KUALA LUMPUR: ASEAN cross-border Quick Response (QR) payment has surged, reaching 12.9 million transactions in the first half of 2025, said Bank Negara Malaysia Governor Datuk Seri Abdul Rasheed Ghaffour.
He said this sets the stage for further expansion with additional cross-country linkages being explored and implemented to deepen regional connectivity.
"Building on these initiatives like Project Nexus, which is co-led by Malaysia, regional partners are pushing the boundaries of digital payments.
"By linking instant payment systems across borders, Project Nexus enables near-instant retail transactions,” he said in his keynote address at the 48th Federation of ASEAN Economic Associations Annual Conference here today.
Abdul Rasheed said that beyond speed and efficiency, Project Nexus can also advance financial inclusion.
"It allows workers, micro-entrepreneurs and underserved communities to meaningfully participate in an integrated economy without the need for complex banking arrangements - all enabled by digital finance.
"Beyond the digital payments, the financial sector is stepping up efforts to promote local currency settlements, and deeper banking and capital market connectivity to help businesses across the region realise their potential,” he said.
Abdul Rasheed said at the policy level, the ASEAN Digital Economy Framework Agreement (DEFA) represents a bold step forward.
"By harmonising rules on data governance, e-payments, digital identity and cybersecurity, DEFA is setting the stage for a borderless digital economy -- one that is secure, scalable and inclusive by design.
"These efforts are unlocking opportunities for millions to access the benefit from the digital economy,” he added. - Bernama
