ASEAN+3’s Path to Faster, More Inclusive Cross-Border Payments

Yasuto Watanabe, Chief Executive of AMRO, addressed the Bangkok Digital Finance Conference on October 15, 2026, discussing ways to accelerate and simplify cross-border payments in ASEAN+3. He stressed the importance of faster, cheaper, and transparent transactions, while promoting financial inclusion and the use of local currencies. However, global progress on these goals remains behind the G20 targets, particularly for timely wholesale transactions.

In terms of progress, ASEAN+3 has made significant strides in retail connectivity through QR payments and linked instant payment systems, such as the Thailand-Singapore PromptPay-PayNow integration. Moreover, Project Nexus represents a multilateral model for integrating payment systems across various economies, thereby streamlining access to regional markets.

Despite these advancements, the development of wholesale cross-border payment systems remains challenging due to the necessity for coordinated settlement systems and secure foreign exchange arrangements.

Recognizing the diversity of economies, a one-size-fits-all approach to cross-border payments may not be suitable. For instance, emerging economies might prioritize financial inclusion and remittance facilitation, while more advanced regions could be more focused on refining their infrastructure. Thailand exemplifies this with its robust network for regional payments and participation in projects like Project Nexus and initiatives exploring tokenization.

On the other hand, Japan's existing domestic system is being enhanced for cross-border capabilities through Project Agora.

The successful integration of these models relies on harmonious collaboration, taking into account the diverse regulatory frameworks and economic contexts of each country. The evolving landscape of cross-border payments requires tailored solutions to meet the unique needs and challenges of each economy within ASEAN+3.