Indonesia has joined a multilateral digital payment alliance with Malaysia, Singapore, Thailand, and the Philippines, aiming to accelerate de-dollarization in the region. According to a report from Travel And Tour World, as covered by Google News — retail Philippines, the initiative seeks to reduce reliance on the US dollar by promoting local currency settlements.
The alliance, originally formed by Malaysia, Singapore, Thailand, and the Philippines, now includes Indonesia to enhance regional financial integration. Member nations will develop interoperable digital payment systems enabling cross-border transactions in their own currencies, bypassing the dollar.
This move is part of a broader Southeast Asian trend to strengthen economic sovereignty and insulate against external monetary shocks. Coordinating payment infrastructure is expected to boost trade efficiency, reduce transaction costs, and reshape regional commerce.