San Francisco: US-based cloud company Snowflake has announced its potential role in shaping the ASEAN Digital Economy Framework Agreement (DEFA) as the Southeast Asian bloc’s member countries aim to finalize negotiations by the end of this year. The company’s ASEAN Managing Director, Satchit Joglekar, emphasized Snowflake’s commitment to building ecosystems, facilitated by its artificial intelligence (AI) data cloud, which ensures interconnectedness across ASEAN countries, extending benefits from supply chains to customer interactions.
According to BERNAMA News Agency, Joglekar highlighted that Snowflake’s focus on secure and governed data ecosystems allows businesses to leverage data sharing and application development across ASEAN. He elaborated that the company’s vision is to foster a unified digital ecosystem transcending national and corporate boundaries, aligning with DEFA’s goals.
Joglekar further mentioned Snowflake’s role in empowering communities by collaborating with educational institutions in ASEAN’s major economies. By integrating AI Data Cloud concepts and data ecosystems into educational curriculums, Snowflake aims to prepare students for future careers while engaging with data professionals to keep them updated on ecosystem advancements.
He stressed the importance of DEFA in shaping ASEAN’s digital economy, urging businesses to prepare for upcoming changes as negotiations are expected to conclude by 2025. Joglekar noted that early preparation could position businesses as leaders in the evolving digital landscape.
The DEFA seeks to provide a comprehensive roadmap for businesses and stakeholders across ASEAN, focusing on areas such as cross-border e-commerce, cybersecurity, digital trade, digital ID, and digital payments, including emerging technologies like AI.
Boston Consulting Group projects ASEAN’s digital economy to grow significantly, potentially tripling by the end of the decade to nearly US$1 trillion by 2030. With DEFA, this value could double, unlocking US$2 trillion for the ASEAN digital economy.