ASEAN cross-border QR payments hit $716.4m

By Aarav Garg

A joint statement issued after the 13th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in the Philippines revealed that cross-border QR payments in ASEAN reached 36.2 million transactions worth US$716.4 million in 2025.

The figures show the importance of these payment links for people across the region as P2P transfers reached 1.6 million transactions worth $305.7 million in 2025. It also mirrors an evolution of Southeast Asia’s payments mix, where QR, wallet and account-to-account options are making up a larger share of transactions across markets.

Through policy exchanges, the Roadmap for Instant Payment Connectivity will be carried out, which aims at managing cross-border payment risks, aligning oversight practices and strengthening capacity building. The statement also underscored the need for greater transparency and a shared understanding of legal and regulatory expectations to sustain momentum in regional payments connectivity.

ASEAN is also working on a regulatory comparison dashboard to reduce ambiguity, improve coordination, and support smoother cross-border payment systems. The Philippines has also made regional payments connectivity a key priority under its 2026 chairmanship theme, “Navigating Our Future, Together.”

At the meeting, financial health was identified as a regional priority. Member states agreed to create a framework to track progress, support data-driven policymaking, and encourage innovation in financial services, especially for vulnerable groups.

The statement also noted the release of the ASEAN Digital Financial Literacy Core Competency Framework in February 2026. Developed with the OECD, the framework is meant to guide countries in promoting safe and informed use of digital financial services.

The joint statement highlighted ongoing work on digital capital market products, AI-related supervision, and tools for regulators. It also mentioned plans for a white paper on regulatory and supervisory technologies to help tackle cybersecurity risks and online scams.