ASEAN countries including Singapore, Malaysia, Thailand and Indonesia now have integrated domestic QR payment systems. Full interoperability is expected under Project Nexus—due by 2026—to enable cross-border transactions in local currencies.
1. Progress to Date
As of April 2025, SGQR+ in Singapore is interoperable with Malaysia’s DuitNow, Thailand’s PromptPay, and Indonesia’s QRIS. The initiative ensures seamless retail payments across borders using native currencies.
2. Benefits for Banks and SMEs
Retail banks and fintech firms can offer multi-currency receipt and payment solutions without foreign exchange overhead. SMEs benefit from frictionless trade, reduced USD reliance, and faster cash flows.
3. Project Nexus and the Digital Push
Project Nexus, led by ASEAN states and BIS, targets full LCT framework integration by 2026. This policy shift aligns with broader financial inclusion and de-dollarization goals in Southeast Asia.
4. Implementation Risks
Interoperability depends on consistent merchant acceptance rules, settlement systems, and cybersecurity standards. Divergent banking regulations across nations could delay seamless rollout.
Editor’s Note:
ASEAN’s QR integration pushes digital banking beyond fintech into evolutionary infrastructure. Cross-border digital solutions will soon be a standard offering among regional banks.
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asean‑qr‑payments, sgqr‑integration, fintech‑infrastructure, cross‑border‑banking