Six ASEAN Payment Networks Unite to Establish Global Standards for Cross-Border Payments. Six national payment networks from five ASEAN countries have come together to sign a historic Memorandum of Understanding (MoU) to establish a common global standards body for non-card instant retail payments. The agreement, known as the George Town Accord, was signed in Penang, Malaysia, on 9 October 2025, marking a pivotal moment in regional and global financial cooperation among domestic payment schemes.
The MoU brings together six leading payment networks — Payments Network Malaysia (PayNet) from Malaysia, Network for Electronic Transfers (NETS) from Singapore, National Payment Corporation of Vietnam (NAPAS) from Vietnam, BancNet Incorporated (BancNet) from the Philippines, and Indonesia’s PT Artajasa Pembayaran Elektronis (Artajasa) and PT Rintis Sejahtera (Rintis). Collectively, these networks serve more than 538 million people across ASEAN, and their collaboration aims to create consistent, secure, and seamless cross-border payment standards that enhance financial connectivity within and beyond the region.
Under the George Town Accord, the partners will jointly embark on the Next50 Common Standards project, a long-term initiative that charts the next 50 years of payment innovation. This project focuses on standardising cross-border transaction systems encompassing QR payments, account-to-account transfers, e-wallets, and other mobile-based digital payment methods leveraging technologies such as Near Field Communication (NFC), biometrics, and agentic artificial intelligence (AI).
The goal of Next50 is to link domestic payment networks globally while safeguarding national payment sovereignty, ensuring that each country retains control over its payment infrastructure while benefiting from interoperability. Building on existing bilateral linkages across the ASEAN region, the initiative invites collaboration with other payment networks worldwide that share the same vision of interoperable, inclusive, and resilient cross-border payments.
Farhan Ahmad, Group Chief Executive Officer of PayNet, described the initiative as a crucial step forward in regional payment connectivity. “As domestic payment networks, all of us have made great strides in establishing cross-border linkages. What’s missing is a cross-jurisdiction industry-level space to collaborate and exchange operational and technical insights — a forum where we can develop common standards to strengthen resilience. Project Next50 is our answer,” he said, emphasizing shared ownership and practical cooperation among partners.
Echoing this sentiment, Lawrence Chan, Group Chief Executive Officer of NETS, noted, “This MoU signing represents a step forward in ASEAN’s journey towards seamless payment connectivity and interoperability. This collaboration will not just simplify cross-border transactions for consumers and businesses, but also strengthen the region’s digital economy. NETS is proud to be part of this pioneering partnership that drives greater connectivity, trust, and growth.”
From Indonesia, Abraham J. Adriaansz, Vice President Director of Rintis, highlighted the initiative’s potential to boost innovation: “This collaborative framework marks an important milestone in leveraging our combined expertise to strengthen services and catalyse digital payment innovation. It will enhance efficiency, cost-effectiveness, consumer protection, and timeliness of cross-border payments across ASEAN, aligning with Bank Indonesia’s 2025–2030 Payment System Blueprint.”
Meanwhile, Armand Hermawan, President Director of Artajasa, affirmed Indonesia’s readiness to support the initiative: “This collaboration is a strategic step to enhance each country’s and the region’s digital economy. We are ready to support its implementation, considering the promising potential of cross-border transactions and compliance with Indonesia’s payment system regulations.”
Elmarie S. Reyes, Chief Executive Officer of BancNet, emphasized inclusivity and trust: “This event marks a significant milestone in advancing payment interoperability across ASEAN. By working together, we are building a more connected, inclusive, and resilient digital economy that empowers consumers and businesses with greater convenience and confidence in cross-border transactions.”
Adding to the collective commitment, Nguyen Quang Minh, Chief Executive Officer of NAPAS, stated, “NAPAS has been steadfast in advancing cross-border payment connectivity to promote financial inclusion and regional cooperation. This initiative is not only a milestone for the region’s payment networks but also a catalyst for realizing our shared vision of a modern, secure, inclusive, and sustainable cross-border payment ecosystem.”
In its initial phase, Next50 will prioritise developing technical and operational standards, particularly in areas such as fraud prevention, dispute resolution, and scam handling — setting the groundwork for a safer and more unified global payment ecosystem. With this groundbreaking collaboration, ASEAN’s domestic payment networks are taking a bold step toward shaping the future of global financial connectivity, driving innovation, and fostering trust in the digital payments landscape.
About PayNet
Payments Network Malaysia (PayNet) serves as Malaysia’s national payments network, committed to accelerating the nation’s transition towards a more accessible, secure, and inclusive digital payment ecosystem. Its comprehensive retail payment suite — including DuitNow (QR and Transfer), JomPAY (Bill Payments), FPX (Online), MyDebit (Domestic Debit), MEPS, and IBG (Interbank GIRO) — forms the backbone of Malaysia’s daily digital transactions.
