The central banks of Indonesia, Malaysia, Singapore, Thailand, and the Philippines have inked an agreement to bolster regional payment connectivity.
Photo credit: aseanbriefing.com
Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and Bank of Thailand (BOT) have agreed to make payments across countries faster, cheaper, more transparent, and more inclusive.
The banks signed the memorandum of understanding on Cooperation in Regional Payment Connectivity (RPC) on November 14 in Indonesia, which saw President Widodo highlighting the importance of collaborations during the event.
According to a joint statement, RPC is expected to boost regional economic recovery and promote growth through boosted cross-border payment support. The cooperation will include initiatives centered around QR codes and fast payments, among others.
See also: QRIS, BI Fast propel banks’ fight against e-wallets in Indonesia
Ronadol Numnonda, deputy governor of the BOT, noted that ASEAN has become an international hub for cross-border payment linkages.
“Building on our previous efforts, this MOU marks another milestone in our ASEAN Payment Connectivity initiative in working together to address the long-standing pain points in cross-border payments,” said Numnonda.
Editing by Deepti Sri and Lorenzo Kyle Subido
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