Last month, Grab Indonesia firmly denied the long-running rumours of a merger with GoTo. The potential union of these two superapps could significantly impact the country’s population, as almost half of Indonesian people are currently unbanked.
This lack of financial inclusion underscores a significant challenge for equitable growth in the country, and Indonesia must get this right, because the stakes for the broader region are high.
Southeast Asia’s digital economy will likely be worth an eye-watering US$1 trillion ($1.3 trillion) by 2030. This follows decades of healthy growth as smart device adoption surges and more people go online for everything from loans to payments, transport, education, and shopping.
However, making prosperity accessible during this ongoing boom will be crucial to meaningful, inclusive growth. And in any digital economy, the data rules — especially if it’s open.
If data is open, it is transparent
Open data refers to information that is freely available for anyone to access, use, and share, without restrictions like copyrights, patents, or other controls.
See also: Alibaba anoints new chief in revamp of stalling commerce arm
To celebrate the use of open data, the Open Knowledge Foundation has been leading an annual global event called Open Data Day (ODD) since 2010. During ODD, individuals and organisations come together to promote the use and awareness of Open Data for social benefits through workshops, hackathons, and other advocacy efforts.
Held between March 2 and 8 this year, ODD offers a timely occasion to scrutinise the pivotal role of data strategies in governing regional economies, particularly amid rapid digital transformation and the pervasive adoption of artificial intelligence (AI).
Essential for powering digital economies, data fuels commerce and consumption through platforms like Grab and GoTo. However, to steer economies towards inclusive growth, governments must embrace open data to ensure transparency and accessibility. Integrating algorithms and AI into public service operations further underscores the significance of open and inclusive data practices.
See also: Break up Google? What’s at stake in antitrust action
Addressing barriers such as awareness gaps and resistance to change is imperative for unlocking open data’s full potential across various sectors. Trends like increased data availability on natural resources and climate change bolster sustainability initiatives. During health crises, data supports public health interventions and healthcare management.
Organisations must proactively tackle challenges and foster an innovation-driven culture to harness the transformative power of open data effectively amid evolving technological landscapes.
Enhancing digital infrastructure for better services
Collaboration between the public and private sectors is vital to expanding access to digital financial services. By working together, both sectors can enhance financial literacy, drive innovation, and ultimately improve access to financial services for all.
Indonesia’s government, for example, relies on e-wallets and cashless services from “everything apps” to reach unbanked citizens and improve government services. Meanwhile, the Malaysian government launched a nationwide stimulus programme, leveraging e-wallet service providers like GrabPay to distribute government funds to 15 million eligible Malaysians.
Open data initiatives spearheaded by governments have emerged as potent catalysts for economic prosperity and inclusive growth. By unlocking data, governments not only stimulate economic value but also foster innovation, improve service delivery, and promote inclusivity across various sectors.
Thailand exemplifies this trend with its proactive promotion of open data accessibility and re-usability, driving citizen-centric governance and advancing AI systems for sustainable development.
To stay ahead of the latest tech trends, click here for DigitalEdge Section
Similarly, in Australia, the government leverages open data to fuel employment opportunities, as seen in the “Jobs Hub” programme facilitated by the Department of Education, Skills, and Employment. This initiative includes a Qlik App tailored for job seekers, streamlining employment searches.
Singapore, too, harnesses open data and AI to bolster job prospects through platforms like MyCareersFuture.sg.
Collaboration between the public and private sectors amplifies these efforts, as demonstrated by Indonesia’s embrace of e-wallets and Malaysia’s stimulus programme utilising e-wallet services to extend financial inclusivity to millions. Such collaborative endeavours not only enhance financial literacy but also drive innovation and broaden access to vital services, fostering a more equitable society.
Societal inclusion with good data handling
Governmental data handling practices and governance play a crucial role in fostering societal inclusion. Transparent and responsible management of data empowers marginalised communities, aids informed policymaking, and tackles social disparities while protecting personal information.
In Singapore, the Occupational Employment Dataset (OED) is a crucial open data resource, collecting occupational and employment data of current workers. It is mandatory for registered businesses in the country to provide up-to-date details of their employees to the OED, aiding in effective hiring processes and workforce planning.
The country also harnessed open data last year to improve decision-making, promote cross-sector collaboration, and initiate significant changes across industries. This even helped establish the island as a frontrunner in the global digital economy.
Vietnam continues to harness the benefits of data-driven decision-making and citizen engagement for a more transparent and inclusive society. The country’s strategy underscores the significance of open data initiatives, requiring all ministerial and provincial-level state agencies to furnish data for administrative purposes.
This provides citizens with access to valuable information spanning agriculture, the economy, the environment, and social development. Open data also fosters transparency and accountability by empowering citizens to hold authorities responsible for their actions.
Controls in place, now add power
With good governance, steering, and controls in place, how we power the digital economy with data is critical to equitable growth.
The adoption of open data by governments in Southeast Asia — alongside private sector initiatives targeting financial empowerment and digital transformation — will help to promote inclusive development as our region’s digital economy heads for a US$1 trillion valuation. Leaders in our region just need to firmly grip the wheel, set a strategic course based on data, and put their foot down to win the race to meaningful growth.
Geoff Thomas is the senior vice president for Asia Pacific and Japan at Qlik