PayNet’s real-time QR payment system, DuitNow, is fully interoperable with domestic payment networks in Singapore, Thailand, Indonesia, and Cambodia, allowing seamless cross-border transactions across these countries. Through continuous innovation and collaboration with its stakeholders, PayNet remains dedicated to developing secure, efficient, and forward-looking payment solutions that cater to the evolving needs of consumers and businesses in Malaysia.
For more information, visit www.paynet.my.
About NETS
The NETS Group is a leading payments services organisation in Singapore, enabling seamless digital payment solutions for merchants, consumers, and banks across the entire payments ecosystem. Guided by its purpose, “Connecting Communities, Empowering Lives”, NETS aims to make a meaningful impact on the communities it serves.
As the operator of Singapore’s national debit scheme, NETS allows customers from major banks — DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and UOB — to make payments at over 150,000 acceptance points nationwide. The NETS network also supports payments from foreign cards and digital wallets such as BCA, RuPay, UnionPay, Alipay+, BHIM, as well as participating Malaysian and Thai banks, and WeChat Pay. Additionally, NETS issues the NETS FlashPay Card, NETS Motoring Card, and NETS Prepaid Card.
NETS also manages Singapore’s clearing and payment infrastructure, operating services such as FAST, Interbank GIRO, eGiro, and PayNow, and is a regional leader in providing payment and clearing solutions including Real-Time Gross Settlement and Cheque Truncation Systems. NETS is a member of the Asian Payment Network (APN) and a council member of UnionPay International.
For details, visit www.nets.com.sg.
About NAPAS
The National Payment Corporation of Vietnam (NAPAS) is a licensed payment intermediary providing financial switching and electronic clearing services across Vietnam. As the national financial switching entity and key provider of retail payment infrastructure, NAPAS collaborates with banks, payment intermediaries, and partners to diversify the country’s cashless payment landscape through card and account-based services.
NAPAS also strengthens international connectivity through partnerships with organisations such as the Asian Payment Network (APN), international card companies, and national payment institutions. It has successfully established cross-border QR code payment links with Thailand, Cambodia, and Laos, while enabling outbound transactions for NAPAS cardholders in South Korea.
Moving forward, NAPAS aims to become the most trusted retail payment network for governments, financial institutions, and consumers, driving digital transformation and financial inclusion in Vietnam.
Learn more at www.napas.com.vn.
About BancNet
BancNet, Inc. is the Philippines’ national electronic payments network, fostering interoperability among banks, e-wallet providers, and financial institutions. It enables customers to transact seamlessly across ATMs, point-of-sale (POS) terminals, online platforms, and other digital payment channels.
Founded on 17 July 1990, BancNet now comprises 110 member institutions and plays a central role in advancing the Philippines’ digital payment infrastructure. Under the Bangko Sentral ng Pilipinas (BSP) National Retail Payment System, BancNet serves as the Clearing Switch Operator (CSO) for InstaPay, the country’s real-time fund transfer service. In 2022, the BSP designated BancNet as an Operator of a Designated Payment System (ODPS), with InstaPay recognised as a Prominently Important Payment System (PIPS) — underscoring its importance in the nation’s payment ecosystem.
About Artajasa
PT Artajasa Pembayaran Elektronis (Artajasa) is a pioneering leader in Indonesia’s payment system infrastructure, renowned for its role in switching services such as ATM Bersama, ATM Bersama Debit, and ATM Bersama QR. The company connects over 80,000 ATMs and more than 90 member institutions across the country.
Beyond switching, Artajasa provides a wide range of payment, settlement, and managed services across industries, solidifying its position as a leading integrated non-cash payment enabler in Indonesia. With a focus on innovation, efficiency, and reliability, Artajasa continues to enhance the national payment ecosystem and support Indonesia’s transition toward a fully digital economy.
About Rintis
Rintis Sejahtera (Rintis) is a premier financial market infrastructure (FMI) services provider in Indonesia, uniting 100 member banks and 193 non-bank digital payment providers. Its extensive network encompasses over 100,000 ATMs and 1.25 million POS terminals, supporting the nation’s 250 million chip-based debit cards.
Through Indonesia’s QRIS (national QR code standard), Rintis enables digital transactions for more than 39 million merchants and 57 million users, with established cross-border QR payment connectivity to Malaysia, Thailand, and Singapore, and planned expansion to Japan, China, Korea, and India.
Rintis is committed to building world-class payment systems that are safe, reliable, and efficient. By promoting advanced practices in both card-based and account-to-account standards, Rintis strengthens Indonesia’s payment infrastructure and contributes to the development of a more connected ASEAN Economic Community.
For more information, visit www.jaringanprima.co.id.