The ASEAN Science and Technology Fund (also known as ASEAN Science Fund, or ASF) was established for the purpose of providing seed financing for the various programmes, projects and activities under ASEAN science and technology cooperation, as identified and approved by the ASEAN Committee on Science and Technology.

 The ASF is mainly built up from contributions by the member countries of ASEAN. However, contributions from third parties are welcome. For example, New Zealand, a Dialogue Partner of ASEAN, has made a contribution to the ASF.

 Management and utilization of the ASF is the responsibility of COST. An Advisory Body on the ASEAN Science Fund (ABASF) assists COST in establishing the guidelines and procedures for utilization of the Fund, and reviewing project proposals requesting support from the Fund.