Judul : Fintech Leaders Push for Unified Standards Amid Payment Fragmentation
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Fintech Leaders Push for Unified Standards Amid Payment Fragmentation
Programmers encounter conflicting payment systems among different service providers.
Financial institutions and digital asset companies must adopt common, internet-based standards to facilitate the next stage of digital currency, according to industry experts, as existing systems are still isolated and challenging to link between different service providers.
There must be a protocol for transferring and receiving funds, whether it's in stablecoins or conventional currency, statedErik Reppel, Head of Engineering, CDP, Coinbase.
Some vertically integrated players have their own application programming interfaces (APIs), but there is no compatibility between different payment service providers that operate on their own proprietary payment systems," Reppel stated during the 'BLOOM' event.panel discussion at the Singapore FinTech Festival 2025 on 13 November.
"It becomes a significant challenge with the growth of agent-based commerce," he stated, adding that if an agent fails to identify a service's API, it is unable to finalize the transaction.
The area's payment environment remains very divided even with advancements in local real-time payment systems, as reported byTianwei Liu, Co-founder and CEO of StraitsX.
"For instance, Singapore established connections with Thailand and separately with Indonesia, but this did not imply that Indonesia and Thailand were connected," Liu stated.
Paul Harapin,Head of Revenue for Asia Pacific and Japan at Stripe, noted comparable issues. "We've come to understand that as agents take on a greater role in the purchasing process, there's no agent available on the other side."
To tackle this, Harapin mentioned that they jointly developed ACP with OpenAI. "The objective is to make payments easier so merchants can concentrate on managing their websites, while depending on a secure system that supports conventional payments and, eventually, stablecoins."
"It's not exclusive to Stripe. Any payment or artificial intelligence (AI) company is able to utilize it," he further mentioned.
Stablecoins were also introduced as a means that already provides easier integration for developers.
"Stablecoins establish a framework that enables developers to integrate swiftly and create applications without investing excessive time in prolonged business development processes," Liu stated.
"Due to its ability to be programmed and the immediate settlement, we can develop a public ledger that includes controlled compliance," he added.
The panel also associated technical deficiencies with the larger move toward advanced settlement systems.
The ‘Bloom’ initiativewas introduced after the Monetary Authority of Singapore (MAS) acknowledged that possibilities in digital currency go beyond the city-state, stated Alan Lim,Head of Financial Infrastructure and Artificial Intelligence Office, MAS.
"The acronym stands for 'Borderless, Liquid, Open, Online, and Multi-currency,'” noted Lim, who also chaired the panel, mentioning that the new initiative follows 'Project Orchid,' which centered on the domestic digital Singapore dollar.
Here's an excerpt from the panel discussion below:
Lim: From the viewpoint of a payment protocol, what issues exist with online payments currently? What are we aiming to address here?
Reppel:As more agents become active, the importance of these standards becomes increasingly clear. I believe we all assume that the internet functions so effectively because it is based on open standards that all companies agree upon without controversy.— elements such as HTTP, HTML, JavaScript, and CSS. These standards have made the internet a positive-sum system that facilitates trade, information sharing, and the dynamic flow of value.
Now, as AI begins to function as a new economic entity online, we require widely accepted standards that enable AI to grow similarly to how the early internet did. X402 is dedicated to facilitating direct payments and value transfers. Additionally, there are protocols such as ACP from Stripe, which seek to standardise the e-commerce checkout process, and MCP to standardise tool interactions, along with Google’s A2A, which establishes standardised communication between agents.
In the next five to ten years, I believe these will be recognized as the standards that established the groundwork for the agentic web, making it equally interoperable—and potentially even more valuable—than today's internet.
Lim: Are you observing faster payment systems and stablecoins as rivals or as supportive elements?
Liu:When the company was first established, I aimed to tackle the issue that the Southeast Asian market is very divided. Payments are isolated, and we sought to create API layers that simplify the process for developers to link everything together.
However, once you become a real-world practitioner managing operations, you begin to recognize the actual challenges: the silos, the inefficiencies resulting from transitioning between organizations, different banking systems, and differing regulations. We then realized that, within their own borders, many countries had already addressed much of the real-time payment system.
The next challenge, however, lies in the differences among nations. As a FinTech company, you aim to collaborate with all and create connections. However, from a technical standpoint, this soon turns into an issue. You can't establish connections individually and hope that everyone will link to your central model.
We understood that interoperability is essential. With stablecoins — thanks to their programmable nature, immediate settlement, and shared ledger — we can create a public ledger that incorporates controlled compliance to effectively address these issues.
Additionally, there were two primary objectives. The first was to develop APIs, but even with APIs, licenses, compliance, and business development discussions are still necessary before everything can be integrated. In contrast, stablecoins offer a standard that enables a developer—someone in a garage like myself once was—to connect quickly over a weekend and create innovative products without investing significant time in business development, allowing for quicker experimentation and iteration.
Lim: How do you perceive the integration of AI into new tracks?
Harapin:We have been leveraging AI at Stripe to enhance payment processes for many years. We have developed a new core model focused on fraud detection, and as an example, we increased card testing detection from approximately 59% to 97% due to our extensive data model, although it is a complicated system to manage.
We have been utilizing AI internally for a considerable period. We have come to understand that when agents progress through the purchasing process, there is currently no agent present on the other side. If you observe some of the demonstrations, it's quite amusing — the agent must go through a human-operated checkout.
To expand on this, we collaborated with OpenAI to develop ACP. It is an open-source, community-driven standard — it is not exclusive to Stripe. Any payment company or AI company can utilize it. We have just begun with our partnership with OpenAI, and we anticipate it will keep developing further.
The objective is to simplify processes so that merchants and the technology supporting their online stores can concentrate on their core activities, while depending on dependable systems in the background. This applies to conventional payments currently and, eventually, to stablecoins—especially for international transactions—and enables agents to connect effortlessly.
Merchants have expressed concerns about losing control following the significant effort they put into developing their brand and customer connections. The protocol is designed to safeguard all of this. We have also created shared payment tokens to ensure secure transactions — nothing is visible to the public, yet the transaction is completed successfully.
This configuration also alters the user's interaction. We are no longer scanning websites, opening multiple tabs, and scrolling endlessly. You can now be very precise with your queries. If you have a subscription and your AI assistant is adapting to your tastes, it can apply that understanding to other searches and deliver precisely what you want.
It's still in the early stages, and we remain committed to further investment. We are collaborating not only with OpenAI but also with Microsoft, Perplexity, and Manus based in Singapore. The development is progressing rapidly, with payments being at the core of this transformation.
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