1、Interoperable QR Code Payment Ecosystem in ASEAN:What it Means for the World By Yulius,Davids Tjhin,Yohanes Lukiman,Pandu Sjahrir,Yang Yu,Verra WijayaSeptember 2023Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greate

2、st opportunities.BCG was the pioneer in business strategy when it was founded in 1963.Today,we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholdersempowering organizations to grow,build sustainable competitive advantage,and drive positive societal imp

3、act.Our diverse,global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change.BCG delivers solutions through leading-edge management consulting,technology and design,and corporate and digital ventures.We work in a uniquely collabo

4、rative model across the firm and throughout all levels of the client organization,fueled by the goal of helping our clients thrive and enabling them to make the world a better place.The ASEAN Heads of State and Government(HOSGs)formed the ASEAN Business Advisory Council(ASEAN-BAC)in November 2001 at

5、 the 7th ASEAN Summit in Bandar Seri Begawan,Brunei Darussalam.As the leading ASEAN voice headed by the private sector,ASEAN-BAC was established in April 2003 to support the regions efforts to achieve economic integration.As the lead of ASEAN-BAC 2023,Indonesia Chamber of Commerce and Industry(KADIN

6、 Indonesia),has a clear goal:to accelerate the regions transformation via innovation and inclusivity.With the theme“ASEAN Centrality:Innovating towards Greater Inclusivity,”KADIN Indonesia focuses on three core values:centrality,innovation,and inclusiveness that are reflected through five key priori

7、ties:digital transformation,sustainable development,health resilience,trade facilitation,and food security.Boston Consulting Group is the official knowledge partner of the Digital Working Group of the ASEAN Business Advisory Council(BAC)2023 under the Indonesia Chairmanship.This study forms the foun

8、dation of the Digital Working Groups legacy project on ASEAN interoperable QR Code Payment Ecosystem.The relevant ASEAN-BAC whitepaper is available on the ASEAN-BAC website(https:/aseanbacindonesia.id/).BCG as ASEAN BACs Knowledge Partner 1 INTEROPERABLE QR CODE PAYMENT ECOSYSTEM IN ASEAN:WHAT IT ME

9、ANS FOR THE WORLDGrowth of QR Code Payment Systems in Southeast AsiaQuick response(QR)codes were invented in the 1990s by the Japanese automotive industry,and have rapidly grown to become a pillar of the Southeast Asian payment landscape over recent years.QR codes are enhanced barcodes with a patter

10、n of squares arranged on a grid.They are able to store up to 100 x more information than conventional barcodes,making them a flexible,powerful solution for digital payments.In 2011,QR codes were first used as a digital payment solution by Alipay in China.This marked a turning point,with QR codes goi

11、ng on to transform how consumers make payments,and the method by which merchants accept payments,in many markets around the world.QR codes allow customers to make a simple,seamless payment without the need for cash,cards,personal identification numbers(PINs),or signatures.Making and receiving paymen

12、ts is now as simple as aiming a smartphone camera at a displayed QR code.Today,that simple but powerful payment solution has revolutionized the digital payment space and transformed the global payment landscape.The adoption of QR codes for digital payments first emerged in Southeast Asia around 2016

13、/2017.At the time,the region was in need of a fresh digital payment system that could help its digital economy grow,solving some persistent problems that plagued the ecosystem:Large unbanked and underbanked populations Low card penetration and point-of-sale(POS)terminals/card payment acceptance by m

14、erchants Cash as the dominant payment method,even for online payment scenarios such as e-commerce Legacy banking infrastructure unable to support digital payment innovationAs QR code payments gained popularity and successfully rolled out in markets like China with similar market context to Southeast

15、 Asiathey were seen as an attractive solution for the region.As a result,the QR code payment industry has seen a surge in adoption across Southeast Asia,driven by several key factors.1.Growing smartphone penetrationThe rapid rise of smartphone penetration created fertile ground for QR code payment a

16、doption,with total smartphone users in the region increasing from 498 million in 2017 to over 675 million in 2022accounting for 82%of the regional population.As more people gain access to affordable smartphones,they are increasingly turning to QR code payments as a convenient and easy way to make tr

17、ansactions.2.Fast growing economy with rapid growth in the digital sectorSoutheast Asia has experienced remarkable economic growth in recent years,a trend that is expected to continue over coming decades.The combined economy of the Association of Southeast Asian Nations(ASEAN)is projected to grow fr

