KUALA LUMPUR – Malaysia is paving the way for stronger intra-Asean trade by focusing on the growth of QR payment systems and cross-border financial services, aiming to transform regional connectivity and streamline trade.
Prime Minister Datuk Seri Anwar Ibrahim explained that these innovations will play a critical role in overcoming the current trade barriers among Asean nations, offering a new path for economic collaboration, Bernama reported.
Through the promotion of QR code payments, Malaysia, along with other Asean members, seeks to simplify transactions, improve financial inclusion, and strengthen the region’s economic integration.
By boosting trade flows, Anwar believes this initiative will ultimately foster a more connected and resilient Asean marketplace.
He acknowledged that Asean’s trade and investment levels remain low among its members, with intra-Asean trade accounting for only 22%.
Malaysia has identified increasing this percentage as a priority to further deepen economic ties in the region.
“One key initiative already in place is the QR code payment and cross-border cash transfer systems between Malaysia, Indonesia, Thailand, Singapore, and Cambodia.
Through the Asia-Pacific Economic Cooperation (APEC) Summit, Malaysia’s role in Asean discussions has been acknowledged,” Anwar shared during the Prime Minister’s Question Time in the Dewan Rakyat.
Responding to a query from Ku Abd Rahman Ku Ismail (PN–Kubang Pasu), the Prime Minister highlighted the progress made, particularly in Malaysia, Thailand, and Indonesia, where the QR payment systems have already gained traction.
He added that plans are in place to extend these efforts to other Asean countries.
Anwar also stressed the significance of the Asean Power Grid project, which will link Vietnam’s electricity supply to Kelantan, with future plans to extend it to Johor and Singapore. He called this project a crucial driver of regional trade and energy cooperation.
“Tourism, investment, and trade are also key priorities in Asean meetings to facilitate cross-border activities,” he noted.
Furthermore, Malaysia’s role in shaping APEC’s artificial intelligence (AI) initiative was discussed, with Anwar highlighting the importance of integrating human values, ethics, and national identities into AI development.
He emphasised that APEC’s AI framework should reflect the values and identities of each participating nation, rejecting any imposition of foreign standards.
Anwar also revealed that Malaysia had engaged South Korea in talks aimed at strengthening cooperation in the rare earth sector, marking a significant step towards bolstering strategic economic ties with the country. – November 4, 2025