Asean’s QR linkage push to go local could chip away at greenback’s grip
Central bank digital currencies may represent the region’s next opportunity to bypass the US dollar, experts say
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[HO CHI MINH CITY] Armed with just his phone, Singaporean digital nomad Bobby Liu pays for coffee across Asia by scanning QR codes from Thailand’s PromptPay, Indonesia’s QRIS and Malaysia’s DuitNow – all through his local banking or e-wallet apps, no cash or cards needed.
Now based in Hanoi, he’s eyeing Vietnam’s entry into this cross-border payment club, as it is linking up with Singapore, and the rest of Asean, to enable instant QR transactions across millions of merchant touchpoints.
“Imagine what that kind of instant payment can do for small businesses – it will significantly improve their cash flow,” said Liu, a fintech entrepreneur and former venture capitalist.
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