18、om US$3.8 trillion today to US$20 trillion by 2047.The regions digital economy has echoed this growth,with rapid expansion driving an equally significant increase in use of digital payments.The gross merchandise value(GMV)of Southeast Asias digital economy grew from US$102 billion in 2019 to over US

19、$194 billion in 2022,with e-commerce accounting for more than two-thirds of that value.Progressive rules to enhance the digital ecosystem outlined in the ASEAN Digital Economy Framework Agreement(DEFA)have the potential to double the value of the digital economy,accelerating it to a value of US$2 tr

20、illion by 2030.The digital economy and digital payment ecosystem are closely interconnected components within the modern landscape of financial transactions and economic activities.Digital payments facilitate seamless and swift transactions within the digital economy.They allow customers to pay for

21、goods and services online,enabling e-commerce and other online platforms to function smoothly.E-commerce is by far the largest sector of Southeast Asias rising digital economy,and a key driver of e-wallet adoption.Food delivery and ride-hailing are other major areas of regional growth,which have fur

22、ther pushed the adoption of e-wallets,particularly given the often integrated nature of the ecosystemswith food delivery and ride-hailing companies often branching out into self-owned e-wallet solutions,converting platform users smoothly into e-wallet users.BOSTON CONSULTING GROUP+ASEAN BUSINESS ADV

23、ISORY COUNCIL 2023 23.Cost-effective advantage of QR code paymentQR codes solve one of the key pain points for consumers and merchants by providing a cost-effective digital payment option for merchants,without requiring expensive POS terminals or other capital-intensive hardware.This cost barrier ha

24、d previously been a major hurdle preventing the adoption of card payments in the region.Unlike POS infrastructure,which include installation fees,merchant discount rate(MDR)charges,and other costs,QR codes present a low-cost,easily installed payment solution for merchants.The process and requirement

25、s for consumers to open and operate a QR code e-wallet account are equally accessible,making this a much smoother,more user-friendly option than opening a traditional bank account or applying for a credit card.4.Growth in fintech e-walletsThe huge developmental potential and demographic dividend in

26、the Southeast Asia region,with young,digitally engaged populations,has attracted growing interest for financial technology(fintech)players in the e-wallet space.They mostly rely on QR code technology,which has a low technical threshold compared against alternative options such as near-field communic

27、ations(NFC).Gaining an e-wallet license to operate was also relatively easy in many markets,due to policymakers proactive approach.Common regulatory reforms which include applying the“same activity,same risk,and same regulation”principle has allowed more non-financial institution players to particip

28、ate,encouraging many players to enter and drive innovation.The ambitions of pioneering e-wallet players were further accelerated by successful,attractive superapp concepts.Superapps provide a conducive ecosystem and strong foundations,with a powerful investment incentive.According to Boston Consulti

29、ng Groups(BCG)FinTech Control Tower,digital payment playerswith the majority being fintechsmake up the highest number of companies and have attracted the most funding in Southeast Asia over the past decade.Exhibit 1.A number of e-wallet players have raised significant funding rounds over recent year

30、s,especially those with aims of establishing a superapp-style business.Substantial funding from investors has enabled QR code wallets to rapidly scale,which in turn enabled fintech players to boost the popularity of QR code payments through early introduction on both consumer and merchant ends of th

31、e ecosystem.1.Payments Fintechs include digital wallets,payment infra,PSP and other subsectors;2.Includes large tech players that have eWallet/QR payment as one of their major offeringsNote:Number of companies founded includes operating,subsidiaries,IPO and acquired firms.Source:FinTech Control Towe

32、rExhibit 1-Funding raised by Fintech e-wallets has steadily grown over the years,enabling them to drive digital payment innovations in the region3 INTEROPERABLE QR CODE PAYMENT ECOSYSTEM IN ASEAN:WHAT IT MEANS FOR THE WORLDThe COVID-19 pandemic represented a significant disruption to business-as-usu

33、al operations around the globe,and triggered substantial consumer shifts in attitudes and adoption of digital payment solutions.More than half(56%)of Southeast Asian consumers used cash less frequently post-pandemic,with almost two-thirds of these users located in Indonesia and Vietnam,marking a maj

34、or shift in two of the regions most populous nations.Exhibit 2.The other side of this transition is seen in rapid uptake of digital payment solutions,with one-third(33%)of consumers using e-wallets,and over one-quarter(26%)using QR code payment solutions for the first time during the pandemic.Exhibi

