# ASEAN+3’s Path to Faster, More Inclusive Cross-Border Payments

- Link: https://www.thailand-business-news.com/opinion/334722-asean3s-path-to-faster-more-inclusive-cross-border-payments
- Published: 2026-10-26T06:31:00+07:00
- Author: News Desk

Yasuto Watanabe outlined efforts to make cross-border payments in ASEAN+3 faster,
cheaper, more transparent, and supportive of financial inclusion and local-currency
use. He noted that global progress remains below G20 targets, particularly for timely
wholesale transactions.

ASEAN+3 has advanced retail connectivity through QR payments and linked instant 
payment systems, while Project Nexus offers a multilateral model for integration.
Different economies may require tailored approaches, including tokenization and 
stablecoins, but wholesale settlement, foreign exchange coordination, and regulatory
differences remain challenges.

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**Yasuto Watanabe discussed cross-border payment advancements in ASEAN+3, emphasizing
fast, cheap transactions with regional integration through models like Project Nexus,
various digital assets, and targeted coordination efforts.**

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### The Changing Landscape of Cross-Border Payments

Yasuto Watanabe, Chief Executive of AMRO, delivered a keynote speech at the Bangkok
Digital Finance Conference on October 15, 2026. His address focused on evolving 
cross-border payment systems, emphasizing the importance of faster, cheaper, and
transparent transactions that promote financial inclusivity and the use of local
currencies. The global efforts, spearheaded by the G20’s payment roadmap, aim to
address cost, speed, and transparency challenges, although current progress falls
short of aspirations. For instance, in 2025, only 55% of wholesale cross-border 
transactions were completed within an hour against a target of 75%, highlighting
the challenges faced in the sector.

### ASEAN+3: Leading the Way in Payment Connectivity

ASEAN+3 is at the forefront of regional payment connectivity, leveraging advancements
in retail payment systems. Notable achievements include cross-border QR payments
and instant payment system linkages, as seen in the Thailand-Singapore PromptPay-
PayNow integration, which enhances speed and cost-efficiency. However, expanding
these systems entails increased complexity and costs, necessitating multilateral
solutions like Project Nexus. Nexus provides a unified approach to linking payment
systems across various economies, simplifying access to regional markets. Yet, while
retail connectivity progresses, wholesale cross-border payment systems pose greater
challenges due to the need for coordinated settlement systems and secure foreign
exchange arrangements.

### Diverse Models for Diverse Economies

Considering varied economic priorities, a single cross-border payment model may 
not suit all. As different economies possess unique policy goals, tailored systems
are essential. Emerging economies may prioritize financial inclusion and remittance
facilitation, while advanced regions focus on infrastructure refinement. Thailand
serves as an example, having established a robust network for regional payments 
and participated in projects like Project Nexus and initiatives exploring tokenization.
Conversely, Japan enhances its existing domestic system for cross-border capabilities
through projects like Project Agora. Effective regional integration relies on these
models working harmoniously, acknowledging the diversity in regulatory frameworks
and economic contexts as digital assets like stablecoins gain prominence.

Source: [From Connections to Integration: Shaping the Future of Cross-Border Payments in ASEAN+3 – ASEAN+3 Macroeconomic Research Office ](https://www.amro-asia.org/from-connections-to-integration-shaping-the-future-of-cross-border-payments-in-asean3)