Bank Negara Malaysia Governor Datuk Seri Abdul Rasheed stated that ASEAN cross-border Quick Response (QR) payments have surged, recording 12.9 million transactions in the first half of this year.
He said this laid the foundation for further expansion, and more cross-border linkages are currently being explored and implemented to deepen regional connectivity.
“Building on initiatives such as the Nexus project, which Malaysia co-leads, regional partners are extending the boundaries of digital payments.”
“By connecting cross-border instant payment systems, the Nexus project enables nearly instant retail transactions.”
He made these remarks during his keynote speech at the 48th ASEAN Federation of Economic Associations (AFEA) annual conference today (19th).
Abdul Rasheed pointed out that in addition to increasing speed and efficiency, the Nexus project can also promote financial inclusion.
“This allows employees, micro-entrepreneurs, and disadvantaged communities to participate meaningfully in an integrated economy, all thanks to digital finance, even without complex banking arrangements.”
“Apart from digital payments, the financial sector is also stepping up efforts in promoting local currency settlements and deepening interconnectivity between banking and capital markets, to help regional enterprises reach their full potential.”
Abdul Rasheed said that at the policy level, the ASEAN Digital Economy Framework Agreement (DEFA) represents a bold step forward.
“By harmonizing regulations on data governance, electronic payments, digital identity, and cybersecurity, DEFA is laying the foundation for a borderless digital economy that is secure, scalable, and inclusive by design.”
“These initiatives are creating opportunities for millions, allowing them to benefit from the digital economy.”