Jakarta. Southeast Asian nations are stepping up cooperation to boost financial stability and integration, with a stronger focus on local currency transactions (LCT) and cross-border digital payments.

The 30th ASEAN Senior Level Committee on Financial Integration (SLC) meeting, co-chaired by Bank Indonesia (BI) and the State Bank of Viet Nam in Yogyakarta on September 18–19, 2025, agreed that deeper financial ties are essential amid global uncertainties.

“Bank Indonesia remains committed to expanding local currency transactions as a key instrument to reduce external vulnerabilities and strengthen financial integration,” BI Deputy Governor Filianingsih Hendarta said in a statement on Sunday.

Filianingsih added that Indonesia will also push for greater payment connectivity. As of August 2025, the Quick Response Code Indonesian Standard (QRIS) has been accepted in four countries: Thailand, Malaysia, Singapore, and Japan. Transactions in Malaysia alone have surpassed Rp 1.15 trillion, while Thailand recorded nearly 1 million transactions worth Rp 437 billion. Japan became the first non-ASEAN country to accept QRIS in August 2025.

BI is preparing to expand QRIS further to China, India, South Korea, and Saudi Arabia, enabling smoother payments for travelers, businesses, and pilgrims. Filianingsih stressed that stronger regional safety nets and crisis management are vital as ASEAN’s banking and capital markets become increasingly interconnected.

Filianingsih also underlined the importance of strengthening the regional safety net and crisis management, given the deeper integration of ASEAN’s banking and capital markets. A stronger role for the region’s financial sector, she said, is vital to safeguard overall resilience.

The next ASEAN SLC meeting will take place in the Philippines in early 2026, with BI and Viet Nam’s central bank as co-chairs, while the forum continues to play a key role in advancing the bloc’s financial integration agenda.