Executive Summary
The 2026 ASEAN CFO Survey reveals a finance function at an unprecedented inflection point. Drawing on responses from 312 Chief Financial Officers across Thailand, Vietnam, Indonesia, Singapore, Malaysia, and the Philippines, this comprehensive study exposes the challenges and opportunities reshaping corporate finance across Southeast Asia's most dynamic economies.
For the first time in our survey's eight-year history, talent acquisition and retention has emerged as the paramount concern for ASEAN CFOs, cited by 67% of respondents as their primary challenge. This marks a significant departure from historical patterns where regulatory compliance and cost management traditionally dominated the conversation. The talent crisis is particularly acute in specialized domains including AI/ML expertise, ESG reporting, and advanced treasury management, where demand dramatically outstrips regional supply.
Artificial intelligence adoption has reached an inflection point that few anticipated. Our data shows 78% of surveyed CFOs are now actively implementing AI solutions within their finance functions, a remarkable surge from just 34% in our 2024 survey. The use cases have matured beyond pilot programs to production-grade deployments in invoice processing, cash flow forecasting, and fraud detection. CFOs report average efficiency gains of 23% in transaction processing and 31% improvement in forecast accuracy, though implementation barriers persist around data quality and change management.
ESG reporting has undergone a fundamental transformation from peripheral concern to core CFO responsibility. An overwhelming 83% of surveyed CFOs now maintain direct oversight of their organization's ESG reporting processes, driven by an evolving regulatory landscape that includes Singapore's mandatory ISSB-aligned disclosures, Thailand's enhanced SET sustainability requirements, and Vietnam's impending 2027 framework. Investment in ESG data infrastructure has increased by 156% year-over-year, yet integration with existing financial systems remains the most cited implementation challenge.
Geopolitical volatility has fundamentally altered treasury strategy across the region. With 62% of CFOs ranking geopolitical risk among their top three concerns, hedging ratios have expanded from 45% to 62% of foreign exchange exposures. Banking relationship diversification has accelerated, with the average multinational now maintaining relationships with 4.7 banking partners compared to 3.2 in 2024. Supply chain finance programs have grown by 89%, reflecting the critical need for working capital optimization in uncertain times.
The survey underscores a profound evolution in the CFO mandate itself. No longer confined to traditional stewardship of financial resources, today's ASEAN CFO operates as a strategic architect, technology champion, sustainability leader, and risk orchestrator. This report provides the data, analysis, and actionable recommendations that finance leaders need to navigate this transformational moment.
Survey Methodology & Demographics
This study represents the most comprehensive examination of CFO perspectives across the ASEAN region to date. Our research team conducted structured interviews and detailed questionnaires with 312 Chief Financial Officers and equivalent senior finance executives between September and November 2025.
The geographic distribution of respondents ensures representative coverage across ASEAN's major economies: Thailand (68 respondents, 22%), Vietnam (61 respondents, 20%), Indonesia (58 respondents, 19%), Singapore (52 respondents, 17%), Malaysia (42 respondents, 13%), and Philippines (31 respondents, 10%). This distribution reflects both economic significance and the relative concentration of multinational operations within each market.
Company size segmentation captures the full spectrum of corporate scale: enterprises with annual revenues between USD 50-100 million (18%), USD 100-500 million (34%), USD 500 million to 1 billion (26%), USD 1-5 billion (15%), and above USD 5 billion (7%). This stratification enables analysis of how challenges and priorities vary with organizational complexity.
Industry representation spans six major sectors: Manufacturing (27%), Financial Services (21%), Technology (18%), Consumer Goods (14%), Healthcare (11%), and Energy & Resources (9%). Manufacturing's prominence reflects ASEAN's role as a global production hub, while Financial Services representation acknowledges the sector's outsized influence on regional economic development.
Ownership structures include publicly listed companies (41%), private enterprises (32%), multinational subsidiaries (19%), and state-owned enterprises (8%). This mix enables comparison between organizations facing public market disclosure requirements and those with greater flexibility in reporting practices.
