PM Lawrence Wong urges ASEAN to form a unified single market and digital hub

At the DBS Asia Future Forward Conference in Singapore, Prime Minister Lawrence Wong argued that ASEAN’s future growth depends on consolidating its economies into a single market, noting the region’s current fragmentation hampers investment. He likened the challenge to Europe’s but stressed Southeast Asia’s greater complexity, suggesting that integration could boost capital market size and success. Wong highlighted the ASEAN Digital Economy Framework Agreement, slated for signing at the upcoming summit, as a means to improve data flows, digital trade and cross-border payments, while cautioning it is only an initial step.

In parallel, he addressed AI’s uneven adoption across Asian economies and advocated for reskilling programs and fair retrenchment practices to mitigate job displacement. The discussion with DBS CEO Tan Su Shan also touched on fostering liquidity, confidence and resilience in the region’s financial systems, urging firms to balance efficiency with operational buffers.