APAC's Path to Frictionless Cross-Border Payments: Collaboration is Key

APAC's Path to Frictionless Cross-Border Payments: Collaboration is Key

The Asia-Pacific region is actively pursuing a significant transformation in cross-border payments, striving for a future where international money movement is as instant and efficient as domestic transfers. Despite remarkable progress in domestic payment systems, characterized by real-time rails, QR codes, and widespread digital wallet adoption, international transactions continue to grapple with persistent challenges. These include high operational costs, lengthy settlement times, fragmented user experiences, and elevated risks of fraud. The ongoing expansion of trade and the digital economy across APAC underscore the urgent need for a robust, seamless cross-border payment infrastructure. To address these intricate challenges, LexisNexis Risk Solutions collaborated with the Singapore FinTech Association (SFA) to publish a comprehensive white paper titled "The Journey Towards Frictionless Cross-Border Payments in APAC." This influential report distills extensive industry ins…