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Integrating Digital Payments in ASEAN: Harmonising Regulations and Strengthening Security for Inclusive Growth

Integrating Digital Payments in ASEAN: Harmonising Regulations and Strengthening Security for Inclusive Growth
Date:
30 January 2025
Authors:
Mahirah Mahusin, Hilmy Prilliadi
Tags:
digital payment, regulation, inclusive growth, ASEAN

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The growth of digital payment use in ASEAN has been significant, with digital payments accounting for over 50% of transactions and projected to reach US$416.60 billion by 2028. This expansion supports financial inclusion, enhances e-commerce, and bolsters micro, small, and medium-sized enterprises. However, challenges – such as interoperability, regulatory fragmentation, and data security – persist. ASEAN’s initiatives, including the Declaration on Advancing Regional Payment Connectivity and Promoting Local Currency Transaction, aim to address these issues. This policy brief emphasises the need for harmonised regulations, enhanced cross-sectoral collaboration, and robust security measures to ensure the seamless integration and sustainable growth of digital payments in the region.

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