There was only one championship held in Asia from 1994 until 2002, organized and promoted by Motorsport Asia Ltd. It was established to assist young Asian drivers make the transition from karting to European formulae such as Formula Ford and Formula Renault. Rounds were held in India, Indonesia, Malaysia and China. A special invitation race was also held annually at the Macau Grand Prix. It was replaced by Formula BMW Asia in 2003.
Drivers who have taken part in Formula Asia include: Michael Vergers, Narain Karthikeyan, Alex Yoong, Ananda Mikola, Satrio Hermanto, Takuma Sato, Mark Goddard, Parthiva Sureshwaren, Karun Chandhok, Denis Lian, Jim Ka To and Danny Watts.
Past champions 
- 1996 Narain Karthikeyan
- 1997 Bagoes Hermanto
- 1998 Ben Walsh
- 1999 Nattapong Horthongkum
- 2000 Ng Wai-Leong
- 2001 Karun Chandhok
- 2002 Denis Lian
Macau Asian Formula 2000 Challenge winners 
- Ex-model aims to be racing success BBC Sport Motorsport Tuesday, 15 March 2005, 12:04 GMT
- Watts Turns on The Power on His Way to Asian Formula 2000 Challenge Victory www.macau.grandprix.gov.mo 2002 Macau Grand Prix official website press release.
- DESCOMBES DOES IT AGAIN 48th Macau Grand Prix. Retrieved on 28 October 2011.
- Watts Turns on The Power on His Way to Asian Formula 2000 Challenge Victory 49th Macau Grand Prix. Retrieved on 28 October 2011.