The coastal and marine environment is increasingly facing various challenges in the Asia-Pacific region due to multifaceted anthropogenic and natural reasons. This chapter explores the opportunities and challenges in promoting blue finance in enhancing a sustainable blue economy through the adoption of coastal and maritime tourism (CMT) in the Asia-Pacific region. Extant literature indicates various challenges in developing CMT in developing countries, including insufficient financing in this sector. Hence, this chapter aims to investigate how blue finance can promote sustainable development in developing countries. A conceptual framework is proposed, linking blue finance and sustainable development through strengthening the emerging blue economy, particularly by promoting sustainable CMT which can facilitate the conservation of the coastal and marine environment by transforming coastal communities into resilient communities. This chapter aims to draw some policy guidelines which might be useful for policymakers to focus on sustainable CMT as a means to stimulate the green economy through green finance and foster sustainable development.