Data collection employed a mixed-method approach combining quantitative surveys (45-minute standardized questionnaire) with qualitative deep-dive interviews (90-minute semi-structured conversations with 48 selected CFOs). All responses were collected under conditions of confidentiality, with only aggregated data reported. Statistical significance testing was applied to all comparative claims, with a 95% confidence interval maintained throughout.
Key Finding 1: The Talent Crisis Reaches Critical Mass
For the first time in our survey's history, talent acquisition and retention has claimed the top position among CFO concerns, with 67% of respondents identifying it as their primary challenge. This represents a seismic shift from 2024, when talent ranked fourth behind regulatory compliance, cost management, and technology implementation.
The talent crisis manifests differently across ASEAN markets, driven by distinct economic conditions and competitive dynamics. In Singapore, where unemployment in finance hovers at just 1.8%, CFOs report that specialized roles remain unfilled for an average of 127 days, with compensation packages for qualified candidates escalating by 18-25% year-over-year. Vietnamese CFOs face the opposite challenge: rapid economic expansion has created demand for experienced finance professionals that the educational system cannot yet satisfy, resulting in fierce competition for the limited pool of internationally trained talent.
Specific skill gaps have reached critical proportions. Demand for AI and machine learning expertise within finance functions exceeds supply by an estimated 340% across the region. ESG reporting specialists, particularly those with experience in ISSB or GRI frameworks, command premium compensation, with Thai organizations reporting 45% salary increases for qualified candidates compared to 2024. Advanced treasury management skills, including derivatives expertise and multi-currency cash management, remain chronically undersupplied.
Salary pressures have intensified across all markets. Our data indicates average base salary increases of 12% for finance professionals in 2025, significantly outpacing regional inflation rates of 3-5%. However, total compensation packages tell a more dramatic story, with signing bonuses, retention incentives, and equity participation pushing total increases to 20-30% for high-demand specialists. CFOs report that compensation now accounts for 34% of total finance function costs, up from 28% in 2023.
Retention strategies have evolved substantially in response. Flexible work arrangements, once considered perks, are now baseline expectations for 89% of finance professionals under age 35. Career development programs with clear progression pathways have become essential retention tools, with organizations offering structured programs reporting 40% lower voluntary turnover. International rotation opportunities, particularly to regional headquarters or global centers of excellence, rank among the most valued benefits for high-potential talent.
CFOs are responding with both immediate and structural interventions. Near-term tactics include expanded graduate recruitment programs (adopted by 72% of respondents), partnerships with universities for curriculum development (58%), and aggressive use of contract and consulting resources to fill immediate gaps (64%). Longer-term strategies encompass investment in automation to reduce headcount requirements for routine tasks (81%), development of internal academies for specialized skill development (47%), and geographic expansion of talent sourcing to emerging markets like Cambodia and Myanmar (23%).
The implications for finance function strategy are profound. CFOs must now integrate workforce planning as a core element of financial planning, with talent availability directly constraining growth initiatives and transformation programs. Organizations that solve the talent equation will secure decisive competitive advantage; those that fail risk strategic paralysis.
Key Finding 2: AI Adoption Reaches Inflection Point
Artificial intelligence adoption within ASEAN finance functions has crossed a critical threshold. Our survey reveals that 78% of CFOs are now actively implementing AI solutions, a dramatic acceleration from 34% in 2024 and just 12% in 2022. What was once the domain of technology-forward early adopters has become mainstream operating practice.
The deployment profile has matured significantly. Invoice processing automation leads adoption at 84% of AI-implementing organizations, driven by compelling ROI metrics: average processing costs have declined from USD 15.40 per invoice to USD 3.20, while processing time has compressed from 8.3 days to 1.4 days. Cash flow forecasting represents the second most common application at 71%, with CFOs reporting 31% improvement in forecast accuracy at 90-day horizons. Fraud detection systems have been deployed by 67% of AI-implementing organizations, with one Singapore-based multinational reporting that its AI system identified USD 4.2 million in potentially fraudulent transactions within its first six months of operation.
ROI realization has exceeded expectations for most early movers. Organizations with AI implementations exceeding 18 months report average efficiency gains of 23% in transaction processing volumes handled per FTE. More significantly, 68% of these organizations report qualitative improvements in decision-making quality, citing faster access to relevant data and more sophisticated scenario analysis capabilities. The payback period for AI investments has compressed from an average of 34 months in 2023 to 19 months in 2025, reflecting both declining implementation costs and accelerating benefit realization.
