APAC cross-border payments stay upbeat as Japan lags

Hong Kong posted the highest positive share at 69% followed by Thailand at 67%.

Sentiment around the cross-border payments industry in Asia-Pacific (APAC) has been largely positive over the past year.

Almost two-thirds of the reviews of more than 1,000 news articles had a broadly positive tone, whilst 13% were largely negative. The remaining 25% were neutral, according to FXC Intelligence's THE NEW ERA OF ASIA’S CROSS-BORDER PAYMENTS.

Positive sentiment was seen across every market covered, although levels varied. Hong Kong recorded the highest share of positive articles at 69%, followed by Thailand at 67%. China and India each recorded 66%.

Indonesia had 61% positive sentiment, whilst Malaysia recorded 60%. Singapore and the Philippines both stood at 59%. Vietnam recorded 53%, whilst Japan had the lowest share of positive sentiment at 51%.

Negative sentiment was highest in Japan, at 19%, followed by Vietnam at 17% and the Philippines at 16%. Hong Kong had the lowest negative share, at 9%.

The report also said outbound retail cross-border payments from APAC reached $13.5t in 2025, equal to 31% of global outflows, according to FXC Intelligence market sizing data.

Most of this volume came from business-to-business and business-to-consumer payments, which together accounted for 83% of flows. 

Consumer-to-consumer and consumer-to-business payments made up the remaining 17%. 

That split is slightly below the global average of 84% for business-to-business (B2B) and business-to-consumer (B2C) payments.

APAC’s cross-border payments volume is expected to grow faster than the global average, reaching $24t by 2033. 

By then, the region is forecast to account for 36% of global outbound flows and 35% of B2B and B2C payments.

Trade and supply chain activity remain key drivers of payment volumes in the region, especially for B2B payments linked to goods. 

Growth is also expected from demand for overseas software and services, higher online retail and cross-border shopping, and rising international tourism, particularly from major Southeast Asian markets.