A Paradigm Shift Toward an Open, Digital, API Economy in Asia : Mobilizing AIIB Resources for Cross-Border Cooperation in the Region

The Asian economy has been driven by exports for many decades, and cross-border coordination and cooperation has been scarce. Meanwhile, a platform economy is gaining traction where production factors come together to breed creative services and innovation within an intricately connected ecosystem. To establish a viable ecosystem, countries in the region should embrace the value of “openness and collaboration,” by nurturing an open-minded attitude, forming social and human capital, and expanding network in the region. Also, greater investment should be made in developing human resources, software, and improving legal framework and legacy regulation, in addition to educational and financial reforms. The AIIB can play a pivotal role in these efforts and facilitate a growth paradigm shift in Asia. The AIIB can unleash a floodgate of new opportunities for Korea’s ICT and fintech companies to build high-tech open platforms and create lucrative markets, backed by the government’s commitment to cleaning up regulatory barriers and setting competitive API standards