BFM 89.9
The Business Station
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17 mins
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23 mins
With only days to Hari Raya, Muslims are busy making last-minute preparations. In previous years, this would be the time when shopping centres were packed with people buying new clothes and other necessities. However, this time around, the sought-after items are disinfectants, masks and thermometers.
Presenter: Jeff Sandhu, Freda Liu, and Audrey Raj
Producer: Audrey Raj
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Events · May 13 · 4:01AM
ASEAN Gateway To Cross Border Payments
Events · May 13
ASEAN Gateway To Cross Border Payments
ASEAN’s digital payments sector is experiencing rapid growth, fueled by increasing smartphone use, fintech innovation, and a booming e-commerce landscape. Key markets like Indonesia, Vietnam, and the Philippines are leading the way, with major opportunities in digitizing MSMEs and expanding rural financial access. Consumers are shifting toward mobile-first behavior, embracing e-wallets, mobile banking, and digital banks that offer greater convenience and accessibility. ASEAN central banks are strengthening cooperation to enhance payment linkages through QR code integration and shared standards. A major initiative, Project Nexus, aims to make cross-border payments faster, cheaper, and more seamless, though challenges remain in aligning regulations and infrastructure. As digital transactions surge, cybersecurity becomes critical, with the need to protect users without disrupting the payment experience. Importantly, digital finance is helping bank the unbanked, especially in rural areas, where mobile money and fintech tools are providing people with their first access to formal financial services.How can ASEAN ensure inclusive growth as digital payments continue to expand?
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