Implementation barriers persist despite the optimistic adoption trajectory. Data quality emerges as the primary obstacle, cited by 73% of respondents as a significant or critical challenge. Legacy ERP systems, many dating from the 2005-2015 implementation wave, often lack the data architecture required for effective AI deployment. Change management represents the second major barrier at 61%, with finance teams expressing concerns about job security, skill obsolescence, and the reliability of AI-generated recommendations. Integration complexity rounds out the top three barriers at 54%, particularly for organizations operating multiple ERP instances across their ASEAN footprint.
Maturity levels vary substantially across the region. Singapore leads with 89% of surveyed CFOs reporting active AI implementation, followed by Malaysia at 82% and Thailand at 76%. Vietnam presents an interesting case: while overall adoption stands at 71%, the implementations tend to be more advanced, with Vietnamese organizations frequently leapfrogging legacy systems to deploy cloud-native AI solutions. Indonesia and Philippines trail at 68% and 59% respectively, though both markets show the highest year-over-year growth rates, suggesting rapid catch-up is underway.
Generative AI represents the emerging frontier. While only 23% of surveyed organizations have deployed generative AI in production finance processes, 67% are conducting pilots or evaluations. Use cases include automated narrative generation for management reporting, intelligent query responses for business partners, and draft preparation of regulatory filings. CFOs express cautious optimism, balancing enthusiasm for productivity potential against concerns about accuracy, auditability, and regulatory acceptance.
The strategic implications extend beyond efficiency. CFOs increasingly view AI capability as a prerequisite for competitive positioning, with 74% agreeing that organizations failing to achieve AI proficiency within three years will face significant strategic disadvantage. Investment commitments reflect this conviction: AI-related spending within finance functions is projected to grow 67% annually through 2028, outpacing all other technology categories.
Key Finding 3: ESG Reporting Transformation
Environmental, Social, and Governance reporting has undergone a fundamental transformation from peripheral corporate responsibility initiative to core financial function accountability. Our survey reveals that 83% of ASEAN CFOs now maintain direct oversight of their organization's ESG reporting processes, up from 54% in 2024 and just 31% in 2022. This represents one of the most significant expansions of CFO responsibility in recent decades.
The regulatory landscape driving this transformation varies substantially across ASEAN markets. Singapore has moved most aggressively, with mandatory ISSB-aligned climate disclosures taking effect for listed companies in fiscal year 2025, and Scope 3 emissions reporting required from 2027. Thailand's Stock Exchange of Thailand (SET) has enhanced its sustainability reporting requirements, mandating expanded disclosure across all ESG dimensions for SET100 companies from 2026. Vietnam has announced comprehensive ESG reporting requirements effective 2027, while Indonesia's Financial Services Authority (OJK) continues phased implementation of its sustainable finance roadmap.
Investment in ESG data infrastructure has surged in response to these requirements. Our survey indicates a 156% year-over-year increase in ESG-related technology spending, with the average large enterprise now allocating USD 2.3 million annually to ESG data management systems, compared to USD 890,000 in 2024. This investment spans data collection platforms, calculation engines for emissions and other metrics, assurance support tools, and reporting systems capable of producing outputs aligned with multiple frameworks simultaneously.
Integration with existing financial systems represents the most significant implementation challenge, cited by 71% of respondents. ESG data often originates from operational systems not designed for financial-grade data governance, including facilities management systems, HR platforms, procurement databases, and supply chain visibility tools. Achieving the auditability standards expected for financial reporting requires substantial investment in data lineage documentation, control frameworks, and reconciliation processes.
The scope of ESG reporting responsibility continues to expand. Beyond environmental metrics, CFOs are increasingly accountable for social indicators including workforce diversity, employee wellbeing, and supply chain labor practices, as well as governance metrics encompassing board composition, executive compensation alignment, and business ethics. This expansion strains finance team capabilities, with 64% of CFOs reporting that they lack sufficient in-house expertise to meet their ESG reporting obligations without external support.