35、t 2.After ten years of development,QR code payment has become one of the most popular electronic payment methods in Southeast Asia.Today,there are over 80 e-wallets in Southeast Asia,connecting over 205 million users and 25 million merchants.Indonesia has the most users and merchants in the region,w

36、ith over 90 million and 15 million respectively.Based on current momentum,we expect digital payments to continue to grow in the next two decades,establishing itself as the dominant way of paying for services and goods in the region.5.User behavior change due to the pandemicExhibit 2-Covid-19 pandemi

37、c accelerated the shift from cash to digital payment options by SEA consumersNote:1.2022 data is forecasted from previous years data Source:IDC consumer payments survey Asia/Pacific 2020;GlobalData;BCG analysisBOSTON CONSULTING GROUP+ASEAN BUSINESS ADVISORY COUNCIL 2023 4The critical role of governm

38、entThe popularity of QR code payments in Southeast Asia is also heavily influenced by government policy and support.The governments and regulators of Southeast Asia have been taking a proactive approach in driving the digital payment ecosystem,shaping the evolution of QR code payment.This approach i

39、s markedly different from Mainland China,where the market has been left to grow organically,led solely by commercial players.Mainland Chinas market approach resulted in one or two key QR e-wallet players dominating the space.In Southeast Asia,however,many regulators have deliberately taken steps to

40、foster market competition by providing policy guidance and leading the development of the backend infrastructure to drive further innovation.Three key steps have been taken by government/regulators across the region:Step one:Build QR-based alias for real-time payment systems Step two:Launch national

41、 QR standards to increase interoperability Step three:Develop cross-border QR code payment linkages through bilateral alignment(s)of real-time payment systems(RTPs)across member statesStep One:Building QR-based alias for real-time payment systemsReal-time payment systems(RTPs)are highly efficient,in

42、ter-bank electronic payment rails that enable funds to be initiated,transferred,and settled from one bank account to another in a matter of seconds.RTPs operate 24/7,365 days a year,making it possible for consumers and businesses to make payments any time,at their convenience.When it comes to RTPs,t

43、he Asia Pacific(APAC)region is leading the charge.Japan developed the first RTPs in the 1970s.Mainland China,Korea,India,and Hong Kong have developed their own RTPs over the past decade.Southeast Asia also followed the trend with all six key marketsIndonesia,Malaysia,Philippines,Singapore,Thailand,V

44、ietnamlaunching their own RTPs in the past six years.The benefit of RTPs isnt just about instantaneous transfers,but also making inter-bank transfers much easier for payers.For example,the alias for RTPs operates as an alternative to a bank account number,usually in the form of a mobile phone number

45、,email address,or business registration number used for sending or receiving payments.Instead of entering a long bank account number for every payment/transfer,payers using RTPs can simply enter the alias linked to the payees account,improving user experience and reducing the potential for human err

46、or.While governmental intervention paved the way for RTPs to flourish in Southeast Asia,many operators have taken a step beyond through further innovation and transformation incorporating QR codes into RTPs.With the rise of QR code payments in Southeast Asia,QR codes have also become a natural exten

47、sion of RTP systems.Central banks and regulators introduced QR code payment features for their respective RTPs.This allows both merchant and consumer users to store their unique RTPs alias in their own QR code,enabling payers to simply scan a QR code to make RTPs payments.In 2017,Singapore launched

48、its PayNow system,developed on the FAST payment rail.It operates by enabling aliases of mobile numbers or unique business registration numbers,as well as QR codes associated to these unique identifiers.The new RTP system connects both banks and e-wallet players,allowing users to make instant payment

49、s without the need to know the recipients bank or e-wallet provider and account number.5 INTEROPERABLE QR CODE PAYMENT ECOSYSTEM IN ASEAN:WHAT IT MEANS FOR THE WORLDStep Two:Launching national QR standards to increase interoperability within countriesThe release of multiple QR code systems by e-wall

50、et players such as Grab,Gojek,and others,as well as banks,and payments to facilitate digital payment triggered a fragmentation in the space.This caused confusion and inconvenience to both consumers and merchantswith the latter having to display multiple QR codes at storefronts to accept payments fro

51、m consumers utilizing a variety of e-wallets.To address this issue,the respective regulators of each country in Southeast Asia created standardized national QR systems for e-payments to ensure a more seamless QR code payment ecosystem within the country.Exhibit 3.National QR standards offer the fram

52、ework to increase interoperability within a given country,building on the foundations of established RTP ecosystems to help facilitate the smooth adoption of QR code payment solutions.Countries across ASEAN have implemented supportive QR standards to help embed this solution in payment ecosystems ov

