Question

what is the effect of financial service in corona virus that related in ASEAN

its financial service sector

Answer 1

Ans ) ASEAN stannds for the Association of South East Asian Nations that consits of Indonesia, Malaysia, Singapore, Thailand,Brunei,Combodia, Laos, Mayanmar, Philippines,Vietnam comprising of these 10 countries.COVID -19 is the name of the pendemic that originated in China and spread to all the major parts of the world including USA and Europe.It is a virus born pendemic, Since the Asean countries have some of the advanced economies such as Singapore and Malaysia that have impressive growth rate , the lockdown a term which describes a condition where the citizen of a country are compelled to live in isolation and there is a full restriction on the people to go outside their house, and allowed only to move out for the purpose of getting food stuffs and medicine or other emergency services hence the financial service sector which is the backbone of a country has to undergo changes in the way they operate here the financial service sector includes , banking , insurance ans other financial services like ATM , Cash transfers and services related to debit card and credit card and forex services.There is a need of funds as finance is required by the people if they are ill or for meeting the daily needs of the funds hence ASEAN countries have adopted well in terms of providing financial services to their citizens as the companies which are into the financial sectors are doing most of their work online and the employees are also instructed to work from home.There is great demand for money hence to facilitate this money transfer companies are doing there job well, Also there is utmost care to see that the ATM machines are working well, as well banks are kept open with few employees and they are having their shift rotated , to ensure that funds are available to those who are in need at this time of emergency.The financial service companies are facing a tough time in the region such as ASEAN as thete is lack of physical mobility of cash also the stock markets have suffered a lot due to the news of slowdown in the economies of the world.ASEAN countries are collaborating within themselves in providing medical as well as financial services to the member countries.Travel and tourism is a major sector of growth in the region and with the growth in travel and tourism declining that impacted the forex market in the region.