Six national payment networks from five ASEAN countries have signed a memorandum of understanding (MoU) to establish a common global standards body for non-card instant retail payments. The agreement, named the George Town Accord after the Malaysian city where it was signed on 9 October 2025, marks a landmark step for regional and global financial cooperation among domestic payment schemes. The MoU lays the foundation for consistent, seamless and secure technical and operational payment standards across borders for over 538 million people, bringing together: Payments Network Malaysia (PayNet) – Malaysia Network for Electronic Transfers (NETS) – Singapore National Payment Corporation of Vietnam (NAPAS) – Vietnam BancNet Incorporated (BancNet) – Philippines PT Artajasa Pembayaran Elektronis (Artajasa) – Indonesia PT Rintis Sejahtera (Rintis) – Indonesia This industry-level cooperation, formalised under the George Town Accord, marks the beginning of the Next50 Common Standards Project. Next50 sets out a roadmap for the next 50 years of payment innovation, starting with the collective effort to standardise cross-border transaction standards. It will encompass quick response (QR) payments, account-to-account transfers, e-wallets and other mobile-based digital payment methods using near-field communication (NFC), biometrics and agentic artificial intelligence (AI). The goal is to link domestic payment networks globally while safeguarding each nation’s payment sovereignty and enabling seamless cross-border cooperation. Built on the success of existing bilateral linkages, Next50 invites collaboration with payment networks worldwide that share its vision of interoperable and inclusive cross-border payments among domestic schemes. Farhan Ahmad, group chief executive officer of PayNet, said Next50 paves the way for seamless cross-border interoperability between domestic schemes. “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,” Farhan emphasised. Lawrence Chan, group chief executive officer of NETS, said: “This MoU signing represents a step forward in ASEAN’s journey towards seamless payment connectivity and interoperability. This collaboration will not just simplify cross-border transactions for consumers and businesses but also strengthen the region’s digital economy. NETS is proud to be part of this pioneering partnership, which will drive greater connectivity, trust and growth across our markets.” Abraham J. Adriaansz, vice-president director of Rintis, said: “Today’s B2B strategic collaborative framework marks an important milestone in leveraging our combined expertise to strengthen our respective services and serve as a catalyst for innovation in digital payments. This initiative is expected to significantly enhance the efficiency, cost-effectiveness, consumer protection and timeliness of cross-border payments across ASEAN, aligning with Bank Indonesia’s 2025–2030 Payment System Blueprint.” Armand Hermawan, president director of Artajasa, added: “This collaboration is an important and strategic step to enhance the digital economy for each country and the region. We are ready to support the implementation process, considering the promising potential of cross-border payment transactions in the future, taking into account the applicable payment system regulations in Indonesia.” Elmarie S. Reyes, chief executive officer of BancNet, highlighted: “We in BancNet are very pleased to participate in this MoU signing. This event marks a significant milestone in our collective efforts to advance payment interoperability across ASEAN. By working together, we are laying the foundation for a more connected, inclusive and resilient digital economy. This collaboration will empower consumers and businesses with greater convenience and trust in cross-border transactions, and we are proud to lead this initiative towards a more integrated regional payments ecosystem.” Nguyen Quang Minh, chief executive officer of NAPAS, said: “NAPAS has been steadfast in advancing cross-border payment connectivity, realising the vision set forth by the government and the State Bank of Vietnam to promote international cooperation, serve the goals of financial inclusion, and foster trade, investment and tourism across the region. As the national payment infrastructure, NAPAS is committed to working alongside regional partners to establish common operational standards that ensure safety, convenience and seamless interoperability. We believe this initiative is not only a milestone for the region’s payment networks but also a catalyst for realising our shared vision: a modern, secure, inclusive and sustainable cross-border payment ecosystem that connects communities and economies across borders.” Next50’s immediate focus will be on streamlining technical and operational standards and protocols. Priority areas include dispute resolution, fraud prevention and scam handling – laying the foundation for a safer and more unified global payment ecosystem.
