ABA Attends Closed-Door Roundtable on Cross-Border KYC/AML at Money20/20 Asia

On April 23, 2025, Association Blockchain Asia (ABA) President Dr. Anthony Koh, PhD participated in a closed-door associations’ roundtable at Money20/20 Asia in Bangkok. The session, held at the Queen Sirikit National Convention Centre, brought together leaders from fintech, blockchain, and payment associations across Asia.

Objective:
The roundtable focused on developing 3–5 actionable strategies to enhance cross-border KYC/AML cooperation. Discussions addressed regional challenges in compliance, data sharing, digital onboarding, identity standards, and regulatory harmonization.

Key Takeaways & Action Points:

1. Cross-Border Data Sharing & Financial Transparency
Initiatives like the Cambodia-Singapore FTC show how alternative financial data sharing can expand SME credit access and improve transparency across borders.

Action Point:
Promote bilateral and regional agreements that facilitate cross-border data sharing, enabling underserved SMEs to access financing more easily.


2. Digital Assets, Travel Rule & Regulatory Harmonization
Indonesia’s openness to digital assets is promising, but inconsistencies in implementing travel rules and onboarding foreigners (e.g., in Thailand) reveal regional gaps in compliance infrastructure.

Action Point:
Foster collaboration among regional regulators to co-develop harmonized frameworks for travel rules and digital onboarding, learning from successful models in developed markets.

3. KYC/AML, Identity & Privacy Trade-Offs
Strengthening KYC/AML standards is vital, but privacy concerns and fragmented identity systems—highlighted in Vietnam and Taiwan —pose challenges.

Action Point:
Examine advanced data rights models (e.g., New Zealand) and enhance national privacy frameworks while building interoperable digital identity systems.

4. QR Payments, Remittance & Merchant Inclusion
Nepal’s widespread QR code usage and Hong Kong’s merchant hesitance to share data spotlight both progress and barriers in SME inclusion and remittance efficiency.

Action Point:
Standardize KYC requirements for small merchants, reduce onboarding friction, and develop interoperable wallet ecosystems to support seamless, inclusive payments.

5. Open Finance, Innovation & Regulatory Collaboration
Malaysia and others recognize the value of open finance and innovation through digital ID, biometrics, and compliance tech. Stronger regional regulatory collaboration will be key to scaling these initiatives.

Action Point:
Encourage ongoing public-private dialogue and knowledge exchange to align regulatory standards and accelerate open finance adoption across Asia.

6. Strengthen Regional Collaboration
Building sustained cooperation among fintech associations and regulators is essential to align efforts, share lessons, and adapt to emerging challenges.

Action Point:
Institutionalize annual forums to deepen regional collaboration, enable cross-border alignment, and share regulatory and technological best practices.

Conclusion:
The roundtable reaffirmed the importance of regional collaboration and the role of associations like ABA in shaping a secure and inclusive fintech future for Asia. ABA will continue to engage with stakeholders to advocate for interoperable frameworks and public-private dialogue across the region.