Six national payment networks from five ASEAN countries have signed a Memorandum of Understanding (MoU) to establish a common global standards body for non-card instant retail payments. The George Town Accord, signed on 9 October 2025 in Malaysia, aims to create seamless, secure, and interoperable cross-border transactions for over 538 million people.
The signatories include Payments Network Malaysia (PayNet), Network for Electronic Transfers (NETS) from Singapore, National Payment Corporation of Vietnam (NAPAS), BancNet from the Philippines, and Indonesia’s Artajasa and Rintis. This collaboration marks the launch of the Next50 Common Standards project, which seeks to harmonise QR payments, account-to-account transfers, e-wallets, and other mobile-based digital payment methods using technologies like Near Field Communication (NFC), biometrics, and artificial intelligence (AI).
Farhan Ahmad, Group CEO of PayNet, highlighted the importance of the initiative, stating, “Project Next50 is our answer. This represents domestic payment networks’ commitment to shared ownership, practical cooperation, and strategic alignment in a rapidly evolving payments industry.”
Lawrence Chan, Group CEO of NETS, remarked that the MoU is a significant step towards ASEAN’s seamless payment connectivity and interoperability, enhancing the region’s digital economy.
The Next50 project aims to link domestic payment networks globally whilst respecting each nation’s payment sovereignty. It invites payment networks worldwide to join in advancing interoperable and inclusive cross-border payments. The immediate focus will be on streamlining technical and operational standards, including dispute resolution and fraud prevention, to establish a safer global payment ecosystem.