Assurance requirements add another layer of complexity. While only 34% of surveyed organizations currently obtain independent assurance on their ESG disclosures, 78% anticipate doing so within three years as regulatory requirements and stakeholder expectations evolve. The assurance profession is rapidly developing methodologies for ESG attestation, but CFOs express concern about the maturity of available standards and the cost of obtaining meaningful assurance.
Strategic opportunity accompanies these compliance obligations. CFOs who have achieved advanced ESG reporting capabilities report tangible benefits including improved access to sustainability-linked financing (average interest rate reduction of 15-25 basis points), enhanced investor relations with ESG-focused funds, and strengthened brand positioning with environmentally conscious consumers. The transition from compliance burden to strategic asset represents the next frontier for ESG-forward finance functions.
Key Finding 4: Geopolitical Risk Reshapes Treasury Strategy
Geopolitical volatility has emerged as a defining characteristic of the ASEAN operating environment, fundamentally reshaping treasury strategy across the region. Our survey reveals that 62% of CFOs now rank geopolitical risk among their top three concerns, reflecting the practical implications of trade tensions, supply chain disruptions, and policy uncertainty for corporate financial management.
Currency hedging practices have intensified dramatically. Average hedge ratios across surveyed organizations have expanded from 45% to 62% of foreign exchange exposures, representing a substantial increase in risk management activity. The composition of hedging programs has also evolved, with CFOs increasingly employing option-based strategies (adopted by 47% of active hedgers, up from 31% in 2024) to maintain flexibility while limiting downside exposure. Cross-currency swaps have gained prominence for managing long-term structural exposures, particularly among organizations with significant USD-denominated debt.
Banking relationship diversification has accelerated as organizations seek to reduce concentration risk. The average multinational operating in ASEAN now maintains active relationships with 4.7 banking partners, compared to 3.2 in 2024. This diversification extends beyond transactional banking to encompass credit facilities, with 56% of surveyed organizations maintaining committed facilities with at least three separate banking groups. Regional banks have benefited disproportionately from this trend, with Kasikornbank, CIMB, and Bank Mandiri all cited as gaining market share from global competitors.
Supply chain finance programs have experienced 89% growth in utilization, reflecting the critical importance of working capital optimization in uncertain environments. Reverse factoring programs, in which buyers extend their payment terms while enabling suppliers to access early payment at favorable rates, have proven particularly popular. CFOs report that these programs simultaneously improve their own working capital metrics while strengthening relationships with critical suppliers facing their own liquidity pressures.
Cash repatriation strategies have become more sophisticated in response to currency volatility and regulatory variation. Organizations are increasingly implementing regional treasury centers, with Singapore and Thailand serving as the most common locations, to optimize the timing and routing of cross-border cash movements. The average treasury team now monitors cash positions across 8.4 currencies, up from 5.7 in 2023, reflecting both geographic expansion and increased currency disaggregation.
Contingency planning has moved from theoretical exercise to operational necessity. Our survey indicates that 73% of organizations have developed detailed playbooks for potential disruption scenarios including currency crises, trade barriers, and political instability. These playbooks specify pre-authorized actions, decision trees, and communication protocols designed to enable rapid response when conditions deteriorate. CFOs report that the development of these contingency frameworks has improved their confidence in the organization's resilience, even if the plans never require activation.
Country Spotlight: Thailand
Thailand's finance function landscape reflects the kingdom's position as ASEAN's second-largest economy and a manufacturing powerhouse undergoing significant structural transformation. Our 68 Thai respondents provide insight into the distinctive challenges and opportunities facing CFOs in this market.
The electric vehicle transition dominates strategic planning for manufacturing-focused CFOs. Thailand has emerged as ASEAN's EV production hub, with government incentives attracting USD 7.2 billion in committed investment from global manufacturers including BYD, Great Wall, and Mercedes-Benz. Finance functions are grappling with the capital intensity of facility retooling, the uncertain timeline for return on investment, and the risk of stranded assets in traditional automotive supply chains. CFOs report that EV-related capital expenditure decisions now represent their most consequential strategic choices.
