Six Asean payment networks tie up for one cross-border system to rule them all

[SINGAPORE] Six Asean payment networks on Thursday (Oct 16) have signed a memorandum of understanding (MOU) to establish a common global standards body for non-card instant retail payments.

Participating networks are Singapore’s Nets, Malaysia’s PayNet, Vietnam’s Napas, the Philippines’ BancNet and Indonesia’s Artajasa and Rintis.

The agreement was named the George Town Accord after the Malaysian city where it was signed on Oct 9, marking the beginning of the Next50 Common Standards project.

Next50 sets out a road map for the “next 50 years of payment innovation”, starting with efforts to standardise cross-border transaction standards, said a joint press release on Thursday.

These innovations will span quick response payments, account-to-account transfers, e-wallets and other mobile-based digital payment methods using Near Field Communication, biometrics, and agentic artificial intelligence.

The goal of the Accord is to “link domestic payment networks globally in a way that still protects each nation’s payment sovereignty while providing for seamless cross-border cooperation”.

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PayNet’s group chief executive Farhan Ahmad said that Next50 provides a “cross-jurisdiction industry-level space” for collaboration and exchanging insights.

The project’s immediate focus will be on streamlining technical and operational standards and protocols. Areas of focus will include dispute resolution, fraud prevention and scam handling.