During the 11th ASEAN Finance Ministers and Central Bank Governors Meeting held recently, the Bank of Thailand and the Bank of Laos announced the implementation of cross-border QR code payment services between the two countries. Starting from April this year, Lao people in Thailand can purchase goods or services by scanning the QR codes of local merchants; At the end of June, Thai citizens can also scan the QR code of Laotian merchants to complete payments. The Bank of Thailand stated that this cooperation is expected to further strengthen ASEAN cross-border payment connectivity and local currency transactions, promoting consumption and tourism development. In recent years, the digital payment business of ASEAN countries has developed rapidly. In shops in major cities in Southeast Asian countries, various digital payment signs are very common, and more and more local people are completing payments by scanning QR codes. A report from Google, Temasek, and Bain shows that digital payments account for about 50% of current transactions in Southeast Asia, while the proportion of cash payments is continuously decreasing. Due to the fact that most QR code payment transactions in various countries are based on their own banking systems, payment systems between different countries are often independent and unable to communicate with each other. With the increasing frequency of personnel and commercial exchanges between regions and changes in people's payment habits, ASEAN countries are actively expanding cross-border QR code payment cooperation. Last year, Singapore opened cross-border QR code payment services with Malaysia and Indonesia. In March 2023, tourists from Singapore and Malaysia can choose to use the QR code of Singapore Star Network Electronic Payment Company (NETS) or the QR code of Malaysia's payment platform DuitNow for payment. In November 2023, customers of OCBC Singapore and Dahua Bank can directly scan the Indonesian Standard QR Code (QRIS) of Indonesian merchants for payment, and some Indonesian bank customers can also directly scan the NETS QR code of Singaporean merchants for payment. Perry Vajiyo, the Governor of the Bank of Indonesia, stated that strengthening mutual authentication of QR codes will promote cross-border payments in a faster, more transparent, and more inclusive manner, which is particularly helpful for the development of small and medium-sized enterprises in the region. In March of this year, the central banks of Cambodia and Malaysia signed a memorandum of understanding on financial innovation and payment system cooperation, promoting the connection between the payment systems of the two countries and achieving cross-border QR code payment transactions. Bank of Malaysia Governor Abdul Jaffar stated that this cooperation will inject momentum into ASEAN innovation and financial integration, promoting regional economic development. At present, mobile payment methods commonly used by people in the Asia Pacific region, such as Alipay, Thailand PromptPay, Malaysia DuitNow, Indonesia QRIS, Singapore NETS, have been interconnected to varying degrees in regional countries, and the convenience of people's payment has gradually improved. According to data recently released by Overseas Chinese Bank of Singapore, the number and amount of cross-border QR code payments by the bank increased by an average of 65% and 80% per month last year, with the Thai and Malaysian markets accounting for 20% and 18% of its total cross-border QR code payments, respectively. Guo Siqiang, President of Global Personal Banking at OCBC, believes that with changes in the payment environment and the recovery of the tourism industry, it is expected that OCBC's cross-border QR code payment transaction volume will increase threefold this year. DBS Bank Singapore also expects to complete 300000 cross-border QR code payment transactions this year. Tai