Kuala lumpur: ASEAN cross-border Quick Response (QR) payment transactions reached a significant milestone with 12.9 million transactions recorded in the first half of 2025, as announced by Bank Negara Malaysia Governor Datuk Seri Abdul Rasheed Ghaffour. This achievement is seen as a precursor to further regional integration as additional cross-country payment linkages are actively being explored.

According to BERNAMA News Agency, Abdul Rasheed highlighted the role of initiatives like Project Nexus, which is co-led by Malaysia, in advancing digital payments across the region. Project Nexus facilitates the linking of instant payment systems, allowing for near-instant retail transactions across borders. This initiative is part of a broader effort to enhance regional connectivity and streamline financial interactions.

Beyond improving transaction speed and efficiency, Project Nexus is also poised to enhance financial inclusion, Abdul Rasheed noted. It provides opportunities for workers, micro-entrepreneurs, and underserved communities to engage in the integrated economy without the complexities of traditional banking systems, all enabled by advancements in digital finance.

Furthermore, the financial sector is focusing on promoting local currency settlements and enhancing banking and capital market connectivity. Such measures aim to assist businesses across ASEAN in maximizing their potential, supporting economic growth throughout the region.

On a policy level, the ASEAN Digital Economy Framework Agreement (DEFA) is considered a pivotal step towards a unified digital economy. By standardizing rules concerning data governance, e-payments, digital identity, and cybersecurity, DEFA is creating a foundation for a secure, scalable, and inclusive digital marketplace. These developments are opening up new opportunities for millions to benefit from the digital economy, Abdul Rasheed concluded.