Malaysia and Singapore are advancing cross-border payment connectivity through initiatives involving digital wallets, instant payment systems and digital currencies, as Southeast Asia seeks to make international transactions faster and more accessible.
On October 28, Payments Network Malaysia (PayNet) and Ant International’s Alipay+ launched an outbound payment service enabling customers of Maybank, CIMB and Hong Leong Bank to make QR payments at participating merchants in China, Hong Kong, South Korea, the Philippines and Laos.
Customers can use their existing Malaysian mobile banking applications to scan Alipay+ QR codes without downloading additional applications or opening separate accounts. Bank Islam is expected to join the service, with further banks and destinations anticipated to follow.
The arrangement expands an existing partnership that has allowed international wallet users to make payments at DuitNow QR merchants in Malaysia since November 2023. PayNet recorded nearly 30 million cross-border QR transactions in 2025, approximately 150 per cent more than the previous year.
Meanwhile, Singapore’s Monetary Authority of Singapore (MAS) is expanding its BLOOM initiative, which explores the use of tokenised bank deposits and regulated stablecoins for cross-border settlement. Bank Negara Malaysia and the Bank of Thailand joined the initiative as policymaker members in October.
BLOOM brings together financial institutions, central banks and payment providers to develop common frameworks for digital money transfers and settlement. Its work includes interoperability, regulatory safeguards and compliance requirements across jurisdictions.
The initiatives address different aspects of international payments. QR arrangements simplify transactions for consumers and businesses, while digital settlement frameworks aim to improve how financial institutions transfer funds across borders.
Together, they reflect Southeast Asia’s efforts to develop more connected payment infrastructure and reduce reliance on traditional correspondent banking arrangements.