53、er recent years,creating a secure,seamless payment landscape.In 2018,Singapore launched SGQRa single and standardized QR code for e-payments.SGQR allows a merchant to display multiple schemes through a single QR code,with all the accepted modes of payments presented below the QR.This solution is the

54、 first of its kind globally.SGQR is ultimately designed to replace all the different QR codes in Singapore.It can also be printed in billing statements and other use cases,alongside being displayed actively at the front of merchant premises.Some countries have gone a step further beyond just unifyin

55、g the QR code standard for store-front display,and connected e-wallets,e-money applications,bank payment apps,and more through QR code payment infrastructureusually built by riding on existing RTPs.This allows each application of the respective payment instrument issuer to scan and read a QR code an

56、d make payments at any merchant that accepts QR code payments,making QR code payments truly interoperable within the country.Indonesias Quick Response Code Standard(QRIS)is a prime example of this evolution,launched by Bank Indonesia in 2019 with the aim of universalizing cashless payments in the co

57、untry.As part of the Indonesian Payment System Vision(SPI)for 2025,QRIS unifies and links various kinds of closed-loop payment services such as GoPay,OVO,banking apps and more.All e-wallets and banks are mandated by Bank of Indonesia to participate.As of today,over 300,000 merchants in Indonesia hav

58、e adopted QRIS,transacting values of over IDR1.5 trillion across participating merchants.Exhibit 3-As the e-wallet/QR code payment sector became crowded and fragmented,regulators launched national QR standards to improve interoperabilitySource:Regulator website,company announcement,BCG/Expand FinTec

59、h Control Tower,BCG analysisBOSTON CONSULTING GROUP+ASEAN BUSINESS ADVISORY COUNCIL 2023 6Step Three:Developing cross-border QR code payment linkages through bilateral alignment(s)QR code payment has gradually become one of the most important electronic payment methods in Southeast Asia,triggering w

60、ork across countries in the region to enable QR codes for cross-border payments.Standardizing digital payment systems at the national level is an important first step toward building a cross-border QR code payment system,with central banks of participating countries already showing receptiveness to

61、connected payment systems.This provides a foundation to empower citizens to use QR code payments for cross-border transactions with reduced or eliminated fees,generally at better currency conversion rates than those set by major credit card companies.All six major economies of ASEAN have now launche

62、d bilateral agreements or memoranda of understanding(MoUs)to launch QR code payment linkages with other ASEAN Member States.Exhibit 4.In one example,Bank Negara Malaysia(BNM)and the Bank of Thailand(BOT)established a bilateral agreement to launch a cross-border QR code payment linkage between Malays

63、ia and Thailand in 2021.Indonesia and Thailand implemented a QR code payment linkage in 2022.Singapores link with Thailand was established in 2021 and they launched a pilot with Indonesia in 2022.On top of these bilateral linkages,five Southeast Asian central banksBank Indonesia(BI),Bank Negara Mala

64、ysia(BNM),Bangko Sentral ng Pilipinas(BSP),Monetary Authority of Singapore(MAS),and the Bank of Thailand(BOT)signed a memorandum of understanding on regional cross-border payments at an event ahead of the G20 summit in November 2022.Most recently,Cambodia and Thailand launched their cross-border QR

65、code payments,followed by Laos announcement of their plan to use QR code transactions with neighboring countries Vietnam,Thailand,and Cambodia in Q4 of 2023.Indonesia has also recently signed bilateral MoUs with Laos and beyond ASEAN,with Japan,India,and South Korea.Efforts to develop cross-border Q

66、R code payment linkages will have significant economic implications for ASEAN,creating a more integrated payment landscape with smooth payment opportunities that benefit merchants,customers,and intra-ASEAN tourists.Exhibit 4-Latest development 6 major SEA countries started to launch bilateral QR pay

67、ment linkages to facilitate cross-border E-wallet payments7 INTEROPERABLE QR CODE PAYMENT ECOSYSTEM IN ASEAN:WHAT IT MEANS FOR THE WORLDThe tangible benefits of an ASEAN interoperable QR code payment ecosystemWith numerous bilateral cross-border QR code payment linkages being launched,we are on the

68、verge of witnessing the emergence of a regional interoperable QR code payment ecosystema first of its kind globally.A regional interoperable QR code payment ecosystem can create positive impacts in many ways,with clear benefits for the four core demographics of consumers,merchants,e-wallets and bank

