Cycle on May 23, 2026

I will now list the open threads on this topic to see what needs to be pursued or resolved in this research cycle.

I will search for the latest information on the Southeast Asia mobile wallet landscape and QR payment adoption (specifically looking for market share and transaction data in Indonesia, the Philippines, Vietnam, and Thailand) to address the first open thread.

I will fetch the EBANX and "Southeast Asia's Race for the Unbanked - GabGrowth" pages, as well as do some searches focused on Vietnam and Indonesia's QR and mobile wallet landscapes to gather more concrete data. Let me first fetch the GabGrowth article since it mentions GCash, Maya, and GoPay.

The GabGrowth article provides incredibly fresh and rich data for Southeast Asia fintech in 2026/late 2025: - **Sea Limited's FinTech arm "Monee"** (which is actually SeaMoney - the article writes "Monee" but it's SeaMoney, let me verify if "Monee" is a typo or a specific branding, wait, it says "Monee, Sea Limited's FinTech arm, grew its loan book by over 80% in 2025 to reach $9.2 billion. Sea runs three main divisions: Shopee (leading e-commerce), Garena (gaming), and Monee (FinTech). Monee has grown its revenues at a 105% CAGR. In 2025, it brought in $3.8B in revenues, accounting for nearly half of Sea’s EBIT. Monee has over 37 million credit users on its platform and a loan book exceeding $9.2 billion..."). This is a massive data point! Let me double check standard spelling, yes, SeaMoney has been rebranded or is referred to as SeaMoney, but this article uses "Monee" or maybe SeaMoney. Let's do a quick search. - **GrabFin / GXS Bank / GX Bank** (Grab's fintech operations): gross loan portfolio of $1.3 billion, customer deposits of $1.6 billion. - **GCash (Philippines)**: Over 90 million registered users (out of 115M population). - **Maya (Philippines)**: Regulated digital bank, reported ₱1.7 billion in net income in 2025. - **MoMo (Vietnam)**: Vietnam's dominant digital wallet, over 40 million users. Became profitable in 2024. - **OVO (Indonesia)**: Integrated with Superbank. - **GoPay (Indonesia)**: Embedded into ecosystem partners like TikTok (following TikTok's acquisition of Tokopedia/Tokopedia merging with TikTok Shop). - **DANA (Indonesia)**: Backed by Ant Group. Let's do some more searches to get specific market share numbers, QR payment adoption rates, and detailed country-level data (especially on QR systems like QRIS in Indonesia, QR Ph in the Philippines, VietQR in Vietnam, and PromptPay in Thailand). These are crucial infrastructure pieces for US fintechs looking to expand. Let's search!

Wow, "Indonesia's QRIS transactions surge 131.47% YoY in January 2026" is a very current and highly relevant search result! Let's search for that LinkedIn post and other news about QRIS in 2026 to get specific numbers. Let's do a search for: `Indonesia's QRIS transactions surge 131.47% YoY in January 2026` and also look up VietQR, PromptPay, QR Ph in 2026.

This is excellent. Let's fetch the Bank Indonesia presentation book (PDF) or the BDPay/Marketing Interactive/EY PDF to get the exact numbers. Let's fetch the `Marketing Interactive` article first, and then let's fetch the EY PDF if we need more context. Also the Bank Indonesia Presentation Book PDF might be huge or hard to parse, but let's see. Let's start with `BI unveils cross-border expansion and merchant growth plans for QRIS` from Marketing Interactive.

This is a goldmine of concrete, incredibly fresh 2026 data! Let's analyze the exact data points from Bank Indonesia's 2026 "17-8-45" strategy for QRIS: - **Strategy name**: "17-8-45" (representing 17 August 1945, Indonesia's Independence Day). - **Targets for 2026**: - **17 billion transactions** (target for total transactions). - **8 countries** for cross-border usage (currently accepted in Malaysia, Thailand, Japan, China, Singapore; expanding to South Korea and UAE, etc. in 2026). - **45 million** merchant network. - **2025 performance data**: - **59 million users** reached in 2025 (exceeding initial targets). - **13.66 billion transactions** recorded in 2025 (more than double the target of 6.5 billion). - **42 million** QRIS merchants reached by end of 2025 (90% of which are MSMEs). - **QRIS Tap (NFC-based tap in-tap out feature)**: - Launched in **October 2025**. - Transactions soared to **508,000**, representing a MoM increase of ~1,200%. - Currently implemented in 14 provinces, with plans to expand compatibility beyond Android to Apple iOS devices in 2026. - **Compatibility**: QRIS is a national standard compatible with all major Indonesian banks (BCA, Mandiri, BNI, BRI) and top digital wallets (OVO, DANA, ShopeePay, GoPay). Let's do some more research on Vietnam's regulatory environment (the second open thread) to get detailed information about licensing requirements, foreign ownership caps, digital banking regulations, and sandbox frameworks as of mid-2026. Let's run a search.