Tax compliance complexity has intensified with the implementation of e-Tax Invoice and e-Receipt systems. While the digitization ultimately promises efficiency gains, the transition period has imposed substantial burden on finance teams. Our survey indicates that Thai organizations have invested an average of USD 340,000 in e-Tax compliance, including system modifications, process redesign, and staff training. Ongoing compliance costs remain elevated as organizations work through exceptions and edge cases in the new framework.
The Thai talent market presents acute challenges in specialized domains. Demand for IFRS expertise has surged as organizations prepare for enhanced disclosure requirements, yet qualified professionals remain scarce. AI and data analytics skills command significant premiums, with experienced practitioners earning 35-50% above market averages. The concentration of educational institutions in Bangkok creates geographic mismatches, with organizations operating facilities in the Eastern Economic Corridor or Northern industrial zones facing particular recruitment difficulties.
Shared services optimization represents a priority for multinational CFOs. Thailand has emerged as a preferred location for regional shared services centers, with favorable cost structures, adequate English language capability, and geographic centrality within ASEAN. However, CFOs report that initial cost savings have moderated as wage inflation and competition for talent have intensified. Organizations are responding with increased automation investment, with 78% of Thai shared services centers now implementing robotic process automation for high-volume transactions.
Country Spotlight: Vietnam
Vietnam's finance function environment reflects the dynamism of Southeast Asia's fastest-growing major economy. With GDP growth consistently exceeding 6% and foreign direct investment reaching historic highs, CFOs in Vietnam navigate the distinctive challenges of hypergrowth management while preparing for significant regulatory transformation.
Growth management complexity distinguishes the Vietnamese CFO experience. Our 61 Vietnamese respondents report average revenue growth rates of 18% annually, creating pressure on financial planning, working capital management, and control frameworks. Scaling finance function capabilities to match business expansion represents a persistent challenge, with CFOs frequently operating with staffing levels 15-25% below what they consider optimal. The tension between seizing growth opportunities and maintaining adequate financial controls defines daily decision-making.
IFRS convergence represents the defining compliance initiative for Vietnamese CFOs. Vietnam has announced mandatory IFRS adoption for publicly traded companies effective 2028, requiring fundamental transformation of accounting systems, processes, and team capabilities. Our survey indicates that 67% of affected organizations have commenced IFRS readiness programs, with average projected implementation costs of USD 1.2 million for large enterprises. The shortage of IFRS-qualified professionals creates particular strain, with organizations competing intensively for the limited pool of Big Four alumni with relevant experience.
Vietnam's e-Invoice mandate, fully effective from July 2024, positions the country as a regional leader in tax digitization. While implementation challenges persisted through the transition period, CFOs now report significant efficiency gains. Processing costs have declined by an average of 42%, while real-time visibility into transaction data has improved VAT management and cash flow forecasting. The e-Invoice infrastructure has also created a foundation for further digitization, with electronic customs declarations and automated tax filing representing logical next steps.
Manufacturing supply chain finance has experienced particular growth in Vietnam, with CFOs implementing sophisticated programs to support the complex supplier ecosystems that characterize the country's export manufacturing sector. Programs enabling foreign buyers to extend early payment to Vietnamese suppliers have grown by 134% year-over-year, reflecting both the scale of manufacturing activity and the working capital constraints facing small and medium supplier enterprises.
Country Spotlight: Indonesia
Indonesia's finance function landscape reflects the scale and complexity of Southeast Asia's largest economy. Our 58 Indonesian respondents provide insight into the distinctive challenges of operating across this archipelago nation of 280 million people and 17,000 islands.
Regulatory complexity represents the foremost challenge for Indonesian CFOs. The multilayered regulatory environment encompassing national taxation, regional levies, sector-specific requirements, and foreign investment rules creates substantial compliance burden. Our survey indicates that Indonesian organizations allocate an average of 14% of finance function resources to regulatory compliance activities, compared to 9% in Singapore and 11% in Thailand. The pace of regulatory change has intensified, with CFOs reporting an average of 23 material regulatory updates requiring assessment in 2025 alone.
