Cross-border payment transformation in ASEAN 2024

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Summary

Cross-border payments across Southeast Asia are being rebuilt around QR-code interoperability, account-to-account transfers, and real-time settlement rails, replacing slower and costlier correspondent-banking routes. Thailand, Singapore, Malaysia, Indonesia, Vietnam, the Philippines, Cambodia, and neighbouring markets are each building out linked payment infrastructure for travellers, SMEs, and remittance senders.

Country by country, the initiatives driving change vary widely: Thailand's tokenisation pilots and stablecoin remittance partnerships, Singapore's PayNow linkages with Thailand and India, Malaysia's DuitNow QR connectivity spanning several regional currencies, Indonesia's QRIS expansion among inbound and outbound travellers, Vietnam's NAPAS and VietQR growth, and Cambodia's Bakong integration with Alipay+ and other regional wallets. Recurring challenges persist too, including interoperability gaps between national QR standards, legacy banking infrastructure, fragmented regulation, and the financing barriers smaller merchants and SMEs still face when moving money across borders.

Regional efforts such as Project Nexus and multilateral QR-code connectivity agreements point toward a more unified payments corridor across ASEAN, with implications for how banks, fintechs, and digital wallets compete for cross-border transaction volume.

  • Covers initiatives across eight-plus ASEAN markets, from fast payment systems to blockchain-based settlement
  • Details SME-focused reforms aimed at cutting remittance costs and transaction delays

What will it take for ASEAN's patchwork of national payment schemes to function as a single, interoperable network?

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