This is incredible! Vietnam has officially passed **Decree No. 94/2025/ND-CP**, establishing the long-awaited fintech regulatory sandbox in the banking sector, taking effect on **July 1, 2025**. Let's fetch several of these articles to get precise, high-fidelity details. Let's first fetch the Baker McKenzie PDF or Le Tran Law or Tilleke or Lexology. Let's fetch Lexology and Viet An Law, as well as Le Tran Law if possible. Let's do a fetch of Lexology first. Wait, let's fetch Tilleke or Lexology. Let's try Lexology.

This is incredible! Let's get more details about Decree No. 94/2025/ND-CP to see if there are other areas covered besides P2P lending, credit scoring, and data sharing via Open APIs. Let's fetch the Baker McKenzie PDF or Le Tran Law. Wait, let's search for: `Decree No. 94/2025/ND-CP Vietnam fintech sandbox` to see if there are other articles with more details. Let's do a search first.

This is absolutely outstanding! We have multiple high-quality legal PDFs from KPMG, Frasers, Baker McKenzie, etc. Let's fetch the KPMG PDF first as it's highly focused on "Legal Alert - P2P Lending Sandbox Under Decree 94" or the Frasers PDF "Regulatory Sandbox for Fintech Solutions Legal Update | June 2025" or Baker McKenzie. Let's try to fetch the Frasers PDF: `https://www.frasersvn.com/api/uploads/Legal_Update_EN_Regulatory_Sandbox_for_Fintech_Solutions_June_2025_769530a33b.pdf` Wait, let's also fetch the KPMG PDF: `https://assets.kpmg.com/content/dam/kpmg/vn/pdf/2025/05/p2p-lending-sandbox-under-decree-94-en.pdf` If fetching a PDF fails, we can try another source or search for text. Let's try fetching the Frasers PDF first.

Ah, the firecrawl fetch timed out. Let's try fetching the KPMG PDF or Le Tran Law or another HTML-based page. Let's search for the text of `KPMG "p2p-lending-sandbox-under-decree-94"` or try fetching `https://letranlaw.com/insights/understanding-vietnams-new-fintech-law-and-decree-94-2025/` which is an HTML page and should load quickly. Let's do that.

This is outstanding! Let's examine the key specifics of Vietnam's Decree 94/2025/ND-CP: 1. **Official Name**: Decree No. 94/2025/ND-CP (Decree 94/2025). 2. **Promulgation/Effect Date**: Promulgated around late April 2025, taking effect on **July 1, 2025**. 3. **Primary Scope of Sandbox**: Specifically targets three main banking-related fintech solutions: - **Peer-to-peer (P2P) lending** - **Credit scoring platforms** - **Data sharing via Open APIs** 4. **Foreign Ownership Restrictions**: - For the **high-risk P2P lending sector**, only fintech companies based in Vietnam and **without foreign/oversea investment** (including indirect ownership) are eligible for sandbox registration. - For other sectors (credit scoring, open APIs), foreign-invested firms can participate but must navigate strict compliance, set up local legal entities, partner with licensed local firms, and comply with strict data localization and cybersecurity laws. 5. **Sandbox Operational Parameters**: - Applicants must obtain a **"Controlled Trial Certificate"** from the **State Bank of Vietnam (SBV)**. - The pilot period is **1 to 2 years** (maximum trial duration is 2 years, with possibility of extension under exceptional circumstances). - Strict reporting, disclosure, and compliance on user data protection, AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism), and operational risk management. - SBV can suspend or revoke the certificate for violations or systemic risks. 6. **Data Localization and Cybersecurity (under Cybersecurity Law and Personal Data Protection Decree/Law)**: - Must store user data on servers located in Vietnam. - Implement multi-layer cybersecurity protocols, encryption, and access controls. Let's do a search to see if we can find more details about other Southeast Asian countries, such as Thailand's mobile payment landscape (PromptPay) and the Philippines (QR Ph and GCash/Maya) to complete the first open thread. Let's search for: `Thailand PromptPay transaction volume 2025 2026` and `Philippines QR Ph transaction volume 2025 2026`. This will give us excellent comparative data for US fintechs.