Cash management across Indonesia's geographic dispersion presents unique operational challenges. Organizations operating facilities across multiple islands face the practical reality of variable banking infrastructure, inconsistent internet connectivity, and physical distances that complicate centralized treasury operations. Multi-bank cash concentration structures have become essential, with 84% of surveyed organizations employing automated sweeping mechanisms to consolidate balances from provincial accounts. Mobile banking infrastructure has improved substantially, enabling electronic payments even in remote locations, though reconciliation across multiple platforms adds complexity.
Shared services center development has accelerated as Indonesian organizations seek efficiency gains while managing talent constraints. Jakarta remains the predominant location, though secondary centers in Surabaya and Bandung have emerged as organizations balance cost considerations against talent availability. Our survey indicates that Indonesian shared services centers achieve average cost savings of 28% compared to distributed operations, though the magnitude of savings has compressed from 35% five years ago as Jakarta's cost structure has evolved.
Foreign investment optimization continues to evolve as Indonesia's regulatory framework matures. Recent revisions to the negative investment list have expanded opportunities for foreign participation in previously restricted sectors, requiring CFOs to reassess corporate structures and investment strategies. Transfer pricing scrutiny has intensified, with the Directorate General of Taxes demonstrating increased sophistication in examining intercompany transactions. CFOs report that documentation requirements have expanded significantly, with average preparation time for transfer pricing documentation increasing by 45% year-over-year.
Country Spotlight: Singapore
Singapore's finance function environment reflects the city-state's position as ASEAN's financial hub and a global center for corporate treasury operations. Our 52 Singaporean respondents, many serving as regional CFOs or treasury directors with ASEAN-wide responsibility, provide insight into the distinctive pressures and opportunities characterizing this market.
AI implementation maturity distinguishes Singapore from its regional peers. With 89% of surveyed CFOs reporting active AI implementation, Singapore leads ASEAN adoption by a significant margin. More notably, the depth of implementation exceeds regional averages, with 47% of Singapore-based organizations operating AI systems in production for more than two years. Use cases have expanded beyond transactional automation to encompass sophisticated applications including real-time working capital optimization, dynamic credit risk assessment, and automated regulatory reporting preparation.
Regional treasury center operations represent core competency for Singapore-based finance functions. The city-state hosts treasury operations for over 4,000 multinational corporations, managing cash pooling, intercompany financing, and risk management activities across ASEAN and beyond. Our survey reveals that treasury teams manage an average of USD 2.8 billion in daily payment flows, with sophisticated cash forecasting systems achieving 94% accuracy at seven-day horizons. The competitive advantage of Singapore's treasury infrastructure has intensified with the implementation of FAST payment rails and the expansion of multi-currency payment capabilities.
Cost pressure represents an intensifying challenge despite Singapore's efficiency advantages. Real estate costs, talent compensation, and regulatory compliance burden have all increased, compressing the cost advantage that historically justified Singapore's premium pricing. Our survey indicates that 34% of Singapore-based regional finance functions are actively evaluating partial relocation of activities to lower-cost locations, with Malaysia, Thailand, and Vietnam most frequently cited as potential destinations. However, only 12% of these organizations have executed significant migration, reflecting the difficulty of replicating Singapore's unique combination of talent, infrastructure, and regulatory environment.
Sustainability reporting leadership positions Singapore as a model for the region. The Accounting and Corporate Regulatory Authority's mandatory climate reporting requirements, aligned with ISSB standards, have forced Singapore-listed companies to develop sophisticated sustainability reporting capabilities ahead of regional peers. CFOs report that this early investment is yielding competitive advantage, with investors and customers increasingly favoring organizations that can demonstrate credible sustainability performance through robust disclosure.
Investment Priorities 2026-2028
Technology investment within ASEAN finance functions is accelerating at an unprecedented pace. Our survey reveals that CFOs plan to increase technology-related spending by an average of 45% compared to 2024 levels, representing the most aggressive investment cycle in at least a decade. This acceleration reflects both accumulated demand from pandemic-era deferrals and recognition that technology capability has become essential for competitive finance function performance.
ERP modernization represents the largest investment category, accounting for 31% of planned technology spending. However, the nature of ERP investment has fundamentally shifted. While 78% of organizations operated on-premises ERP systems in 2020, our survey indicates that 67% of planned ERP investments target cloud-native or SaaS deployments. This transition reflects both the operational advantages of cloud platforms and the strategic imperative to establish data architecture capable of supporting AI and advanced analytics.
