Six national payment networks from five Association of Southeast Asian Nations (ASEAN) countries have signed a memorandum of understanding to form a common standards body for non-card instant retail payments, aiming to make cross-border transactions faster and safer while preserving national control.
The George Town Accord, signed in the Malaysian city for which it is named, sets a path for consistent technical and operational rules across systems serving more than 538 million people.
Signatories are Payments Network Malaysia (PayNet), Singapore’s Network for Electronic Transfers (NETS), National Payment Corporation of Vietnam (NAPAS), the Philippines’ BancNet Inc, and Indonesia’s PT Artajasa Pembayaran Elektronis and PT Rintis Sejahtera.
The cooperation launches “Next50,” a project to align cross-border standards for quick-response (QR) payments, account-to-account transfers, e-wallets and other mobile methods using near-field communication, biometrics and agentic artificial intelligence.
Early work will streamline standards and protocols, including dispute resolution, fraud prevention and scam handling, to underpin a safer and more unified regional cross-border ecosystem.
The initiative is designed to link domestic networks globally while protecting each nation’s payment sovereignty, per the announcement.
“This represents domestic payment networks’ commitment to shared ownership, practical cooperation and strategic alignment in a rapidly evolving payments industry,” PayNet Group CEO Farhan Ahmad said, calling Next50 “our answer” to the need for an industry forum to exchange insights.
NETS Group CEO Lawrence Chan said the MoU was “a step forward in ASEAN’s journey towards seamless payment connectivity and interoperability,” adding that greater linkages would “drive connectivity, trust and growth across our markets.”
Rintis Vice President Director Abraham J. Adriaansz said the framework would enhance the efficiency and timeliness of cross-border payments in line with Bank Indonesia’s 2025–2030 Payment System Blueprint.
BancNet CEO Elmarie S. Reyes said the effort would empower consumers and businesses, while NAPAS CEO Nguyen Quang Minh said it supports Vietnam’s financial inclusion and regional trade goals.