This is extremely fresh and powerful data for Thailand! Let's fetch the LinkedIn post "Thailand's Payment Landscape January 2026 Key Highlights and..." or the article "Thailand's Digital Economy 2026 — Real Numbers, Real Policies..." from enersys.co.th. Let's fetch the Enersys article first.

This is an extraordinary dataset. Let's list the key figures for Thailand's PromptPay as of early 2026 / late 2025: - **PromptPay registrations**: Over **90 million registrations** (up 14% YoY). - **Daily transactions**: **74 million transactions daily**. - **Monthly transaction volume (September 2025)**: **2.16 billion transactions** worth **4.2 trillion baht**. - **Market share**: PromptPay commands **41.10%** of the mobile payment market share. - **QR adoption**: Thailand ranks **3rd globally** for QR code usage, with **61.5%** of the population using QR codes monthly. - **Credit/Debit card usage**: Declining as consumers shift to digital payments. - **Internet and mobile banking accounts**: Reached **165.3 million** as of September 2025. Let's look at the Philippines' QR Ph and mobile wallet adoption data. Let's search for: `Philippines "QR Ph" transaction volume 2025 2026` or `Philippines digital wallet adoption GCash Maya 2025 2026`. This will complete the coverage of the mobile wallet/QR payment landscape across Southeast Asia.

Let's fetch the BSP's "PH sustains growth in digital payments usage" to see if there are newer 2025/2026 numbers. Let's do that.

This is excellent! The report published in July 2025 provides the latest official full-year data for 2024: - **Share of digital payments**: Rose to **57.4%** in volume (up from 52.8% in 2023) and **59.0%** in value (up from 55.3% in 2023). - **Merchant payments**: Comprised **66.4%** of monthly digital payment volume. - **P2P transfers**: Accounted for **20.6%** of digital payment volume. - **B2B supplier payments**: Accounted for **6.2%** of volume. - **QR Ph Merchant Acceptance**: The number of merchants accepting QR Ph grew by **148.7% YoY** in 2024. Let's do a search on Vietnam's mobile payment adoption and QR standard (VietQR) to round out our Southeast Asia data. Let's search: `Vietnam "VietQR" transaction volume 2025 2026`. This will give us a highly complete, comprehensive picture.

This is spectacular! Let's fetch the Nhan Dan article (`Online payment transactions up over 25% in 2025`) or the NAPAS press release or the VIR article (`Digital payment penetrates every aspect of Vietnamese life`) or the LinkedIn post `Vietnam Fintech Payments in 2026: The Market Has Grown Up - Now`. Let's try fetching the Nhan Dan article first as it has 2025 numbers. Then let's fetch the LinkedIn post or NAPAS. Let's do a fetch of Nhan Dan first.

This is amazing data! Let's fetch the other NAPAS article or do a search on VietQR code transaction growth in 2025/2026 to make sure we have the exact growth multiplier (e.g. "VietQR code payments continued to show outstanding growth, recording a 2.2-fold increase in transaction volume"). Let's do a quick search on this.

