approved over RM1.2B in low-carbon transition financing for SMEs.
Despite progress, challenges persist for financial inclusion progress including cybersecurity risks, low insurance uptake in several markets, data gaps in financial inclusion reporting, and ongoing limited access, low digital literacy and digital divides affecting rural and vulnerable groups. Overall, the 2024 report captures a region undergoing rapid digital and structural transformation—advancing financial inclusion while laying foundations for a more climate‑resilient, sustainable financial ecosystem.
