--- title: "Defining New Commerce Across Borders: Payments Interoperability and How It Benefits Local and Regional Economies" description: Discover how innovations in cross-border commerce are transforming payments. Explore seamless, borderless solutions that boost local economies and enhance travel. image: https://39936595.hs-sites.com/hubfs/Imported_Blog_Media/Defining%20new%20commerce%20across%20borders%20Payments%20interoperability%20and%20how%20it%20benefits%20local%20and%20regional%20economies-1200x720-fs.png --- ![](https://39936595.hs-sites.com/hubfs/Imported_Blog_Media/Defining%20new%20commerce%20across%20borders%20Payments%20interoperability%20and%20how%20it%20benefits%20local%20and%20regional%20economies-1200x720-fs.png) # Defining New Commerce Across Borders: Payments Interoperability and How It Benefits Local and Regional Economies [ GFTN ](https://39936595.hs-sites.com/sff-2024-session-recordings-payments/author/gftn) Nov 19, 2024 12:00:00 AM     **Key Highlights:** 1.    **Introduction and Context**: - Focus on cross-border payments and their impact on local and regional economies. - Challenges include fragmented payment rails, lack of local currency settlements, and user experience issues.   2.    **Innovations in Cross-Border Payments**: - Development of real-time payment rails and QR code payment systems (e.g., Malaysia’s “DuitNow”). - Bilateral agreements for QR interoperability between countries (e.g., Malaysia-Singapore). - Future potential in biometrics, wearables, and tokenization to enhance user experiences.   3.    **Customer and SME Perspectives**: - Customers demand seamless, fee-free, and familiar payment experiences across borders. - SMEs face growing expectations for lower FX fees, faster settlements, and transparency in cross-border transactions.   4.    **Collaboration in Payment Systems**: - Public-private partnerships are essential for scaling national QR code schemes. - Cross-border governance challenges require supranational frameworks to handle fraud and disputes effectively.   5.    **Sustainability and Inclusivity in Payments**: - Digital literacy is crucial for ensuring inclusivity and mitigating fraud risks. - Economic viability is essential for sustaining innovation in payment systems. - SMEs, the backbone of the economy, need tailored digital tools for equitable participation.   6.    **Risks and Future Opportunities**: - Expanding surface area of risks, including digital fraud and deep fakes, require advanced detection and regulatory frameworks. - Sustainable solutions must prioritise openness, interoperability, and tailored support for MSMEs. - Balancing tourism and local community needs is a growing challenge in payment ecosystems.   **Conclusion:** As digital payment adoption grows, stakeholders must address risks, ensure sustainability, and focus on creating user-centric solutions that benefit both customers and businesses.   Watch Full Session     Speakers: - Akihiko Sato, Deputy Division Head, Finance Business Strategy Division, Finance Business Group, PayPay Corporation - Doug Feagin, President, Ant International - Dr Pipatpong Poshyanonda, President, Kasikornbank - Zubin Rada Krishnan, Chief Executive Officer, BigPay   Moderator: - Seo Young Lee, Partner & Head of Southeast Asia, Oliver Wyman     [Payments](https://39936595.hs-sites.com/sff-2024-session-recordings-payments/tag/payments), [SMEs](https://39936595.hs-sites.com/sff-2024-session-recordings-payments/tag/smes), [Singapore FinTech Festival](https://39936595.hs-sites.com/sff-2024-session-recordings-payments/tag/singapore-fintech-festival), [Video](https://39936595.hs-sites.com/sff-2024-session-recordings-payments/tag/video) ## Read On [![](https://39936595.hs-sites.com/hs-fs/hubfs/Imported_Blog_Media/Beyond%20borders%20How%20Thunes%20is%20transforming%20international%20money%20movement%20-%20Powered%20by%20Circle-1200x720-fs.png?width=352&name=Beyond%20borders%20How%20Thunes%20is%20transforming%20international%20money%20movement%20-%20Powered%20by%20Circle-1200x720-fs.png) ](https://39936595.hs-sites.com/sff-2024-session-recordings-payments/sff-2024-videos-payments/beyond-borders-how-thunes-is-transforming-international-money-movement-powered-by-circle) ### ["Beyond borders: How Thunes is transforming international money movement" - Powered by Circle](https://39936595.hs-sites.com/sff-2024-session-recordings-payments/sff-2024-videos-payments/beyond-borders-how-thunes-is-transforming-international-money-movement-powered-by-circle) {% video_player "embed_player" overrideable=False, type='hsvideo2', hide_playlist=True,... 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