Six payment networks from Malaysia, Singapore, Vietnam, the Philippines and Indonesia have signed a Memorandum of Understanding (MoU) to establish a global standard for cardless cross-border payments.
A move to standardise digital transactions across ASEAN
Named the George Town Accord, this agreement forms the basis of the Next50 Common Standards project, which aims to standardise digital transactions such as QR, NFC, biometrics and AI.
This agreement forms the basis for consistent, seamless and secure technical standards and cross-border payment operations for over 538 million people in the ASEAN region involving:
- Payments Network Malaysia (PayNet) – Malaysia
- Network for Electronic Transfers (NETS) – Singapore
- National Payment Corporation of Vietnam (NAPAS) – Vietnam
- BancNet, Incorporated (BancNet) – Filipina
- PT ARTAJASA Electronic Payment (Artajasa) – Indonesia
- PT RINTIS Sejahtera (RINTIS) – Indonesia
This initiative aims to connect domestic payment systems securely and inclusively, while maintaining the sovereignty of each country. The chief executives from PayNet, NETS, NAPAS, BancNet, Artajasa and RINTIS expressed their commitment to this strategic collaboration, which is expected to strengthen the regional digital economy, increase transaction efficiency, and expand financial inclusion.
Next50 will also address fraud and transaction disputes, creating a safer global payments ecosystem.
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