Key Insights from Money20/20 Asia Convention
In the heart of Bangkok, Thailand, the Money20/20 Asia conference took place this week, bringing together industry leaders to discuss the future of cross-border payments in Asia and beyond.
One of the key topics under discussion was the use of stablecoins as a potential solution for cross-border payments. While there is a divergence of opinions regarding their use, bigger payments companies are exploring new use cases, recognising their potential.
Making different rails, regulatory regimes, and payment methods work together with minimal friction is a central priority for future development. The conference covered important issues in Asia and beyond, highlighting the region's rapid digital transformation and unique economic dynamics.
The future of cross-border payments in Asia lies in orchestration and interoperation, as it is unlikely a single, dominant technology will emerge. Asia is a leading hub for cross-border payments innovation and is undergoing an infrastructure revolution, driven by technologies like interoperable QR codes, wallet-to-wallet rails, and stablecoins.
The conference saw a lively discussion on the opportunities and challenges for the region in the development of cross-border payments strategies. The panel discussion, 'From Fragmentation to Frictionless: Cross-Border Payments in 2025 and Beyond', included DCS Innov CEO Ceridwen Choo, Durianpay Co-Founder and CEO Natasha A. Hartoro, and Money20/20 VP of Fintech Strategy Zachary Anderson Pettet, moderated by Daniel Webber.
Rapid digital payment adoption and innovation is a trend in Asia-Pacific, with widespread adoption of mobile wallets and instant payment methods. Digital payments already constitute a majority of point-of-sale transactions, but cash remains important in some countries, highlighting a dual ecosystem.
Central Bank Digital Currencies (CBDCs) are being explored and implemented to complement cash, enhance financial inclusion, and maintain monetary sovereignty. China's digital yuan (e-CNY) transactions have reached over USD 7.3 trillion and are used in diverse sectors like transport and healthcare, signifying real-world cross-border potential.
Several Asian countries are pursuing dedollarization by promoting local currencies and digital yuan usage in cross-border trade and finance to reduce dependence on the US dollar. This aligns with broader geopolitical and economic shifts in the region, though detailed data on stablecoin-driven dedollarization is less evident in the sources provided.
A key focus of reforms, especially in China, targets interoperability between payment platforms, enhancing data transparency and consumer protection. The push for ecosystem interconnectivity facilitates seamless cross-border payments, combining payments, social media, commerce, and public services.
However, challenges remain. Infrastructure and regulatory fragmentation, interoperability complexity, consumer trust and security, and navigating dedollarization are all issues that need to be addressed to ensure a smooth transition to a more connected and efficient cross-border payments landscape in Asia.
In summary, Asia’s cross-border payments in 2025 are marked by rapid digitalization, with stablecoins and CBDCs (notably China’s digital yuan) playing increasing roles. Dedollarization initiatives are emerging but remain gradual. Interoperability reforms aim to connect fragmented systems, yet challenges in infrastructure, regulation, and trust persist. The region’s diversity shapes a complex yet dynamic landscape driving faster, smarter, and more connected payments across borders.
In the bustling financial industry of Bangkok, Thailand, industry leaders discussed the potential utilization of fintech innovations like stablecoins and CBDCs in the realm of cross-border payments, recognizing their significance in the future of business. These technological advancements are seen as vital components in achieving seamless cross-border payments, a goal shared by countries across Asia as they undergo an infrastructure revolution, driven by cutting-edge technology.
