Three-year partnership to boost MSMEs and strengthen Southeast Asia’s digital economy
The Mastercard Center for Inclusive Growth has announced a landmark partnership with the ASEAN Business Advisory Council (ASEAN-BAC) to host the inaugural Mastercard ASEAN Inclusive Growth Summit in Kuala Lumpur this October. The event marks the first of three high-level convenings over the next three years, designed to advance inclusive, sustainable economic growth across Southeast Asia.
The summit will bring together government leaders, industry pioneers, and development organisations to address pressing regional challenges, focusing on micro-, small-, and medium-sized enterprises (MSMEs), digital innovation, and cross-sector partnerships.
Tan Sri Nazir Razak, Chairman of ASEAN-BAC Malaysia, said the collaboration will provide a long-term platform for “meaningful dialogue and practical, locally relevant solutions” to strengthen ASEAN’s role as a driver of sustainable prosperity.
Jon Huntsman, Vice Chairman and President of Strategic Growth at Mastercard, noted that Southeast Asia stands at a pivotal moment where growth must align with “security, inclusion, and access” to ensure that individuals and businesses alike benefit from the digital economy.
According to the World Data Lab, ASEAN’s middle class is projected to reach 450 million people by 2035, representing 56% of the population. Coupled with a young, digital-first population and a digital economy forecast to hit US$560 billion by 2030, the opportunity for inclusive economic transformation is significant.
Mastercard’s initiatives in ASEAN
MSMEs make up over 97% of businesses in Southeast Asia, employing 85% of the workforce, and in Malaysia alone contribute around 40% of GDP. Mastercard’s Strive programmes in Malaysia and Indonesia aim to uplift 400,000 MSMEs through digital skills training, mentoring, networking, and improved access to credit. In partnership with the Asian Development Bank (ADB), Mastercard is also working to mobilise up to US$1 billion in financing for MSMEs across Asia Pacific, with at least half directed to women-led or climate-focused enterprises.
In partnership with the ASEAN Foundation, Mastercard is also delivering initiatives to boost cybersecurity capabilities among public sector organisations and SMEs, equipping them with essential tools, training, and knowledge. It also plays a key role in the Global Anti Scam Alliance—chairing Singapore’s chapter, serving as Vice-Chair in Indonesia—and partners with the United Nations Development Programme to combat scams globally.
Beyond business resilience, Mastercard is driving inclusive growth through strategic tourism and payment innovations. Partnerships with tourism ministries, including Tourism Malaysia, are helping digitise the travel experience, attract high-value visitors, and support Visit Malaysia 2026 goals—creating benefits that extend to local small businesses and job creation.
Meanwhile, Mastercard’s modenisation of payment ecosystems across Southeast Asia, from expanding open-loop contactless transit payments in the Philippines and Vietnam to enabling real-time payments through Thailand’s PromptPay and the Philippines’ InstaPay networks, is making secure, cashless transactions accessible to all. Cost-effective innovations like Tap on Phone are further enabling even the smallest merchants to accept contactless payments directly via smartphones, opening new market opportunities without additional hardware.
The inaugural Mastercard ASEAN Inclusive Growth Summit will be held on the 24th of October 2025, ahead of the 47th ASEAN Summit in Kuala Lumpur.
More information is available at globalinclusivegrowthsummit.com.
