Identity forms a critical part of the cross-border payment stacks as companies seek to ensure compliance with KYC, AML and CFT regulations. Fraud is also a key risk as card-not-present transactions increase and payment methods proliferate. As we build more effective cross-border payment systems for Southeast Asia, we need better regulatory frameworks. Trusting Social’s Head of Identity Geoffrey See recently contributed as a co-author to this comprehensive World Economic Forum report on how we can build a better system for cross-border payments: Connecting Digital Economies: Policy Recommendations for Cross-Border Payments
We would like to thank the World Economic Forum team and fellow co-authors and contributors from Visa, Uber, Paypal, Mastercard, the World Bank, SWIFT and the International Chamber of Commerce for this comprehensive set of recommendations to policymakers and the G20.
Report excerpt as follows:
The rapid expansion of access to digital payments has made it possible for consumers to conveniently make purchases for goods and services from merchants around the world. The current COVID-19 public health crisis will only accelerate digital trade and cross-border e-commerce as physical commerce contracts and digital commerce expands. However, significant challenges for digital trade and cross-border payments persist, providing an opportunity for policy-makers and regulators worldwide to reduce friction and improve connections between digital economies globally. This report builds on past World Economic Forum research and leverages the Forum’s extensive community of payment experts in order to move beyond the challenges and provide governments with concrete recommendations to promote inclusive growth in the digital economy.