The Future of Real-Time Cross-Border Payments in Asia: Embracing Choice

For those observing the slow and often unpredictable development of real-time cross-border payment networks in Asia, the journey has felt much like watching paint dry on a rainy day. The initial excitement was palpable—the promise of seamless transactions, revolutionary change, and system-wide integration seemed just within reach. Yet, here we are, navigating the same cycles of waiting and cautious optimism.

The path has been anything but straightforward. Multi-lateral networks like the ASEAN Payments Network have sought to link national systems for streamlined cross-border transactions. However, logistical, infrastructural, and regulatory hurdles have slowed their progress. While the vision was grand—creating a system where a small business owner in Bangkok could effortlessly pay their supplier in Jakarta—the reality has proven a winding, often frustrating road. Instead of one unified network, the region has developed a patchwork of overlapping, sometimes competing initiatives.

It raises questions about whether uniformity is necessary or even realistic. Perhaps Asia’s diversity isn’t a weakness but a strength. Options, after all, foster resilience, innovation, and choice. Much like a garden of many flowers, where diversity ensures that when one plant struggles, another thrives, the fragmented landscape of cross-border payments offers numerous routes for businesses and consumers.

These varied pathways include bilateral agreements, like Thailand’s PromptPay and Singapore’s PayNow, as well as broader frameworks such as the Regional Payment Connectivity initiative. Each system caters to different needs—cost, speed, user experience, and compliance—and while this might seem overly complex, it reflects adaptability rather than inefficiency. Many initiatives compete, but this competition drives innovation and ensures better solutions for users.

Of course, challenges remain. Regulatory differences across Asia, infrastructure disparities, and competing market players all hinder the journey toward fully integrated systems. Some critics suggest that focusing on a single, perfect solution has stifled progress. Instead, embracing diversity and understanding that “many flowers blooming” could offer the answer might reshape expectations and focus efforts on flexibility rather than uniformity.

The shift towards choice has its benefits, though it can be overwhelming. Businesses now can select from diverse options tailored to their needs, whether prioritising speed, lower fees, or enhanced transparency. Similarly, individuals—ranging from migrant workers to businesses—benefit from having multiple payment channels that allow for more personalisation and convenience.

Asia’s payment network challenges are thus opportunities. While multi-lateral systems move at a slow pace, smaller, agile competitors foster innovation and competition. The ecosystem may lack simplicity, but this variety creates options, flexibility, and resilience, ensuring the landscape remains robust even as challenges persist. Far from being a flaw, this diversity represents Asia’s pragmatic and forward-thinking approach to cross-border payments.