A wave of cross-border payment innovations took center stage this week at Money20/20 Asia, highlighting a new era of faster, cheaper, and more transparent international transactions. The annual fintech event, held in Bangkok for the first time, brought together financial leaders, central banks, and payment providers from across the globe.
Among the key announcements was the launch of several real-time payment network integrations across Asia-Pacific, aiming to streamline remittance corridors between countries like Thailand, Indonesia, Vietnam, and the Philippines. The Bank of Thailand and Bank Negara Malaysia jointly introduced enhancements to their QR code-based cross-border payment link, now allowing real-time B2B transactions in addition to P2P.
SWIFT also showcased its latest pilot programs leveraging CBDCs and tokenized assets to facilitate cross-border settlements. The organization said its system has now connected with more than 30 central banks experimenting with digital currencies, offering a unified infrastructure for future interoperability.
Ripple made headlines with its expansion into Southeast Asia through new partnerships with regional banks in Singapore and the Philippines. The company emphasized that its blockchain-based payment rails are helping financial institutions reduce transaction times from days to seconds.
Visa and Mastercard both introduced updates to their cross-border B2B payment platforms. Visa B2B Connect unveiled a new feature that allows direct bank-to-bank transfers without intermediaries, cutting down on compliance costs and delays. Mastercard reinforced its commitment to open banking by revealing a partnership with open API aggregators in Asia to enable real-time foreign exchange quotes and instant transfers.
Regulators also participated in panel discussions to address growing concerns about compliance, fraud, and interoperability. The Monetary Authority of Singapore and Japan’s Financial Services Agency stressed the importance of harmonizing standards and enhancing transparency through regulatory sandboxes and joint trials.
Industry experts noted that the innovations unveiled at Money20/20 Asia reflect a broader shift toward more collaborative financial ecosystems. Rather than competing in silos, banks, fintechs, and technology providers appear to be moving toward shared infrastructure and open protocols that prioritize customer experience and operational efficiency.
As global trade continues to digitize, the developments in cross-border payments showcased this week signal a clear trend toward frictionless financial flows, especially within emerging markets. Analysts predict that the Asia-Pacific region will lead the world in cross-border payment modernization in the coming years.