Located at the centre of the broader Asia-Pacific region, Southeast Asia collectively is the world’s third-most populous economy. Several Southeast Asian countries are well-positioned to be hubs for multinational companies.
What’s driving growth in Southeast Asia
Southeast Asian countries are working to integrate their economies with one another and attract foreign investment through ASEAN. The countries’ rapid growth is propelled by a handful of forces including a fast-rising population and a global shift toward supply chain diversity.
An untapped consumer market: Southeast Asia will add about 140 million new consumers by 2030, according to a World Economic Forum report on ASEAN. By that time, about 1 in 6 consuming households globally will be in Southeast Asia.
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Proximity to China: Southeast Asia has grown in popularity as multinationals seek to diversify their supply chains and take advantage of low-cost labour. Thanks to their population growth and proximity to China, Southeast Asian countries are a convenient location for companies looking to expand their Asia-Pacific operations.
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A digital moment: Across Vietnam, Thailand, the Philippines, Malaysia, Singapore and Indonesia, the internet economy—including e-commerce, food delivery and financial services—is expected to approach $360 billion in gross manufactured value by 2025, according to research by Google, Temasek and Bain & Co.
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A trade partner: Southeast Asian countries have worked to reduce trade barriers within the region and across the globe. In 2022, the region’s countries ratified the Regional Comprehensive Economic Partnership (RCEP) a free-trade agreement with Australia, China, Japan, New Zealand and South Korea. RCEP created the world’s largest free-trade area covering 30% of the world’s population.
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A favourable business environment: Building on centuries as a strategic shipping hub, Singapore is now a valuable digital hub as well. Businesses are drawn to Singapore’s independent government, strong legal system, sophisticated digital infrastructure and deep talent pool.
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Other miscellaneous fees apply. See Additional Banking Services & Fees for more information.
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New and converted accounts will not be charged a Monthly Service Fee for at least the first two statement periods. After that the Monthly Service Fee will apply unless you meet one of the ways to avoid the Monthly Service Fee each statement period (if applicable).
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First Capital Union Bank Online Bill Pay: Must enroll in First Capital Union Bank OnlineSM Banking and activate Online Bill Pay. Certain restrictions and other limitations may apply.
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Zelle®: Enrollment in Zelle® is required. Both parties need a U.S. bank account; only one needs an eligible First Capital Union Bank account. Funds are typically made available in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle® (go to https://register.zellepay.comOpens Overlay to view participating banks). Select transactions could take up to 3 business days. Enroll on the First Capital Union Bank Mobile app or First Capital Union Bank Online. Limitations may apply. Message and data rates may apply.
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With First Capital Union Bank Overdraft AssistSM, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11PM ET (8 PM PT) to make a deposit or transfer). First Capital Union Bank Overdraft Assist does not require enrollment and comes with eligible First Capital Union Bank checking accounts.
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We will decline or return transactions when you do not have enough money in your account to cover the charge. However, you could still end up with a negative balance if, for example, a transaction is approved for one amount, but then the actual charge is more than what you have in your account (like when you add a tip at a restaurant after the transaction for the meal was already approved). Even if you have a negative balance, we will not charge you an overdraft fee.
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For First Capital Union Bank Secure CheckingSM only: Early direct deposit is a service that comes with your First Capital Union Bank Secure Checking account in which we credit your eligible direct deposit transaction up to two business days early. You must set up direct deposit to your account. The timing of when these transactions will be credited is based on when the payer submits the information to us. This means when these transactions are credited could vary and you may not receive your funds early. Eligible transactions are certain ACH credit transactions such as payroll, government benefits or similar transactions.
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Fees from the ATM owner/network still apply. A Foreign Exchange Rate Adjustment Fee from First Capital Union Bank may apply for ATM withdrawals in a currency other than U.S. dollars.
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Account must be linked to the checking account for No Monthly Service Fee.
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Here in the region, ‘glocalisation’ is the rule of thumb. Businesses are able to navigate local complexities while customising their global offerings.
Mahesh Kini, Head of International Banking Asia Pacific, J.P. Morgan
Challenges in Southeast Asia
Even with the upside of a growing population and positive economic momentum, Southeast Asia still faces challenges in creating a frictionless political economic union. Across ASEAN’s 10 countries, for example, there’s no shared currency and no open borders as in the European Union. Each country maintains its own financial regulations, complicating the movement of funds. At one end of the spectrum is Singapore and its minimal regulations. On the other, Vietnam is highly regulated. In between, Indonesia, Malaysia, the Philippines and Thailand are moderately regulated.