This is incredibly solid. Let's look at the cross-border QR standard integrations across Southeast Asia. In 2025/2026: - **Bank Indonesia (BI)** has integrated QRIS cross-border payments with Malaysia, Thailand, Japan, China, and Singapore, and is expanding to South Korea and UAE in 2026. - **Vietnam's NAPAS** is expanding cross-border QR payment reach to China, South Korea, Thailand, and Japan, with Vietnam-China cross-border QR launched in December 2025. - **Thailand's PromptPay** is integrated with Singapore's PayNow, and cross-border QR links are operational with Japan, China, Vietnam, Indonesia, and Malaysia. - **Philippines' BSP** is actively pursuing cross-border payment links using QR Ph and is targeting interoperability with other ASEAN countries. Now, let's write a highly detailed note for each of these two open threads: 1. **SEA Mobile Wallet and QR Payment Landscape (Market Share, Adoption, Infrastructure)**: This will synthesize the market-by-market data for Indonesia, Thailand, the Philippines, and Vietnam, highlighting the massive surge in QR standards (QRIS, PromptPay, QR Ph, VietQR) and key local competitors (GoPay, DANA, OVO, GCash, Maya, MoMo). This is extremely valuable for a US fintech's strategy team evaluating international expansion. 2. **Vietnam's Fintech Regulatory Landscape in 2026**: This will detail the groundbreaking **Decree No. 94/2025/ND-CP** (effective July 1, 2025), which introduced the first-ever regulatory sandbox for P2P lending, credit scoring, and open APIs, as well as the critical foreign ownership bans (e.g., on P2P lending) and compliance requirements (data localization, cybersecurity). Let's do a search on other Latin American markets to see if there is any other critical development in the region (since the brief also covers Latin America and Southeast Asia, and we have previous notes on Mexico and Mercado Pago/LatAm Q1 2026). Let's search: `Latin America fintech regulatory changes 2025 2026 Brazil PIX expansion` to see if there are any fresh updates we can add or if we should focus on writing these two high-fidelity notes. Let's do a quick search.

This is amazing! Let's fetch the QED Investors blog `What we're watching in Latin America in 2026` or the Bamboo Payment Systems article `How Latin America really pays in 2026 and why it changes everything for global merchants` to see if there is any other critical development in LatAm we can add. Let's do a fetch of QED Investors.

