Six of ASEAN’s key cost networks are taking a serious step towards international interoperability with the signing of the George City Accord, paving the way in which for standardised on the spot funds.

The MoU brings collectively six nationwide cost networks from 5 ASEAN international locations to ascertain a worldwide requirements physique for non-card on the spot retail funds.

The accord marks a milestone in regional efforts to align technical and operational requirements throughout borders.

The signatories are Funds Community Malaysia (PayNet), Singapore’s Community for Digital Transfers (NETS), Vietnam’s Nationwide Cost Company (NAPAS), the Philippines’ BancNet, and Indonesia’s PT Artajasa Pembayaran Elektronis and PT Rintis Sejahtera.

Collectively, they intention to allow seamless and safe interoperability for greater than 538 million individuals within the area.

Formalised underneath the George City Accord, the collaboration launches the Next50 Frequent Requirements venture, a roadmap for the following 50 years of cost innovation.

The initiative begins with efforts to standardise cross-border transaction frameworks for QR funds, account-to-account transfers, e-wallets, and different mobile-based strategies powered by applied sciences equivalent to Close to Discipline Communication (NFC), biometrics, and agentic AI.

Next50 seeks to hyperlink home cost networks globally whereas preserving nationwide cost sovereignty and enabling seamless cross-border cooperation.

Constructing on the success of present bilateral linkages, the initiative additionally invitations cost networks worldwide that share its purpose of interoperable and inclusive funds to take part.

PayNet’s Group CEO Farhan Ahmad, stated,

“As home cost networks, all of us have made nice strides in establishing cross-border linkages. What’s lacking is a cross-jurisdiction industry-level area to collaborate and change operational and technical insights – a discussion board the place we will collectively develop widespread requirements to strengthen resilience.

Challenge Next50 is our reply. This represents home cost networks’ dedication to shared possession, sensible cooperation, and strategic alignment in a quickly evolving funds {industry}.”

Featured picture: (From left) Siti Hidayati, Director, Artajasa, Roseanne T. Tan, Head, Enterprise & Relationship Administration, BancNet, Nguyen Quang Minh, Chief Govt Officer, NAPAS, Lawrence Chan, Group Chief Govt Officer, NETS, Farhan Ahmad, Group Chief Govt Officer, PayNet, Abraham J. Adriaansz, Vice President Director, RINTIS]