The ASEAN Working Committee On Financial Inclusion & The ASEAN Working Committee on Payment & Settlement Systems

The ASEAN Working Committee on Financial Inclusion (WC-FINC) and the ASEAN Working Committee on Payment & Settlement Systems (WC-PSS) convened on February 18, 2025 in Penang.

The ASEAN WC-FINC meeting convened to discuss the progress of financial inclusion across the region. Discussions were held with key strategic partners to explore impactful collaborations to further strengthen financial inclusion efforts. Delegates also exchanged insights on emerging trends, challenges and future initiatives, reaffirming commitment to fostering an inclusive and sustainable financial ecosystem in ASEAN.

WC-PSS discussed on the priorities for the region for 2025 and the next 5 years, with the aim of making payments more efficient, inclusive and safe for all. This includes efforts to enhance the efficiency of cross-border payments through instant payment system connectivity. For this, members aim to further expand the coverage and usage of instant payment connectivity through coordinated collaboration, while ensuring its resilience and security through via appropriate oversight arrangements. The meeting was also apprised on the AEC Strategic Plan for 2026-2030 and Project Revive that aim to enhance future cooperation within the region.

Later in the afternoon, the Bank for International Settlements (BIS) Innovation Hub Singapore Centre was invited to share the latest developments on their financial market infrastructure-related projects. This includes updates on Project Nexus that explores a multilateral instant payment connectivity infrastructure as well as Project Mandala and Project Rialto that aims to leverage emerging technologies to automate compliance and FX settlement processes respectively to derive greater efficiency gains. This was complemented by sharing of the asset tokenisation work by the Monetary Authority of Singapore. #MyASEAN2025
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