Analytics and AI constitute the fastest-growing investment category, with planned spending increases of 67% annually through 2028. CFOs are moving beyond discrete point solutions toward integrated analytics platforms capable of supporting multiple use cases across the finance function. Investment priorities include enhanced forecasting and planning capabilities (cited by 84% of respondents), real-time performance visibility (76%), and predictive risk identification (71%). The emergence of generative AI has added another dimension, with 58% of CFOs including generative AI exploration in their investment plans.
Cybersecurity has achieved non-negotiable status in finance function investment planning. Our survey reveals that 91% of CFOs consider cybersecurity investment essential regardless of budget constraints, reflecting both the increasing sophistication of threats targeting financial systems and the regulatory expectations for data protection. Average cybersecurity spending within finance functions has increased by 78% since 2023, with particular emphasis on identity management, endpoint protection, and security monitoring capabilities.
Process automation investment continues to mature, with organizations moving beyond initial robotic process automation deployments toward more sophisticated intelligent automation platforms. The focus has shifted from simple task automation to end-to-end process optimization, with 73% of planned automation investments targeting cross-functional processes such as procure-to-pay and order-to-cash. Integration platform investment has increased correspondingly, as organizations recognize that automation value depends on seamless connectivity across previously siloed systems.
Talent development represents a critical but often underestimated investment category. CFOs report allocating an average of USD 3,400 per finance FTE annually to training and development, with emphasis on technical skills including data analytics, AI literacy, and ESG expertise. Organizations with above-average training investment report significantly higher employee engagement scores and 34% lower voluntary turnover, suggesting that development investment delivers returns beyond pure skill enhancement.
The Evolving CFO Role
The scope and nature of the CFO role in ASEAN has undergone fundamental transformation. Our survey reveals that 91% of CFOs now sit on their organization's executive committee, compared to 76% five years ago. More significantly, the nature of CFO contribution to executive decision-making has expanded dramatically beyond traditional financial stewardship.
Time allocation data illustrates this evolution. CFOs report spending an average of 34% of their time on strategic planning and business partnership activities, up from 22% in 2020. Transactional and compliance activities, while still essential, now consume just 28% of CFO time, down from 41% five years ago. Technology and digital transformation initiatives claim 18% of time allocation, reflecting the CFO's expanded role in driving operational improvement through technology investment.
The tension between strategic partnership and risk stewardship defines the modern CFO experience. Our qualitative interviews revealed consistent themes around this duality. CFOs describe pressure to be aggressive growth enablers while simultaneously serving as guardians against excessive risk-taking. The most effective CFOs report developing explicit frameworks for navigating this tension, typically involving clear articulation of risk appetite boundaries within which they actively support business expansion.
ESG leadership represents the most significant new responsibility acquisition. Beyond the compliance dimensions discussed earlier, CFOs are increasingly accountable for sustainability strategy, target-setting, and performance delivery. This represents a substantial expansion of scope, with 47% of surveyed CFOs reporting that ESG responsibilities consume more time than anticipated when the accountability was assigned.
Talent development has emerged as a critical CFO priority. Recognizing that finance function effectiveness depends fundamentally on team capability, CFOs are investing unprecedented attention in recruitment, development, and retention activities. The average CFO reports spending 12% of time on talent-related activities, a figure that has doubled over the past three years. This investment reflects both the competitive intensity of the talent market and the recognition that building world-class finance capability requires sustained leadership attention.
Succession planning and personal development complete the picture. With the average ASEAN CFO tenure at 4.3 years, effective succession planning has become essential for organizational continuity. CFOs report increased focus on developing their leadership teams and ensuring knowledge transfer across generations of finance leadership. Simultaneously, CFOs are investing in their own development, with 78% participating in external development programs and 54% engaging executive coaches to enhance their effectiveness in the expanded role.
Strategic Recommendations
Based on our comprehensive analysis of survey findings, we offer five strategic recommendations for ASEAN CFOs navigating the 2026 environment.
