On 17 June 2026, Faye Wongso, Founder and Chairperson of KUMPUL, led the Executive Forum, Financial Inclusivity: A Case for Capital, Impact, and Welfare, at the Asia Economic Summit 2026. Joined by Lauren Adams, Australian Trade and Investment Commissioner to Indonesia; Amit Chopra, VP and APAC Head of FIS Banking & Payments; Kevin Teo, Head of Impact Collab at AVPN; and Nenden Endah Sari, Deputy Director of Payment System Innovation at Bank Indonesia, the forum explored a central question for Southeast Asia’s growth:

What does financial inclusion look like when access alone is not enough?

Across the region, more people and businesses are connected to digital payments, financial services, and online marketplaces than ever before. But for many entrepreneurs, especially micro and small businesses, being connected does not automatically mean being able to grow.

The gap between access and meaningful economic participation is where the region’s “missing middle” remains.

The Missing Middle Is Not a Lack of Access

Financial inclusion is often measured through reach: how many people have accounts, how many merchants accept digital payments, or how many transactions take place each day.

These indicators matter. They show whether systems are becoming more accessible. But they do not tell the full story.

A small business may accept digital payments, yet still struggle to access affordable financing. It may be active online, but lack the business records or credit history required by financial institutions. It may be part of the formal digital economy, while remaining unable to invest in inventory, hire workers, or expand into new markets.

This is the missing middle between access and participation.

As Lauren Adams and Amit Chopra highlighted during the discussion, access should be the starting point of inclusion, not the final measure of it. The real test is whether financial systems help people move forward: grow a business, strengthen their income, and build more stable economic futures.

Digital Payments Can Make Businesses More Visible

One of the clearest opportunities lies in the role of digital payment infrastructure.

Nenden Endah Sari shared that QRIS has brought tens of millions of users and merchants into Indonesia’s digital payment ecosystem, with micro businesses making up a substantial share of participating merchants.

For many entrepreneurs, this matters beyond the ability to receive cashless payments.

A digital transaction record can begin to create an economic footprint. It can show how a business earns, when it receives income, and how consistently it operates. For small businesses that have never had formal financial records or conventional credit histories, this data can make them more visible to financial institutions.

That visibility matters because lending often depends on trust and information.

Without a reliable financial profile, lenders may struggle to assess risk. This can make loans harder to access, interest rates more difficult to negotiate, and financing products less suited to the realities of small businesses.

Digital payment data could help address part of this challenge. It has the potential to support better credit assessment and create pathways to more relevant financial products. But the value of this data depends on whether it is translated into real opportunities for entrepreneurs, rather than remaining only a record of transactions.

Infrastructure Alone Does Not Create Inclusion

The panel also made clear that financial infrastructure, no matter how widely adopted, cannot work in isolation.

For many communities, particularly those transitioning from cash-based systems or operating in rural and remote areas, trust remains a major factor. People need to understand how financial services work, know how their data is used, and feel confident that these systems will support rather than exclude them.

Digital literacy and financial literacy are therefore not secondary concerns. They are part of the foundation.

The same is true for MSMEs. Small businesses need more than a QR code or a new payment channel. They need practical support to manage their cash flow, understand their business data, strengthen their operations, and prepare for financing.

This is where the conversation moves beyond digitisation.

The question is not simply whether an entrepreneur has been brought into a digital ecosystem. It is whether they have the capability, support, and confidence to use that access in a way that improves their business over time.

Trust and Community Are Part of the Financial System

Kevin Teo brought another important dimension into the discussion: financial inclusion is not built through financial capital alone.

Communities already hold resources that are often overlooked in conventional financial models. These include local relationships, informal support networks, self-help groups, volunteerism, and the trust that people place in one another.

These forms of social capital can shape whether a programme succeeds or fails.

For entrepreneurs who are unfamiliar with formal financial institutions, trust may come first through local communities, peer networks, or organisations they already know. This makes community actors an important part of the inclusion ecosystem, not just beneficiaries of it.

It also means that effective financial inclusion programmes need to begin with context. They need to understand how people earn, save, borrow, and make decisions within their own communities before introducing tools or products designed elsewhere.

Measure Progress, Not Just Reach

The forum raised a broader question for policymakers, investors, financial institutions, and ecosystem builders:

Are we measuring access, or are we measuring progress?

A high number of users, merchants, or transactions may show that a platform is scaling. But scale does not always mean that people are experiencing better outcomes.

More meaningful questions include:

• Can entrepreneurs access credit on fairer terms?
• Are businesses becoming more visible and financially resilient?
• Do people have the skills and support to use financial services confidently?
• Are households and communities gaining greater economic security?

These are harder outcomes to measure. But they are also closer to the purpose of financial inclusion itself.

From Access to Economic Participation

In her closing remarks, Faye Wongso emphasised that financial inclusion requires collective action across the ecosystem.

Government, financial institutions, technology providers, investors, development organisations, and community actors all have a role to play. Infrastructure can create access. Data can create visibility. Financing can create momentum. But lasting inclusion depends on whether these elements work together.

The goal is not only to bring more people into financial systems.

It is to build pathways that allow entrepreneurs and communities to participate more fully in the economy, improve their livelihoods, and create more secure futures for themselves and the people around them.

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