KUALA LUMPUR, Nov 14 (NNN-Bernama) — The central banks of Malaysia, Indonesia, the Philippines, Singapore and Thailand have inked a memorandum of understanding (MoU)\u00a0to strengthen\u00a0cooperation on regional\u00a0payment connectivity (RPC).<\/p>\n\n\n\n
In a joint statement, the central banks said the cooperation, which was sealed on the sidelines of the ongoing G20 Leaders\u2019 Summit in Bali, Indonesia, aimed to support faster, cheaper, more transparent, and more inclusive cross-border payments.<\/p>\n\n\n\n
The RPC is expected to be a significant contributor to accelerating regional economic recovery and promoting inclusive growth, they said.<\/p>\n\n\n\n
\u201cThe implementation of cross-border payment connectivity supports and facilitates cross-border trade, investment, financial deepening, remittance, tourism, and other economic activities, as well as a more inclusive financial ecosystem in the region.<\/p>\n\n\n\n
\u201cThis is particularly beneficial for micro, small, and medium enterprises as it will facilitate their participation in international markets. The cooperation will include a number of modalities, including QR code and fast payment,\u201d they said.<\/p>\n\n\n\n
Indonesia President Joko Widodo, in his keynote address at the summit, emphasised the importance of concrete joint collaborative action in addressing global challenges.<\/p>\n\n\n\n
He also expressed his highest appreciation to the five central banks\u2019 governors for their commitment to delivering innovative breakthroughs that would further accelerate regional payment connectivity.<\/p>\n\n\n\n
The central banks said the cooperation initiative was in line with Indonesia\u2019s G20 Presidency priority agenda in the area of digital transformation, including through payment systems in the digital era, manifested by the joint efforts to pursue enhanced cross-border payment connectivity involving Indonesia, Malaysia, Philippines, Singapore, and Thailand.<\/p>\n\n\n\n
Going forward, they said that this payment connectivity initiative could be expanded to include other countries in the region and potentially other partner countries outside the region.<\/p>\n\n\n\n
Central bank of Malaysia governor Nor Shamsiah Mohd Yunus said the initiative underscores the importance of central bank collaboration in supporting the development of next-generation payment connectivity.<\/p>\n\n\n\n
\u201cRealising the vision of an ASEAN regional network of fast and efficient cross-border payment systems will advance our digital ambitions and further deepen financial integration for the benefit of the region\u2019s economic development,\u201d she said.<\/p>\n\n\n\n
The joint cooperation marked the start of Indonesia\u2019s chairmanship of the Association of Southeast Asian Nations (ASEAN) in 2023.<\/p>\n\n\n\n
This initiative also supports ASEAN\u2019s shared aspiration for connected payment systems that enable fast, seamless and more affordable cross-border payments across the region.<\/p>\n\n\n\n
In line with ASEAN\u2019s pragmatic approach to deepen integration through mutually beneficial arrangements based on the level of readiness, this initiative provides the building blocks for broader ASEAN participation in the near future, thereby fostering stronger regional economic ties.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR, Nov 14 (NNN-Bernama) — The central banks of Malaysia, Indonesia, the Philippines, Singapore and Thailand have inked a memorandum of understanding (MoU)\u00a0to strengthen\u00a0cooperation on regional\u00a0payment connectivity (RPC). In a joint statement, the central banks said the cooperation, which was sealed on the sidelines of the ongoing G20 Leaders\u2019 Summit in Bali, Indonesia, aimed […]<\/p>\n","protected":false},"author":25,"featured_media":175390,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,286,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/198893"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=198893"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/198893\/revisions"}],"predecessor-version":[{"id":198897,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/198893\/revisions\/198897"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/175390"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=198893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=198893"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=198893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}