Asean+3 has made strong progress on cross-border payment connectivity, but more work lies ahead
The next phase of integration will matter most
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CROSS-BORDER payments have become more convenient across Asean+3 bloc, which comprises the 11 members of Asean as well as China, Japan and South Korea.
Tourists in the region increasingly do not carry cash and there is no need for them to change currency ahead of travel. A mobile phone and a banking app are usually sufficient.
Like a Singaporean enjoying Songkran in Thailand, a Malaysian shopping in Hong Kong or an Indonesian travelling through Japan, tourists can now make payments quickly and seamlessly.
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