In the first half of 2025 alone, ASEAN cross-border QR payments surged, reaching 12.9 million transactions, Malaysian Central Bank’s governor Abdul Rasheed Ghaffour said Wednesday.
He said in his Keynote Address at the 48th Federation of ASEAN Economic Associations Conference (FAEA) that this sets the stage for further expansion, with additional cross-country linkages being explored and implemented to deepen regional connectivity.
“ASEAN is building the architecture for a connected future. One area that stands out is cross-border QR payments,
“There is a tangible change in how our people and businesses can connect across borders now. Not only it is cheaper, but it is also more convenient and has greater security,” he noted.
According to him, initiatives like Project Nexus – co-led by Malaysia and regional partners – are pushing the boundaries of digital finance.
By linking instant payment systems across borders, Project Nexus enables near-instant retail transactions.
“Beyond speed and efficiency, it can also advance financial inclusion,
“It allows workers, micro-entrepreneurs, and underserved communities to meaningfully participate in an integrated economy without the need for complex banking arrangements – all enabled by digital finance,” he said.
Beyond the digital payments, he opined that the financial sector is stepping up efforts to promote local currency settlements and deeper banking and capital market connectivity to support businesses across the region realize their potential.
At the policy level, he highlighted the ASEAN Digital Economy Framework Agreement (DEFA) represents a bold step forward.
“By harmonizing rules on data governance, e-payments, digital identity, and cybersecurity, DEFA is setting the stage for a borderless digital economy – one that is secure, scalable, and inclusive by design,
“These efforts are unlocking opportunities for millions to access and benefit from the digital economy,” he added.
In sustainability efforts, he also said ASEAN is driving the momentum in green finance.
According to him, in the second quarter of 2025, ASEAN+3’s outstanding sustainable bonds reached nearly $955 billion, accounting for 18 percent of the global total.
“This is a strong signal that capital is beginning to flow where it is needed and that ASEAN is shaping the future of global sustainable finance,
“There are abundant opportunities – what we need now is to deliver investable, scalable solutions for the world,” he said.
With a well-established framework for Islamic green sukuk and the launch of National Energy Transition Roadmap, he also said Malaysia is leading the charge in this area, building the financial architecture to mobilize private capital at scale.
“Islamic finance offers a distinct advantage, grounded in risk-sharing, asset-backing, and ethical alignment,
“It offers a solution to not only finance Malaysia’s domestic energy transition, but also regional initiatives – including the ASEAN Power Grid (APG),” he said.
He also noted APG requires that more than $750 billion investments to build the energy infrastructure and power generation capacity in the region.
“To this end, the ASEAN Power Grid Financing Framework plays a key role – a regional initiative designed to unlock capital, reduce investment risk, and accelerate the development of cross-border energy systems,” he said.
Malaysian central bank enables round-the-clock interbank settlement with RENTAS+