First, treat talent strategy as a core finance function priority. The data conclusively demonstrates that human capital constraints represent the binding limitation on finance function effectiveness. CFOs should develop comprehensive workforce plans that integrate hiring projections, skill development roadmaps, retention initiatives, and automation strategies into cohesive talent ecosystems. Organizations that solve the talent equation will secure decisive competitive advantage. Specific actions include establishing university partnerships for curriculum influence and graduate recruitment, implementing structured career development frameworks, and deploying retention programs targeted at critical skill populations.
Second, accelerate AI adoption while managing implementation risk. The inflection point has arrived; organizations that defer AI investment will find themselves at structural disadvantage within three years. However, successful implementation requires disciplined attention to data quality, change management, and governance frameworks. CFOs should establish AI centers of excellence within their organizations, ensure robust data foundation before launching AI initiatives, and implement clear governance frameworks addressing algorithmic accountability and decision auditability.
Third, transform ESG reporting from compliance burden to strategic capability. The regulatory trajectory is clear: comprehensive ESG disclosure will become mandatory across ASEAN within five years. Organizations that build robust ESG capabilities now will benefit from improved financing terms, enhanced stakeholder relationships, and reduced compliance cost when requirements intensify. Specific actions include integrating ESG data collection into existing financial processes, establishing assurance-ready control frameworks, and developing expertise in emerging reporting standards including ISSB and regional variations.
Fourth, stress-test treasury operations for geopolitical disruption scenarios. The operating environment has become permanently more volatile; assumptions of stability are no longer tenable. CFOs should conduct comprehensive scenario analysis, develop response playbooks for identified risks, and ensure sufficient flexibility in banking relationships, hedging programs, and liquidity structures to weather potential disruptions. Specific actions include diversifying banking relationships, expanding hedge ratio coverage, implementing cash visibility across all operating entities, and establishing contingency credit facilities.
Fifth, invest in technology infrastructure as a foundation for future capability. The technology investments made in 2026-2028 will determine finance function competitiveness for the following decade. CFOs should prioritize cloud-native architectures that enable flexibility and scalability, ensure integration capabilities that support data flow across previously siloed systems, and establish data governance frameworks that create confidence in the information foundation underlying all other capabilities.
These recommendations share a common thread: the most successful ASEAN CFOs in 2026 and beyond will be those who embrace expanded scope while maintaining rigorous execution on foundational responsibilities. The CFO role has evolved; those who evolve with it will thrive.
Methodology Appendix
Survey Administration: The 2026 ASEAN CFO Survey was conducted between September 1 and November 30, 2025. Respondents were recruited through a combination of direct outreach to known CFO populations, partnership with professional associations including national CFO forums in each surveyed country, and referral sampling to ensure coverage of organizations not represented in accessible databases.
Qualification Criteria: Eligible respondents held the title of Chief Financial Officer, Group Finance Director, or equivalent senior finance leadership position with responsibility for enterprise-wide financial management. Respondents from organizations with annual revenues below USD 50 million were excluded to ensure comparability across the sample.
Data Collection Method: Primary data collection employed a web-based survey instrument hosted on a secure platform. The questionnaire comprised 127 questions across ten sections, requiring approximately 45 minutes for completion. Qualitative interviews were conducted via video conference, following a semi-structured interview guide developed in consultation with academic advisors.
Quality Assurance: All survey responses were reviewed for completeness and consistency. Responses failing quality checks, including those with excessive missing data or inconsistent responses to validation questions, were excluded from analysis. The final sample of 312 respondents represents a completion rate of 73% among qualified respondents who initiated the survey.
Statistical Methodology: Quantitative analysis employed standard statistical techniques including descriptive statistics, cross-tabulation, and significance testing. Comparative claims between groups or time periods were tested for statistical significance at the 95% confidence level. Sample sizes for country-specific and industry-specific analyses are reported throughout to enable assessment of precision.
Limitations: Survey results reflect self-reported data from a sample of CFOs and may not be representative of all finance professionals in the region. Response bias may affect findings, particularly for questions addressing sensitive topics. Year-over-year comparisons should be interpreted with caution given variations in sample composition between survey waves.
Research Team: This survey was designed and executed by the Acua Research Institute in partnership with academic collaborators from leading universities across ASEAN. For questions about methodology or findings, please contact research@acua.ai.
