The FSB just told us cross-border payments in Asia-Pacific are barely improving. FSB annual report (published March 24, 2026)
The FSB 2025 Annual Report dropped March 24, 2026.
I pulled the key data from three connected FSB reports on Cross-border payments and Crypto and stablecoins from an Asia Pacific and East Asia perspective so you don't have to
Link to full report:
Cross-border payments in Asia-Pacific: the numbers are stubborn.
Only 25.6% of wholesale payments land within one hour. 84.6% arrive within a day — but speed hasn't improved year over year.
Retail is worse: → B2B: just 0.5% credited within one hour → P2P: 28.1% within one hour
Costs look reasonable on the surface (1.3–1.8% for most use cases). But dig deeper — 10–14% of corridors exceed the 3% threshold. For P2P? That 3% average is breached in 45% of corridors.
Asia-Pacific remains one of the slowest regions globally. The G20 Roadmap's policy work is done. The results? Not yet.
So what happens next?
The FSB is shifting from policy design to implementation pressure:
→ Voluntary but time-bound action plans for jurisdictions
→ Regional push through FSB's Regional Consultative Groups
→ Coordination with CPMI, World Bank, FATF, and the private sector
The global bodies are done writing recommendations. Needles haven't moved so much as we wished for. Might be time for more customized goals and approahces for each region to continue this journey.
Crypto and stablecoins: the regulation gap is widening.
The FSB's 2023 framework for crypto-assets (CA) and global stablecoins (GSC) was meant to unify global standards.
Reality check: few jurisdictions have finalized their frameworks.
Uneven implementation → regulatory arbitrage → harder oversight of a market that doesn't respect borders.
Here's where it gets interesting for East Asia:
→ Japan locked in regulatory clarity early. Ahead of the curve.
→ Korea? Still cooking.
Observation: Even with the regulatory clarity in Japan we are yet to see major adoption or compelling use-cases at scale. (Interesting players to follow from Japan local perspective JPYC,PROGMAT, DECURRENT)
What's on the FSB's radar for the year ahead:
→ Monitoring stablecoin vulnerabilities
→ Sound practices for AI adoption in financial institutions
→ Operational resilience — specifically public-private collaboration for major disruptions
Connected reports referred to
Thematic Review on FSB Global Regulatory Framework for Crypto-asset Activities: Peer review report
https://www.fsb.org/uploads/P161025-1.pdf
G20 Roadmap for Enhancing Cross-border Payments: Consolidated progress report for 2025
Member discussion