Wong calls for ASEAN payment links to cut cross-border costs

Singapore Prime Minister Lawrence Wong urged ASEAN to connect payment systems regionally, saying this would lower transaction costs and make payments simpler for companies and individuals. He outlined the proposal in Manila on Nov 15 during the plenary of the 49th ASEAN Summit.

Bilateral links already connecting Singapore with countries including Thailand and Malaysia could underpin the broader system, Wong said. Tourists and people transferring money home were among those he said would benefit.

Wong welcomed the newly signed ASEAN Digital Economy Framework Agreement but stressed that further work was necessary. He called for closer digital connections between economies to ease cross-border business, alongside a more coordinated regional response to online scams and cyberthreats.

He also advocated making artificial intelligence tools and capabilities more widely accessible to improve productivity and support growth. ASEAN economies had recorded annual growth of around 4 to 5 per cent in recent years, exceeding the global average, he noted.

On energy, Wong said greater use of digital technologies, including AI, would raise electricity demand. Disruptions in the Middle East underscored the need for ASEAN to strengthen its joint response to energy crises, he said, urging prompt ratification of the ASEAN Petroleum Security Agreement and priority for developing the ASEAN Power Grid.

Wong said ASEAN should avoid zero-sum rivalry and maintain engagement with every major power. Singapore will take the ASEAN chairmanship in 2027, carrying forward initiatives from the Philippines and coordinating with Thailand, which chairs the grouping after Singapore.