This is incredibly helpful! It gives us a very clear picture of Latin American fintech trends in 2026: - **Colombia (Bre-B)**: Colombia's real-time payments rail, **Bre-B** (launched in 2025), is entering its defining year in 2026 with mandated interoperability. Strategy teams are watching for a "Pix moment" where P2P usage reaches critical mass and starts displacing cards. - **Brazil (Pix and Stablecoins)**: - **Pix Automático** and **Pix Parcelado** (formalizing BNPL behavior without cards) are further eroding card relevance in 2026. - **Brazil's Stablecoin Law** (effective in early 2026) is a landmark development. It institutionalizes stablecoins for B2B cross-border settlement, formally integrating them into the financial system, with major implications for treasury, FX hedging, and cross-border payments. - **Open Finance (Phase 4)**: Rolling out in early 2026, introducing credit portability, payment initiation without redirection, and payroll portability. - **Mexico (DiMo)**: Accelerating with tens of millions of social program recipients being onboarded, challenging cash. - **IPOs and Exits**: Exits are re-entering the conversation. PicPay and AgiBank are moving closer to potential US listings. Brazil's new **FÁCIL regime** lowers the cost of going public for companies with revenue under R$500 million. This is a fantastic addition to our research cycle! We can write a third note specifically on how **Latin America's Real-Time Rails and Stablecoin Regulation (Pix, Bre-B, Brazil's Stablecoin Law) are reshaping the landscape in 2026**, which fits perfectly with our brief to track developments in both Latin America and Southeast Asia. Wait, let's verify if there are any other specific prior findings we need to update. The prior findings are: - `mexico-fintech-market-opportunity-2026` (not directly updating this, but we can add new context under a new note or update if relevant. Actually, a new note on the LatAm payments/real-time rails and stablecoin expansion in 2026 is perfect because it covers Brazil, Colombia, and Mexico). - `latam-fintech-q1-2026-mercado-pago-deal-flow` - `latam-payments-landscape-fragmentation` - `southeast-asia-fintech-vc-landscape-2026` - `philippines-fintech-hub-open-finance-2026` Wait, since one of the prior findings is `latam-payments-landscape-fragmentation` (LatAm Payments: One Region, Many Realities — A Market-by-Market Guide), we could update/refine that note, or we can write a fresh note focusing on **"LatAm Real-Time Rails & Brazil's Stablecoin Law in 2026: Accelerating Cashless Transformation"** with a fresh slug, say, `latam-real-time-payments-stablecoin-regulation-2026`. This is a great, highly focused slug. Let's review the required elements for every finding: 1. Name and link the actual thing (story, article, paper, or page) — not just "the discussion". 2. Carry 1-2 REPRESENTATIVE VERBATIM QUOTES, copied exactly, each kept with the link it came from. 3. Say what it means (interpretation for strategy teams). 4. No YAML frontmatter. First line is `# <Title for this finding>`. 5. Under a "## Sources" section at the end, list the sources. Let's draft the three findings we will write this cycle: ### Finding 1: Southeast Asia's Mobile Wallet and QR Payment Landscape: Market-by-Market Adoption and Real-Time Rails in 2026 - **Slug**: `sea-mobile-wallet-qr-payment-landscape-2026` - **Focus**: Address the first open thread (`019e472d-6b30-7dce-bead-2e5d81c5f276`). - **Data to include**: - **Indonesia**: Bank Indonesia's "17-8-45" strategy for QRIS in 2026 (17B transactions target, 8 countries cross-border, 45M merchants). 2025 actuals: 59M users, 13.66B transactions (more than double the 6.5B target), 42M merchants (90% MSMEs). QRIS Tap (NFC-based) launched in Oct 2025, soaring to 508,000 transactions. - **Thailand**: PromptPay has over 90 million registrations (14% YoY growth), processing 74 million transactions daily. September 2025 handled 2.16 billion transactions worth 4.2 trillion baht. It commands 41.10% of the mobile payment market. Thailand ranks 3rd globally for QR code usage (61.5% monthly). - **Philippines**: BSP 2024 Report (published July 2025) shows digital payments rose to 57.4% in volume (up from 52.8% in 2023) and 59.0% in value. QR Ph merchant acceptance grew 148.7% YoY. GCash has 90M registered users (out of 115M population). Maya is a highly profitable digital bank (₱1.7B net income in 2025). - **Vietnam**: NAPAS online payment transactions rose over 25% in 2025. NAPAS247 instant transfers grew 27% in volume. VietQR transaction volume grew 2.2-fold (and value 2.6-fold) in 2024/2025, becoming the payment backbone. MoMo has over 40M users. - **Cross-border integrations**: Inter-operable linkages across ASEAN (QRIS, PromptPay, VietQR, QR Ph) and expansion to China, South Korea, and Japan. - **Quotes**: - From Marketing-Interactive: `"In 2026, we will continue to drive the expansion of QRIS by embracing the theme of independence, represented by 17, 8, and 45,” said deputy governor of Bank Indonesia Filianingsih Hendarta...` and `"Transaction volumes also surpassed expectations, with 13.66 billion QRIS transactions recorded, more than double the target of 6.5 billion."` - From Enersys Insights: `"PromptPay has evolved into Thailand's core digital financial infrastructure: Over 90 million registrations, up 14% YoY, Processing 74 million transactions daily... Commanding 41.10% mobile payment market share"` - **Interpretation**: A strategy team evaluating SEA expansion must realize that card-based payments are being leapfrogged. Real-time account-to-account (A2A) rails and national QR codes are the dominant infrastructure. Any US fintech entering must integrate with these national rails (QRIS, PromptPay, VietQR, QR Ph) rather than relying on card networks. ### Finding 2: Vietnam's Fintech Regulatory Sandbox (Decree 94/2025/ND-CP): Opportunities and Strict Foreign Capital Bans - **Slug**: `vietnam-fintech-regulatory-sandbox-decree-94-2025` - **Focus**: Address the second open thread (`019e47d-6a83-758a-b383-2b83359ec186`). - **Data to include**: - **Decree No. 94/2025/ND-CP**: Promulgated in late April 2025 and took effect on **July 1, 2025**. - **Permitted areas**: Peer-to-peer (P2P) lending, credit scoring, and data sharing via Open APIs. - **Foreign ownership restriction**: For high-risk P2P lending, only fintech companies based in Vietnam and **without foreign/oversea investment** (direct or indirect) are eligible. - **Sandbox parameters**: 1-2 year trial period under a "Controlled Trial Certificate" from the State Bank of Vietnam (SBV). - **Data localization**: Strict requirement to store user data on local servers in Vietnam under the Cybersecurity Law and Personal Data Protection regulations. - **Quotes**: - From Lexology: `"For the high-risk P2P lending sector, only Fintech companies based in Vietnam and without oversea investment are eligible for sandbox registration. ... Foreign-invested enterprises—including those with indirect ownership—face significant restrictions, particularly in the P2P lending sector."` - From Le Tran Law: `"The decree addresses long-standing legal gaps in digital financial services, providing a baseline for supervision, licensing, and risk control. ... Fintech firms must comply with Vietnam’s Cybersecurity Law, Personal Data Protection Decree (later the Personal Data Protection Law), and technical requirements under Decree 94/2025. Requirements include: Storing user data on servers located in Vietnam"` - **Interpretation**: US fintechs targeting Vietnam must understand that direct entry into consumer credit/P2P lending is legally blocked for foreign capital. Instead, they must pivot to B2B SaaS, credit scoring partnerships, or Open API integrations where foreign investment is permitted, and they must budget for local hosting to comply with data localization. ### Finding 3: Latin America Fintech 2026: Real-Time Rails, Stablecoin Regulation, and Open Finance Portability - **Slug**: `latam-real-time-payments-stablecoin-regulation-2026` - **Focus**: Fresh update on Latin American regulatory and infrastructure changes in 2026. - **Data to include**: - **Brazil's Stablecoin Law**: Effective in early 2026, institutionalizing stablecoins for B2B cross-border settlement, integrating the asset class into the formal financial system. - **Brazil's Open Finance Phase 4**: Rolling out in early 2026, introducing credit portability, payment initiation without redirection, and payroll portability. - **Brazil's Pix Expansion**: Pix Automático (recurring billing) and Pix Parcelado (BNPL-like behavior without cards) are further eroding physical cards. - **Colombia's Bre-B**: Entering its defining year in 2026 with mandated interoperability to challenge cash and cards. - **Mexico's DiMo**: Accelerating onboarding of tens of millions of social program recipients. - **Exits and IPOs**: PicPay and AgiBank targeting US listings; Brazil's new FÁCIL regime lowers costs for smaller IPOs (<R$500M revenue). - **Quotes**: - From QED Investors: `"Brazil’s Stablecoin Law, effective in early 2026, is a landmark development. By institutionalizing stablecoins for B2B cross-border settlement, Brazil becomes one of the first large markets to formally integrate the asset class into its financial system."` - From QED Investors: `"Colombia (Bre-B): After its 2025 launch, Bre-B enters a defining year. With mandated interoperability in place, we’re watching for a “Pix moment”—when P2P usage reaches critical mass and starts displacing cards for everyday payments."` - **Interpretation**: US fintechs must look beyond basic card acceptance in LatAm. The region is leading the world in real-time payments and stablecoin integration. The early 2026 Stablecoin Law in Brazil opens huge B2B cross-border and corporate treasury opportunities. Furthermore, Open Finance Phase 4 and Bre-B in Colombia mean that fintechs can offer direct payment initiation and credit portability, bypassing traditional card networks entirely. Let's double check if there are any other files we need to read first or write notes for. Let's call `write_note` for each of these three findings. Let's write the first note. I will state my intent and then write the note.

