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Tuesday, June 10, 2025

Asean should now focus on skills development, innovating financial sector, says ACCA director

 Asia-Pacific’s ACCA director Pulkit Abrol says these two factors were vital if Asean wants to ‘turn policy ambitions into practical outcomes’.

SME-PKS
The Asean Economic Community Blueprint 2025, made significant strides in terms of implementation in areas such as small and medium enterprise development. (Bernama pic)
PETALING JAYA:
 Asean should focus on skills development and financial sector innovation to leverage on the significant strides made in implementing the bloc’s economic community blueprint, the regional director of a global professional accountancy body said.

Pulkit Abrol said finance sector innovation — such as improving digital payment platforms and adopting blockchain technology for supply chain traceability — and skills development were essential if Asean wants “to turn policy ambitions into practical outcomes”.

The Asia-Pacific director for the Association of Chartered Certified Accountants (ACCA) said such innovations to the finance sector made it more inclusive and better suited to deal with global trade disruptions or cyber threats.

Abrol said there is also a need to develop a combination of technical, digital, and strategic skills, including mastering evolving reporting standards, understanding data analytics and improving one’s business acumen as well as communicating skills.

Pulkit Abrol
Pulkit Abrol.

“Skills and innovation in the finance sector boost Asean’s overall competitiveness.

“They make it easier for businesses, especially micro, small and medium enterprises to grow, expand across borders, and attract investment,” he told FMT.

Abrol cited Singapore as an example, noting that the island state’s investment in fintech innovation and regulatory clarity has made it a regional hub, which in turn attracted global firms and boosted the financial services sector’s contribution to its GDP.

Vietnam, on the other hand, focused heavily on upskilling its workforce and digitising tax, audit, and payment systems, which helped drive productivity and formalise economic activity, he said.

“These efforts strengthen the entire region by building trust, enabling trade, and ensuring Asean is seen globally as a forward-looking economic community.”

Last month it was reported that the bloc, via the Asean Economic Community (AEC) Blueprint 2025, made significant strides in terms of implementation in areas such as trade liberalisation; investment facilitation; micro, small and medium enterprise development; digital transformation, and sustainable economic initiatives.

Abrol went on to say that Asean has demonstrated good instincts on establishing common frameworks and regulatory harmonisation.

However, sustainable regulatory innovation relies on parallel investment in talent and skills mobility, he said.

These include investment in talent and reducing barriers to cross-border recognition of qualifications — what some refer to as a ‘skills passport’,” he added. - FMT

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