69、s,and the ASEAN region.Consumers.Consumers will benefit from increased convenience,security,reduced costs,and reduced risk in payment interactions during intra-ASEAN travel,enhancing the tourism experience and providing a boost to ASEAN tourism overall.Convenient.Reduces the need to carry large amou

70、nts of cash,or the need to locate and engage a money changer.Improves spend tracking for consumers during and post-trip.Removes concerns about available funds or need to carry large sums for each journey.Cheaper.More competitive foreign exchange(FX)rate and lower fees compared to credit or ATM withd

71、rawal.Cross-border QR payment linkages are enabled with Local Currency Transaction(LCT).LCT can improve external resiliency by reducing dependence on hard currencies.LCT also uses direct quotations to provide more competitive exchange rates and faster,cheaper,and more efficient transactions.Transact

72、ions using cross-border QR payment linkages will be less exposed to fluctuating exchange rates.Secure.Reduced vulnerability through less need to carry large sums of cash.No risk of card cloning,double-swip-ing,or other common forms of financial fraud that target travelers.Merchants and businesses.Me

73、rchants in the tourism ecosystem,including retailers,hoteliers,food and beverage enterprises,tourist attractions,transportation and more also enjoy significant benefits,including improved cost and convenience,increased sales,and value-added services.Cost and convenience.QR code payments offer cheap-

74、er transaction costs for merchants than credit cards,with lower interchange fees,and also bypass global card schemes.The solution is easy to install,and more cost-effective than POS terminals,although additional costs on devices and services should be considered.QR code payment also has a low barrie

75、r to entry that can be attractive particularly to informal economy participants.Increased sales.Increased adoption of ASEAN QR could attract increased tourist spend,and eventually drive up sale volumes for merchants through a significantly ex-panded addressable audience.Value-added services.QR code

76、payments unlock a path-way to further innovation and business opportunities by e-wallets and banks with implications across the tourism and financial industry.E-wallets and banks.Financial service providers will enjoy an extended financial ecosystem for e-wallets and mobile banking apps beyond core

77、home markets,driving increased usage and transactions.This expanding ecosystem would help drive app usage and enhance user retention,self-generating further app usage during outbound travel.An additional benefit is unlocked through the significantly increased transactional data generated,allowing co

78、mpanies to innovate further data-driven products and services.One major Asian e-wallet provider leverages increased transaction data to innovate use of overseas QR code payments.The company,based in China,enabled Chinese tourists to pay with its app at merchants in over 35 countries.It provided a on

79、e-stop-shop for all tourist needs,including exchange rate services,discounts and offers,ticket purchasing,tourist attraction information,transport booking,and even tax refunds.The app expanded its offering to become a genuinely integrated marketing platform that enables personalized and smart travel

80、 experiences for tourists.ASEAN region.Driving integration of QR code payment systems across the region will have important implications for ASEAN and its economic goals.ASEAN QR linkages have the potential to create a significant economic impact in Southeast Asia.Based on the current annual data of

81、 18M intra-ASEAN tourists with an average spend of approximately US$19 billion each year,ASEAN QR could facilitate transactions worth up to US$4 billion if it captures 15%to 20%of the transaction value.QR code payment is expected to accelerate the adoption of technology into societies across ASEAN w

82、ith the hope of strengthening economic ties within the region.It also provides a symbol of ASEAN unity that will strengthen bonds and linkages,with clear benefits to member states that will bring pride to ASEAN citizens.It offers the potential to improve the relevance of ASEAN and the ambitions of t

83、he ASEAN Economic Community in the daily lives of regional citizens,affirming a tangible understanding of what might otherwise be considered a distant economic initiative.Moreover,ASEAN QR would offer a step towards key regional aspirations,aligned with the Payment and Settlement pillar of the ASEAN

84、 Financial Integration Framework.ASEAN QR would represent one of the first major achievements of this Framework.BOSTON CONSULTING GROUP+ASEAN BUSINESS ADVISORY COUNCIL 2023 8How ASEANs success story can inspire the worldPolicies and commitments made by ASEAN member states and regulators offer a valu

85、able case study for other regions and economic blocs seeking to achieve financial integration and cooperation through digital payment initiatives such as the interoperable QR code payment ecosystem in Southeast Asia.The implications for the rest of the world can be broadly grouped into four categori

86、es:Regulation guidance and supportGovernment and regulatory bodies in the ASEAN region enabled the realization of interoperable QR code payment systems.The inclusive approach which welcomes all types of participants,their intentional promotion of competition,their provision of policy directives,and

