A new regional cross-border payment system recently implemented by Southeast Asian nations could deepen financial integration among participants, bringing the ASEAN bloc closer to its goal of economic cohesion. A unified cross-border digital payment system will "foster a sense of regionalism and ASEAN-centrality in managing international affairs," he added. How it worksBy connecting QR code payment systems, funds can be sent from one digital wallet to another. For instance, Malaysian tourists in Singapore can make a payment with Malaysian ringgit funds in their Malaysian digital wallet when making a transaction. Or, a Malaysian worker in Singapore can send Singapore dollar funds in a Singaporean digital wallet to a recipient's wallet in Malaysia.

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Persons: Joko Widodo, Nico Han Organizations: Association of Southeast Asian Nations, ASEAN, Analysts, U.S, ., Southeast, Risk Intelligence, Malaysian, Singapore, Bank of International Locations: Jakarta, Indonesia, Malaysia, Thailand, Singapore, The Philippines, Southeast Asia, Malaysian, Switzerland