The Asia-Pacific region is leading the world in payment innovation. Countries across the region — from Singapore and Thailand to Australia, India, and South Korea — are developing real-time payment systems that are not only modernizing domestic transactions but also enabling instant international transfers. These initiatives are redefining the speed, transparency, and efficiency of cross-border payments for businesses and consumers alike.
The foundation of this transformation lies in the regional collaboration of central banks and payment authorities. The Monetary Authority of Singapore (MAS), Bank of Thailand (BoT), Reserve Bank of India (RBI), and Bank Negara Malaysia (BNM) are among the key players driving cross-border real-time payment integration. Their partnerships aim to link domestic instant payment systems using standardized APIs, shared messaging formats, and reciprocal identity frameworks.
One of the most notable examples is the Singapore–Thailand PayNow–PromptPay linkage, launched in 2021. It allows users to transfer funds instantly between the two countries using only a mobile number or QR code. The transaction settles in seconds, with transparent exchange rates and minimal fees — a major improvement over traditional correspondent banking. This model is now expanding to include Malaysia, Indonesia, and India, laying the foundation for a broader ASEAN real-time payments corridor.
In India, the Unified Payments Interface (UPI) has become a benchmark for digital payment efficiency. The National Payments Corporation of India (NPCI) is now connecting UPI with other systems in Asia, including Singapore’s FAST network. These connections allow direct transfers between bank accounts in different countries without intermediaries, reducing settlement costs and time. UPI’s success has encouraged other nations to develop similar frameworks, focusing on interoperability and mobile-first accessibility.
Australia and New Zealand are following similar paths through the New Payments Platform (NPP) and Payments NZ API Centre. These infrastructures provide real-time clearing for domestic payments and are being adapted to support international transactions. Australia’s Reserve Bank has collaborated with MAS and other central banks to explore how real-time settlement could integrate with cross-border wholesale payment systems, potentially including digital currencies.
South Korea and Japan are also advancing in this space. South Korea’s HOFINET and Japan’s Zengin System are being upgraded to support faster, API-enabled international connectivity. Both countries are working with ASEAN partners to create seamless cross-border experiences for businesses engaged in e-commerce, tourism, and logistics.
Behind these developments is a growing emphasis on common technical standards. The adoption of ISO 20022 messaging — a data-rich international standard — enables interoperability between national systems. By using a unified structure for transaction information, banks and payment providers can exchange data instantly, improving accuracy and reducing manual reconciliation.
Central banks are also experimenting with Central Bank Digital Currencies (CBDCs) to enhance real-time settlements. Projects such as mBridge, led by the Bank for International Settlements (BIS) Innovation Hub, involve China, Thailand, Hong Kong, and the UAE. The project tests multi-CBDC platforms that allow instant cross-border payments in different currencies, bypassing traditional correspondent banks while maintaining full regulatory oversight.
Fintech companies are playing a key role in accelerating adoption. Regional firms such as Airwallex, Nium, and Tranglo have built infrastructures that integrate with both domestic instant payment networks and international settlement rails. They enable small and medium businesses to send and receive payments across borders with real-time confirmation, API integration, and automatic compliance checks.
For businesses, the practical benefits of real-time cross-border systems are clear:
– Faster settlements improve liquidity and cash flow management.
– Transparent exchange rates reduce hidden costs.
– API-based systems automate reporting and reconciliation.
– Standardized compliance frameworks reduce delays and manual verification.
– Integration with digital wallets expands accessibility for small enterprises.
However, regulatory alignment remains a work in progress. Each country maintains its own anti-money laundering (AML) and foreign exchange regulations. To address this, regional institutions are developing shared regulatory sandboxes that allow cross-border testing under supervision. The ASEAN Payment Connectivity Initiative and APAC Fintech Bridges are key frameworks encouraging coordination between regulators and private sector participants.
The Asia-Pacific region’s leadership in real-time payments shows how collaboration and technology can replace traditional barriers. Instead of relying on multi-day SWIFT transfers and high intermediary costs, businesses can now move funds instantly between markets such as Singapore, India, Thailand, and Australia.
As integration deepens, real-time cross-border payments will likely expand to include Africa, the Middle East, and Europe through linked corridors and CBDC-based systems. The end result will be a more connected financial landscape — one where transactions are near-instant, transparent, and universally accessible.
Asia-Pacific’s innovation proves that real-time settlement is not just a technical upgrade — it’s a structural transformation of global finance. The region’s success in building scalable, interoperable systems marks a turning point for cross-border commerce and sets a model for other parts of the world to follow.