Keywords: transnational litigation, regulatory divergence, intellectual property rights, data privacy and security, consumer protection
INTRODUCTION
The fast growth of financial technology (fintech) has transformed how individuals undertake worldwide transactions. This trend is shown by the widespread usage of Quick Response (QR) codes as a payment mechanism. As the prevalence of cross-border transactions increases, nations attempt to build QR payment links to promote seamless payments between customers and businesses.[1] The ASEAN-5 countries[2] want to enhance QR code payments to benefit micro, small, and medium-sized enterprises (MSMEs) and migrant workers.[3] Hence, a memorandum of understanding (MoU)[4] between central banks from ASEAN member states has been inked on regional cross-border payments between countries, which will bring multiplier effects to people and businesses within the region. This agreement was signed in Bali on 14th November 2022, involving Bank Indonesia (BI), Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS), and Bank of Thailand (BOT).[5]
Nevertheless, deploying these connections poses several legal issues and possible conflicts from the standpoint of multinational litigation. In light of this setting, it is essential to explore the potential problems from cross-border QR payment links and advise on managing these difficulties and examine Indonesia’s legal and regulatory structure with respect to the possible problems described above.
