There are three themes for me that stand out. One: we’ve had this theme for a long time that real-time, account-to-account payments are coming and displacing cards, especially in Asia. In the US, everything is a card transaction. In Asia, so much more is real-time account-to-account — whether that’s e-wallets, or banks and QR codes. That’s a big trend we’re very excited about. I think we have one of the most comprehensive sets of QR and real-time payment integrations across Southeast Asia, with features other people don’t have, like native refunds.
The second theme, which is becoming real, is stablecoins as an important set of rails — especially settlement rails — for us on the enterprise side. We’re diving into that, and we have customers bringing hundreds of millions in volume as stablecoins into our network.
The last one — I know it’s a buzzword right now — is AI, which changes a lot of how payments work. We’ll have to see how far agentic goes. But even for our merchants, with AI now, integrations are much easier to build, and the switching cost of moving from one payment facilitator to another is much lower. That means merchants and companies can run multi-PSP setups from a much smaller size — they don’t have to rely on just one payments player; they can have two or three.
Because of that trend, I think people are more willing to add more payments companies to their stack, in which case, over the long run, regional and local nuances in payment methods will matter more. Because if I can integrate with any number of payment companies, I want to integrate with the one that actually owns the infrastructure over time, not just builds on top of others. Call it a “farm to table” thing — if you’re actually the farm, and it’s easy to access the farm, you want to do that.
So that’s why I’m excited about where we sit: on real-time payments we have the most integrations and the highest quality; on stablecoins, where our regulators allow it, we’re able to use them for settlement and for moving funds; and on AI making integrations easier, we’re well-placed versus competitors who are just abstractions or wrappers on top of others — I think they’ll be displaced over time by companies like us.
I also think Asia lives in the future. I lived in the US ten years ago, and I’ve lived in Asia too, in China. Ten years ago we had QR in China but not in the US.
Consolidation of fragmented local rails into a few global standards is already underway — QR code interoperability initiatives across ASEAN are an early example of what might eventually happen in other emerging regions too. And rising expectations around uptime, security, and fraud resilience as transaction volumes scale are why infrastructure-grade reliability, not just feature breadth, becomes the actual competitive line.
We are one of the founding partners of the Open Transaction Layer, an open industry initiative and protocol stack launched on May 28, 2026, to standardize how on-chain financial transactions are coordinated. How we’re preparing overall: continuing to invest in owning infrastructure rather than renting it, expanding direct rail coverage market by market, and building the regulatory, technical, and commercial muscle to evaluate new rails quickly without over-committing to any single one prematurely.