Philippines, Vietnam study digital currencies as Alipay, WeChat Pay spread

More Southeast Asian countries moving in the direction of early issuer Cambodia

Chinese mobile payment apps WeChat Pay and Alipay are gaining users throughout Southeast Asia, prompting interest in government-issued digital currencies. © Reuters

KEITA SEKIGUCHI, Nikkei fintech editor

June 17, 2022 03:35 JST

TOKYO -- The Philippines and Vietnam will start feasibility studies as soon as this month on issuing central bank digital currencies (CBDCs) as Chinese payment apps penetrate Southeast Asia.

The spread of Alipay, WeChat Pay and similar apps has raised monetary authorities' interest in CBDCs. The two platforms are banned in Vietnam, but the number of users continues to grow in that country.