BFM 89.9
The Business Station
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42 mins
17 mins
In March, the World Bank said that Malaysia would become a high-income economy between 2024 and 2028. Geoffrey Williams, Professor at Malaysia University of Science and Technology discusses how the pandemic sets us back, and other more pressing issues to address.
Image Credit: f11photo | Shutterstock.com
Presenter: Lyn Mak, Noelle Lim, Roshan Kanesan
Producer: Arleen Webber
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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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