Integrating Digital Payments in ASEAN: Harmonising Regulations and Strengthening Security for Inclusive Growth
Date:
30 January 2025Type:
Policy BriefsTags:
digital payment, regulation, inclusive growth, ASEANPrint Article:
The growth of digital payment use in ASEAN has been significant, with digital payments accounting for over 50% of transactions and projected to reach US$416.60 billion by 2028. This expansion supports financial inclusion, enhances e-commerce, and bolsters micro, small, and medium-sized enterprises. However, challenges – such as interoperability, regulatory fragmentation, and data security – persist. ASEAN’s initiatives, including the Declaration on Advancing Regional Payment Connectivity and Promoting Local Currency Transaction, aim to address these issues. This policy brief emphasises the need for harmonised regulations, enhanced cross-sectoral collaboration, and robust security measures to ensure the seamless integration and sustainable growth of digital payments in the region.
