ASEAN-wide digital payment system, regional power grid key amid geopolitical risks
– Vivian Balakrishnan
“Under Project Nexus, Singapore, Malaysia, Thailand, the Philippines and India have a collaboration between their central banks to create a global network for instant cross-border payments.”
“This is by linking their digital payment systems Singapore’s PayNow, Malaysia’s DuitNow, Thailand’s PromptPay, the Philippines’ InstaPay and India’s Unified Payments Interface (UPI).”
“Under the wider digital economy, ASEAN is looking to realise a bloc-wide pact, the Digital Economy Framework Agreement (DEFA).”
“Malaysia, as the 2025 ASEAN chair, has called on member states to reinforce their commitment to finalising the negotiation of DEFA by the end of 2025.”
Read the full article on Channel News Asia.