Philippines, Singapore sign deal for seamless cross-border payments: BSP

ABS-CBN News

Posted at Nov 11 2021 05:15 PM

A man walks past a cordoned-off entrance, amidst the coronavirus disease (COVID-19) pandemic, in Singapore November 3, 2021. Caroline Chia, Reuters/File
A man walks past a cordoned-off entrance, amidst the coronavirus disease (COVID-19) pandemic, in Singapore November 3, 2021. Caroline Chia, Reuters/File

MANILA - The Bangko Sentral ng Pilipinas on Thursday said it signed a deal for seamless cross-border payments between the Philippines and Singapore.

Ravi Menon, Managing Director of the Monetary Authority of Singapore, and BSP Governor Benjamin Diokno signed the cooperation agreement (CA) aimed at facilitating interoperable payments between the two countries, the central bank said in a statement.

"Since Singapore is a key trading partner and major source of remittances, pursuing seamless e-payments is seen to benefit overseas Filipinos and local export, import and tourism businesses," the BSP said.

It is also the first step toward linking the domestic payment system with the rest of the Association of Southeast Asian Nations (ASEAN) members, the BSP said.

About 200,000 Filipinos are estimated to live and work in Singapore, according to data from the Philippine Embassy in Singapore.

The BSP has been pursuing its digitalization goals, aiming to raise digital payments to 50 percent and encourage at least 70 percent of the population to open bank accounts by 2023.

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