Six of ASEAN’s key payment networks are taking a major step toward global interoperability with the signing of the George Town Accord, paving the way for standardised instant payments.
The MoU brings together six national payment networks from five ASEAN countries to establish a global standards body for non-card instant retail payments.
The accord marks a milestone in regional efforts to align technical and operational standards across borders.
The signatories are Payments Network Malaysia (PayNet), Singapore’s Network for Electronic Transfers (NETS), Vietnam’s National Payment Corporation (NAPAS), the Philippines’ BancNet, and Indonesia’s PT Artajasa Pembayaran Elektronis and PT Rintis Sejahtera.
Together, they aim to enable seamless and secure interoperability for more than 538 million people in the region.
Formalised under the George Town Accord, the collaboration launches the Next50 Common Standards project, a roadmap for the next 50 years of payment innovation.
The initiative begins with efforts to standardise cross-border transaction frameworks for QR payments, account-to-account transfers, e-wallets, and other mobile-based methods powered by technologies such as Near Field Communication (NFC), biometrics, and agentic AI.
Next50 seeks to link domestic payment networks globally while preserving national payment sovereignty and enabling seamless cross-border cooperation.
Building on the success of existing bilateral linkages, the initiative also invites payment networks worldwide that share its goal of interoperable and inclusive payments to participate.
PayNet’s Group CEO Farhan Ahmad, said,
“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 together develop common standards to strengthen resilience.
Project Next50 is our answer. This represents domestic payment networks’ commitment to shared ownership, practical cooperation, and strategic alignment in a rapidly evolving payments industry.”
Featured image: (From left) Siti Hidayati, Director, Artajasa, Roseanne T. Tan, Head, Business & Relationship Management, BancNet, Nguyen Quang Minh, Chief Executive Officer, NAPAS, Lawrence Chan, Group Chief Executive Officer, NETS, Farhan Ahmad, Group Chief Executive Officer, PayNet, Abraham J. Adriaansz, Vice President Director, RINTIS]
