The financial landscape in Asia is shifting rapidly—and at the heart of this transformation lies the evolution of cloud-based payments. Tracey Davies, Global President of Money20/20, shares how Asia’s fintech ecosystem is scaling, innovating, and pushing the boundaries of digital finance while grappling with fragmentation, inclusion, and security.
“Asia’s cloud payments ecosystem is evolving fast,” Davies observes. “Mobile wallets are booming in Southeast Asia, and real-time payment systems like Singapore’s PayNow and Thailand’s PromptPay are now mainstream.” She points to regional initiatives such as Project Nexus and QR code interoperability frameworks as pivotal in boosting cross-border connectivity.
While growth is undeniable—digital payments are projected to account for 94% of Southeast Asia’s e-commerce transactions by 2028—scalability remains uneven. “Markets like Singapore are leading, while others are still ramping up,” Davies explains. “Scalability is improving, but fragmentation across markets is still a key challenge.”
That fragmentation, rooted in regulatory diversity, is a hurdle that fintech players must navigate carefully. “Scaling cloud payments responsibly in Asia really comes down to collaboration and adaptability,” she says. With progressive regulatory sandboxes in places like Singapore contrasted against stricter environments in emerging markets, Davies believes the way forward lies in “building regional partnerships” and “adopting common standards like open banking APIs or dynamic QR codes to bridge the gaps.”
Money20/20’s expansion into Asia has placed Davies in a unique position to observe the trends shaping the fintech community. One theme, she says, is crystal clear: “AI is dominating. Around 80% of financial institutions in APAC are using it for things like fraud detection and personalisation.” She also notes the rapid embedding of fintech into e-commerce platforms and super-apps like Gojek and Grab, while security innovations—such as biometric authentication—are becoming a focus. “Companies like Visa and Tencent are trialling palm and facial recognition tech,” she adds.
But technology alone doesn’t guarantee financial inclusion. Davies underscores the region’s persistent gaps: “Southeast Asia still has around 290 million unbanked individuals.” She believes bridging this divide requires a multi-layered approach. “AI-driven credit scoring can bridge the gap by leveraging non-traditional data sources like telco usage to evaluate creditworthiness,” she says. She also highlights the role of government-backed digital ID systems such as Malaysia’s MyDIGITAL in simplifying KYC processes and boosting trust. Above all, she stresses that “collaborations with local fintechs are essential to lower onboarding costs and ensure solutions are contextually relevant.”
Banks and traditional players, too, are feeling the push toward transformation. For leaders overseeing digital infrastructure shifts, Davies has clear advice: “The starting point should be modular architecture, cloud-native, and API-first platforms that allow for greater agility and faster innovation.” Emphasising the need to reskill workforces for long-term growth, she adds: “There’s a growing need for expertise in AI, cybersecurity, and cloud engineering.”
Security remains a critical concern—and one Davies believes must evolve in tandem with innovation. “Balancing innovation with trust starts by embedding AI-driven defences into cloud infrastructure,” she notes. “Tools like Gen AI can detect and respond to threats in real time, making security more proactive than reactive.” On a regional level, she sees promise in “shared frameworks for threat intelligence,” particularly those developing under ASEAN cybersecurity initiatives.
Beyond the technological and structural shifts, Davies is passionate about driving social change in fintech leadership. Through initiatives like RiseUp and Do.Better.Together, Money20/20 champions gender equity and inclusion. “RiseUp is particularly resonating with the industry as it addresses the crucial need for diverse leadership in Asia’s rapidly growing fintech sector,” she shares. The programme connects participants with mentorship, content, and a global network. “We are helping them create tangible pathways for career advancement and professional growth,” she says.
There’s progress—but the journey is far from complete. “The representation of women in fintech leadership has shown positive growth, increasing from just 4% in 2010 to around 30% today,” Davies explains. Still, she calls for “more systematic and sustainable changes,” including industry benchmarks, accountability measures, and visibility for successful female leaders who can act as role models.
As Money20/20 Asia solidifies its presence in the region, its mission remains clear. “Our long-term vision is to help shape a more inclusive, open, and connected financial future across Asia,” Davies says. Impact isn’t measured merely by conference attendance. “We measure impact by the partnerships formed, deals initiated, and ideas brought to life. It’s about moving from conversation to action.”
So what’s next for Asia’s cloud payments ecosystem? Davies offers a bold forecast: “By 2030, we’ll see a unified cross-border payment network emerge across ASEAN+ markets, powered by blockchain and CBDCs. This will enable real-time settlements, slash transaction costs, and most importantly bring more SMEs into the regional digital economy in a way that simply hasn’t been possible before.”
From innovation to inclusion, Davies’s outlook reveals a region not only on the cusp of transformation—but actively leading it.
