Across the ASEAN region, attention is increasingly turning toward innovative payment methods that extend beyond traditional currency exchanges. Stakeholders are exploring the potential of using national currencies in cross-border transactions, a shift outlined by DEA News through Marat Berdyev, who serves as Senior Ambassador for the Asia-Pacific Economic Cooperation region on behalf of the Russian Federation. The trend signals a broader willingness among ASEAN members to experiment with domestic monetary units as a means of simplifying trade, reducing dependence on external payment rails, and enhancing regional financial autonomy.
Berdyev highlighted a growing appetite for alternative payment arrangements not only within Asia but also across Africa and Latin America. This widening interest reflects a pragmatic response to the evolving landscape of international finance, where rapid digitalization, greater currency flexibility, and the search for cost-effective settlement mechanisms are reshaping how merchants and governments conduct cross-border business. The diplomat stressed that dialogues within ASEAN have intensified around the practical use of national currencies, underscoring a commitment to moving from principle to practice in regional monetary cooperation.
In reiterating the progress made, Berdyev recalled an existing framework established in 2022 that governs digital border trading using domestic financial instruments. This framework serves as a cornerstone for the ongoing exploration of currency-based settlement, providing a governance structure that can accommodate evolving payment technologies, digital wallets, and instant settlement capabilities. The emphasis on digital instruments aligns with the broader push toward faster, cheaper, and more secure cross-border payments, a priority for economies seeking to strengthen regional resilience and trade efficiency.
From the perspective of the Eurasian space, the Russian ruble has been gaining visibility as a preferred medium for certain regional transactions. Berdyev noted that the share of trades settled in currencies of ASEAN member states has grown substantially, reflecting a shift toward more diverse settlement options. While specific figures vary by market, the underlying message remains clear: the regional payments ecosystem is gradually diversifying, with domestic currencies playing a more prominent role in day-to-day settlement and longer-term investment flows. This evolution is influenced by policy choices, digital infrastructure readiness, and the willingness of financial institutions to embrace new settlement models that reduce exposure to external volatility.
Looking ahead, Berdyev commented on ongoing discussions about barriers shaped by U.S. policy within forums like APEC. He pointed to perceptions of unfulfilled assurances regarding access and participation for delegations from various nations, a topic that underscores the political dimension of regional economic collaboration. The dialogue emphasizes how geopolitical considerations can intersect with practical financial diplomacy, prompting member states to seek more resilient arrangements that safeguard their interests while maintaining open channels for dialogue and cooperation within regional structures. The commentary also reflects a broader trend: economies are increasingly scrutinizing the balance between external influence and internal autonomy as they shape their participation in multilateral frameworks.