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Manila Bulletin devider Business devider Banking & Finance devider 6 ASEAN central banks expand payment link

6 ASEAN central banks expand payment link

Published Aug 30, 2023 07:03 am

At A Glance

  • Six ASEAN central banks agree to a Regional Payment Connectivity (RPC) initiative. 
  • The latest to join is State Bank of Vietnam, with the Bangko Sentral ng Pilipinas, Bank Indonesia, Bank Negara Malaysia, Monetary Authority of Singapore, and Bank of Thailand.
  • The BSP and the other central banks will further expand the RPC to eventually include countries outside of the ASEAN trade bloc.
  • The RPC objective is to develop a faster, less-costly or cheaper, more transparent, and inclusive cross-border payments.

There are now six central banks in Southeast Asia that will collaborate to develop a Regional Payment Connectivity (RPC) link for a "faster, cheaper, more transparent" cross-border transfers, the Bangko Sentral ng Pilipinas (BSP) announced Wednesday, Aug. 30.

In a joint statement, the BSP et al said the State Bank of Vietnam (SBV) has officially joined the BSP and the central banks of Indonesia, Malaysia, Singapore, and Thailand in the RPC initiative which was first agreed on during the G20 Leaders’ Summit in Bali on Nov. 14, 2022.

The latest Memorandum of Understanding on Cooperation in Regional Payment Connectivity or the MOU-RPC that now includes Vietnam was updated at the sidelines of the 10th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) on Aug. 25, 2023, in Jakarta. Witnesses include the BSP, Bank Indonesia, Bank Negara Malaysia, Monetary Authority of Singapore, and Bank of Thailand.

The expansion of the RPC to include other ASEAN members is a mandate from the 9th AFMGM, according to the joint statement.

The BSP and the other central banks intend the RPC to eventually include other economies in Asia or outside of ASEAN.

The RPC objective is to develop a faster, less-costly or cheaper, more transparent, and inclusive cross-border payments. It includes the QR-code and fast-payment based cross-border payments.

“The goal of the RPC is to make inter-country payments more seamless, convenient, and affordable, allowing individuals and businesses to conduct transactions across the ASEAN region with ease,” the six central banks said.

The partnership also “aims to further support post-pandemic economic activities across the ASEAN region, including the promotion of tourism and other service industries.”

“The expansion is also expected to benefit small and medium-sized enterprises, which are crucial to the region's economic growth. By connecting their payment systems, ASEAN member states can increase trade and remittances within the region. These are expected to widen financial inclusion and significantly contribute to the overall advancement of the ASEAN economic community,” the statement added.

 

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