I will write the first finding on the Southeast Asia mobile wallet and QR payment landscape, which addresses the first open thread. This finding synthesizes granular, country-level adoption data and infrastructure developments across Indonesia, Thailand, the Philippines, and Vietnam in 2025 and 2026.

I will now write the second finding on Vietnam's fintech regulatory landscape in 2026. This finding details the groundbreaking **Decree No. 94/2025/ND-CP** (effective July 1, 2025), which introduced the first-ever regulatory sandbox for banking-related fintech models, and highlights the strict bans on foreign capital for peer-to-peer (P2P) lending and data localization requirements. This addresses the second open thread.

I will now write a third finding on Latin America's real-time payment rails, open finance, and stablecoin regulation in 2026. This finding covers critical updates in Brazil, Colombia, and Mexico that a US fintech strategy team must monitor. This adds fresh, high-fidelity context to the Latin American expansion landscape.

I will now resolve the two open threads that have been fully addressed in this cycle. - Thread `019e472d-6b30-7dce-bead-2e5d81c5f276` (SEA mobile wallet and QR payment landscape) has been resolved by the finding `sea-mobile-wallet-qr-payment-landscape-2026`. - Thread `019e472d-6a83-758a-b383-2b83359ec186` (Vietnam fintech regulatory landscape) has been resolved by the finding `vietnam-fintech-regulatory-sandbox-decree-94-2025`. I will call `resolve_thread` for each.

I will now resolve the second thread.

I will now call `finish_cycle` to complete this research cycle, as I have written all findings and resolved the open threads.

Resolved both open threads by writing three comprehensive, high-fidelity findings on the 2026 cashless landscapes of Southeast Asia and Latin America, alongside Vietnam's groundbreaking Decree 94/2025/ND-CP regulatory sandbox. All findings are fully cited and interpreted for US fintech strategy teams.