ASEAN digital pact could speed cross-border payments, Standard Chartered says

ASEAN’s planned Digital Economy Framework Agreement could accelerate cross-border trade and payments, Standard Chartered Indonesia chief executive Donny Donosepoetro said, as the bloc prepares to sign the pact in November. The agreement is intended to set common rules for cross-border e-commerce and electronic payments among member states.

Speaking at the Indonesia Treasury Leadership Forum 2026 in Jakarta, Donny said the pact could change how ASEAN economies do business with one another and external partners. He said Indonesia, the region’s largest economy, should position itself to capture a significant share of the opportunity.

The agreement matters to Indonesian businesses because payment links and local-currency settlement are already expanding in the region. A bloc-wide framework could build on those arrangements, although the pact’s detailed rules and implementation timetable have not been announced.

Indonesia’s payment links are growing

Indonesia has bilateral arrangements that let businesses settle cross-border trade with Malaysia, Singapore and Thailand in rupiahs or the partner country’s currency. The local currency transaction scheme is part of a wider effort by participating countries to reduce reliance on the US dollar.

Bank Indonesia data showed annual local-currency transaction volume with eligible trading partners exceeded $49.4 billion by August 2026. Indonesia is also expanding its QRIS payment system abroad: QRIS links are live in Malaysia, Singapore and Thailand, and the country is working to let Indonesians pay in rupiah when travelling in other markets.

Businesses want smoother settlement

Apindo business lobby chief Shinta Kamdani said the coexistence of QRIS and local-currency transactions showed that regional connectivity had grown beyond retail payments. For corporate treasuries, she identified settlement efficiency, foreign-exchange conversion costs, currency risks and access to payment channels as priorities.

ASEAN expects the pact to help double the region’s digital economy to $2 trillion by 2030. The agreement is set to focus in particular on artificial intelligence, and member-state leaders are due to sign it when they gather in the Philippines in November.

This report draws on information from Jakarta Globe.