Indonesia Pushes Regional Digital Payment Connectivity as Prabowo Promotes QRIS Across ASEAN
In a bold move to solidify Southeast Asia’s position in the global digital economy, Indonesia’s President-elect Prabowo Subianto has voiced strong support for the adoption of QRIS (Quick Response Code Indonesian Standard) across all ASEAN member states. The initiative seeks to enable seamless, cross-border digital payments throughout the region, promoting financial inclusivity and strengthening intra-ASEAN trade.
QRIS: Indonesia's Fintech Success Story
Launched by Bank Indonesia, QRIS has revolutionized digital payments domestically by standardizing QR code-based transactions. From small vendors to large-scale retailers, the system has democratized access to digital finance, especially among micro, small, and medium-sized enterprises (MSMEs). Prabowo’s proposal aims to extend this success to the broader ASEAN region.
Why ASEAN? Why Now?
The ASEAN region comprising over 600 million people and a rapidly growing digital user base presents fertile ground for digital financial integration. Currently, cross-border payments within ASEAN are fragmented, burdened by high fees and varying systems. A unified QR code system like QRIS promises to simplify and reduce the cost of transactions across Indonesia, Malaysia, Thailand, the Philippines, Vietnam, and beyond.
By promoting QRIS, Prabowo aligns with ASEAN’s goals of enhancing regional payment connectivity. The initiative is in step with the “ASEAN Digital Masterplan 2025,” which envisions a cohesive digital economy. Indonesia, being the largest economy in ASEAN, is poised to lead the movement
Strengthening Intra-ASEAN Trade
At the heart of Prabowo’s push is the desire to boost intra-ASEAN trade an area that remains underleveraged. Despite geographical proximity, intra-regional trade only accounts for roughly 25% of total trade in ASEAN. By removing payment friction and enabling instantaneous transactions, QRIS adoption across member states could be a game-changer for cross-border commerce.
Businesses, especially SMEs, would benefit greatly from the ability to accept payments from foreign customers using a system they already understand. Tourists, migrant workers, and freelancers across the region would enjoy seamless transactions, eliminating the need for expensive currency conversions or bank transfers.
Diplomatic and Economic Strategy
Prabowo’s diplomatic engagement on the issue is seen as both a fintech advancement and a strategic maneuver to deepen economic cooperation. During recent ASEAN summits, he emphasized the urgency of establishing interoperable digital infrastructure. Analysts view this as a soft power approach to strengthening Indonesia's leadership role in regional economic affairs.
Moreover, an ASEAN-wide QR system would also counterbalance the growing digital influence of China and the West in the region, allowing Southeast Asia to chart its own path toward digital sovereignty.
Challenges and the Road Ahea
While the idea has received positive initial responses, challenges remain. Technical interoperability, cybersecurity concerns, regulatory alignment, and privacy standards need to be addressed. There is also a need for extensive bilateral and multilateral agreements, and public-private partnerships to scale adoption.
Prabowo has reportedly begun consultations with other ASEAN leaders and central banks to explore phased implementation, possibly beginning with Indonesia-Malaysia-Thailand, which already have limited QR payment linkages.
Conclusion
Prabowo’s proposal to expand QRIS into a pan-ASEAN system is a visionary leap towards a connected, inclusive, and modernized Southeast Asian economy. If executed strategically, it could redefine the way people and businesses interact financially across borders, paving the way for a digitally unified ASEAN.