87、their active role in constructing the foundational infrastructure have collectively propelled QR code payments towards further innovation.On top of building the foundational infrastructure,ASEAN member states have also been issuing guidelines and taking collective measures to protect the regions inf

88、rastructure,business,and consumers from cyberattacks and financial fraud.e.g.The ASEAN Cybersecurity Cooperation Strategy 2021-2025,The 2021 Bandar Seri Begawan Digital Roadmap,etc.As the landscape of digital payments continues to transform,regulators must adopt forward-thinking perspectives.Its pla

89、usible that QR codes might not reflect the ultimate digital payment solution for the region,but rather a stepping stone for future innovation of payment systems.Navigating the delicate equilibrium between consistently guiding evolution while fostering innovation from all participants remains a pivot

90、al factor in ensuring future success.Collaborative approach at the country level and regional levelCollaboration is central to the vision of the ASEAN Economic Community and has been at the heart of building out integrated payment ecosystems across the region.Strong collaboration between stakeholder

91、s is crucial for QR code payment success at the national and regional level.At the national level,banks,regulators,fintech companies,and other stakeholders played a crucial role in increasing the integration of real-time payment systems.At the regional level,cross-border QR code payments were only m

92、ade possible by central banks/regulators working together to agree on building payment linkages to achieve regional payment integration.Fostering collaboration across players should be a key imperative of regions looking to enable such integration,ensuring interoperability and a seamless user experi

93、ence.Inclusion and accessibility for allFinancial inclusion has been a guiding principle of QR code payment integration,with the goal of making financial services accessible for all.Other regions looking to enhance financial integration should focus on building inclusive systems which cater to under

94、banked and marginalized communities in particular,ensuring equitable financial access as part of enhanced financial provision.Inclusive design that encourages user engagement is a key consideration in efforts to increase adoption of QR code payment systems in the region.Prioritizing user experience

95、and designing systems that are intuitive,easy to use,and cater to diverse needs is an important part of driving higher adoption rates.Lastly,educating users as to the proper usage and benefits of QR code payment systems is crucial to ensure widespread adoption,and a key enabler of delivering ASEANs

96、vision for an effective,integrated,and engaged payment ecosystem.Embedding campaigns to raise awareness of QR code payment integration can help boost visibility and inform users about the convenience and security of these systems,encouraging participation.The role of the private sector is also cruci

97、al in driving awareness and enhancing adoption of QR code payment systems.Scalability and future-readinessPayment systems are part of a rapidly evolving financial ecosystem.Designing payment system infrastructure with scalability and adaptability in mind ensures they can evolve to meet the needs of

98、increasing transaction volumes while incorporating future technological advancements.Ultimately,on the journey to establish an interoperable digital payment system within the region and beyond,its imperative for central banks and regulators to plan early,enhance communication,exchange learnings,and

99、collaborate closely for future readiness.9 INTEROPERABLE QR CODE PAYMENT ECOSYSTEM IN ASEAN:WHAT IT MEANS FOR THE WORLDAbout the AuthorsYulius is a Managing Director and Senior Partner at BCGs Jakarta Office.You may contact him by email at Yulius.YPandu Sjahrir is a Chairman at Indonesia Fintech Ass

100、ociation and Legacy Lead of ASEAN QR Code(Indonesia ABAC Chairmanship 2023).Verra Wijaya is a Knowledge Expert and Team Manager,Public Sector at BCGs Singapore Office.You may contact her by email at Wijaya.VDavids Tjhin is a Managing Director and Partner at BCGs Jakarta Office.You may contact him by

101、 email at Tjhin.DavidsBCG.comYohanes Lukiman is a Board Member at ASEAN Business Advisory Council Indonesia and Digital Transformation Policy Manager(Indonesia ABAC Chairmanship 2023)Yang Yu is a Knowledge Expert,Fintech and Digital in Financial Institutions at BCGs Singapore Office.You may contact

102、him by email at Yu.YAcknowledgmentsThe authors are extremely grateful to Bank Indonesia for their valuable input to the study.The authors would also like to thank their BCG colleagues,Monica Saravana,Sethapong Jarusombathi,and Kanchanat U-chukanokkun for their valuable contribution to the developmen

103、t of this report.Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities.BCG was the pioneer in business strategy when it was founded in 1963.Today,we work closely with clients to embrace a transformatio

104、nal approach aimed at benefiting all stakeholdersempowering organizations to grow,build sustainable competitive advantage,and drive positive societal impact.Our diverse,global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change

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