Six major payment networks from Southeast Asia signed the George Town Accord (October 9, 2025), a historic agreement marking the formation of a global standard-setting body for non-card instant retail payments. This milestone represents a significant step forward in enhancing connectivity and interoperability of cross-border payment systems across ASEAN.
Launching Next50: A 50-Year Roadmap for Payment Innovation
The signing of the George Town Accord also marks the launch of Project Next50, a shared 50-year roadmap for advancing cross-border payment innovation. The project aims to build a seamless, secure, and interconnected transaction system among countries while preserving the sovereignty of each nation’s domestic payment infrastructure.
Through Next50, the six institutions will collaborate to create a unified digital payment ecosystem that integrates modern technologies such as QR payments, account-to-account transfers, e-wallets, and Near Field Communication (NFC). This initiative is driven by shared values of collaboration, trust, and continuous innovation.
Six Key Payment Networks Involved
The agreement brings together six major networks from five ASEAN countries:
- Payments Network Malaysia (PayNet) – Malaysia
- Network for Electronic Transfers (NETS) – Singapore
- National Payment Corporation of Vietnam (NAPAS) – Vietnam
- BancNet, Incorporated (BancNet, Inc.) – Philippines
- PT Artajasa Pembayaran Elektronis (Artajasa) – Indonesia
- PT Rintis Sejahtera (Rintis) – Indonesia
This collaboration underscores ASEAN countries’ commitment to building a solid foundation for global payment interoperability, while also expanding inclusive access to digital financial services across the region.
Building a Connected and Trusted Payment Ecosystem
The George Town Accord establishes the basis for a global standard-setting body that will oversee and coordinate the future of non-card instant payment systems. Its primary goal is to enable efficient, transparent, and secure cross-border transactions while respecting each nation’s domestic policies and infrastructure.
The initiative is also expected to strengthen trust among payment networks, foster joint innovation, and lay the groundwork for a deeply interconnected regional payment ecosystem.
ASEAN’s Path Toward a Borderless Payment Era
With the long-term collaboration under Project Next50, Southeast Asia is moving toward a borderless payment era. This initiative not only accelerates the region’s digital financial transformation but also demonstrates that innovation and sovereignty can go hand in hand in shaping a more inclusive and sustainable economic future.
