Overview

In terms of their combined economic prowess, the various member countries of the Association of the Southeast Asian Nations (“ASEAN”) taken together constitute the fifth largest economy in the world and have the potential to move into fourth place during the 2030 - 2050 period.[1] As a result, a wide-ranging effort is being made in order to integrate the region’s economies and financing, including the establishment of the ASEAN Economic Community (AEC) and the ASEAN Financial Integration Framework.[2] Most recently, Indonesia’s 2022 G20 Presidency has once again raised the salient issue of cross-border payments and has emphasized the fact that fast, affordable, transparent, accessible and secure payment systems will be required in order to achieve and strengthen international cross-border cooperation.[3] Furthermore, a deal that will integrate the QR-code payments of Malaysia, Singapore, Indonesia, Thailand and Singapore under a single umbrella is set to be signed in November of 2022.[4]