Uzbekistan talks underway, as Singapore, Thailand come under review
South Korea’s leading financial clearing agency is strategically expanding its **cross-border QR payment network** across Asia. This initiative is a key part of the nation’s broader efforts to modernize **digital payments** and integrate **artificial intelligence (AI)** deeper into its **financial services** landscape.
“Our strategic objective is to establish **QR payment services** in collaboration with as many countries as possible,” stated Chae Byung-deuk, President of the **Korea Financial Telecommunications & Clearings Institute (KFTC)**. He made this declaration during a meeting with Korean reporters on Sunday in Samarkand, Uzbekistan, where he was attending the prestigious Asian Development Bank’s annual meeting.
In a significant move, **KFTC** recently finalized agreements with **India and Vietnam** to launch **QR payment services** this year. These agreements closely follow President Lee Jae Myung’s official visits to both nations last month.
“We are committed to continuously expanding our **cross-border QR payment service network**, prioritizing Asian countries that maintain active economic and cultural exchanges with Korea and where **QR payments** are already widely adopted,” Chae elaborated. He confirmed that **Singapore and Thailand** are currently under review for future implementation, while active discussions are progressing with **Uzbekistan**.
This innovative service seamlessly links national payment switches, empowering users to make payments at overseas merchants using their familiar everyday apps. A major advantage is the elimination of separate currency exchange processes or the often-incurred double conversion fees associated with traditional overseas payment services.
**KFTC** successfully launched two-way services with **Indonesia** in April, witnessing approximately 500 transactions in each direction over the past month, according to Chae.
Chae also highlighted support for the financial sector’s **Artificial Intelligence Transformation (AX)** as another critical priority. **KFTC** plans to establish a sector-wide **AX alliance** involving major financial companies. This alliance will collaboratively define standards for **finance-focused AI technologies** and foster the development of a robust, industry-wide **AI ecosystem**.
**KFTC** is additionally planning a proof-of-concept test for an **AI agent payment platform**. This advanced platform will enable conversational AI to manage the entire payment process, from product search to final transaction, within a single, streamlined session. The agency is also leveraging **AI** to significantly enhance its **suspicious transaction detection** capabilities and bolster **anti-money laundering (AML) systems**.
“**Money laundering** typically involves fragmenting transactions into smaller sums, which often results in scattered data across individual financial institutions,” Chae explained. “By consolidating this vital data at **KFTC**, **AI** can be effectively deployed to identify **suspicious transactions** and play a crucial role in preventing **money laundering** activities.”
jwc
