世界经济论坛-塑造跨境快速支付系统的未来：东南亚交易的革命（英）-2023.11-21页_952kb

Shaping the Future of Cross-Border Fast Payment Systems: Southeast Asia Summary

This briefing paper outlines the evolution and implementation of real-time cross-border payment systems in Southeast Asia, focusing on the PromptPay-PayNow linkage between Thailand and Singapore.

1. Introduction & ASEAN Context

• Finance is undergoing a digital revolution, demanding fast, secure, and affordable payment solutions.
• ASEAN countries have seen rapid economic growth, high smartphone penetration, and significant internet adoption, fueling the digital economy and increasing financial inclusion.
• The region's digital payment market is expanding, driven by the adoption of e-wallets, contactless payments, and e-commerce.
• While transaction volumes exist, fragmented national payment systems hinder efficiency and interoperability.

2. Fast Payment Systems (FPS)

• Definition: Instant payments made 24/7 (Retail Payments Standard). Established benefits include improved customer experience, reduced transaction costs for providers (passed to merchants and consumers), and increased digital payment adoption.
• Technical Aspects: Achieved through optimized messaging (e.g., ISO 20022), liquidity management, and real-time settlement. Proxies (mobile numbers, IDs) enable user-friendly transactions.
• Expansion: From wholesale payments (RTGS) to providing real-time capabilities for high-volume, low-value retail transactions across end-users.

3. Case Study: PromptPay-PayNow Linkage (Thailand-Singapore)

• This pioneering project connects domestic FPS in two ASEAN economic powerhouses, facilitating low-cost, real-time cross-border payments between THB and SGD.
• Key Takeaways:
  • Governance: Structured collaboration via Steering Committee and Project Management Offices.
  • Regulation: Reconciled operational differences (e.g., turnaround times, AML/CFT processes).
  • Testing: Rigorous testing identified and resolved interface issues.
  • Collaboration: Developed a multiparty legal structure, backed by central banks for dispute resolution.

4. Regional Scalability Framework: Project Nexus

• Bilateral linkages scale inefficiently with numerous technical, legal, and regulatory hurdles. Project Nexus (by BIS Innovation Hub) offers a multilateral model using standardized messaging and a common technical framework to interconnect multiple domestic FPS, promoting broad interoperability.
• Project Nexus streamlines legal complexities, facilitates regulatory convergence, and provides templates, aiming for an interconnected global network.

5. Conclusion

• ASEAN is well-positioned to lead cross-border payment connectivity. Success depends on continued collaboration, standardization efforts, and investment in connectivity.
• SE Asia can serve as a model for integrating real-time payments, delivering economic and social benefits globally.