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The realization of the digital economy in the Asian nations is due to the need to revamp traditional business processes, extensive technology innovation, supportive government policies for economic growth, and the high capacity for digital entrepreneurship. New research directions are prompted by big data analytics, artificial intelligence AI , platform economy, digital trade, fintech innovation, and societal and economic sustainability.
The recent emergence of the COVID pandemic around the world calls for addressing new research directions that could stay after the pandemic has ended. We discuss its background and foundations, significance in Asia and contribution to removal of historical barriers in traditional business. The takeaway is that the digital economy in Asian nations involves revamping business processes through technology innovation, government policies for growth, and digital entrepreneurship.
We consider research directions prompted by data analytics and AI, the platform economy, digital trade, fintech innovation, and societal and economic sustainability. There is no one Asia. The most interesting digital market in Asia is actually not the likes of Korea and Japan, but is more China, Indonesia, and India. These are the markets that are really pushing the boundary and innovating the most Lau et al.
The kicker is that this could be a substantial underestimate if the region reaches an agreement on a common set of standards for data handling and digital commerce. HSBC, The high potential of the digital economy was recognized by numerous business leaders and innovators, consultants and journalists, researchers and authors in the s e. The related issues have been noted in a McKinsey Digital podcast shown above as well.
