PH, Indonesia, Malaysia, Singapore, Thailand central banks agree on payment connectivity

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MANILA - Filipinos may soon be able to pay for goods and services in 4 other Southeast Asian countries using QR codes, according to a Bangko Sentral ng Pilipinas statement released Monday.Five central banks of ASEAN countries have just signed a deal to support faster, cheaper, more transparent, and more inclusive cross-border payments, the BSP said in a joint media release with these banks. The BSP said it signed a memorandum of understanding on Cooperation in Regional Payment Connectivity (RPC) with Bank Indonesia, Bank Negara Malaysia, Monetary Authority of Singapore, and Bank of Thailand on the sidelines of the G20 Leaders’ Summit in Bali, Indonesia.“The cooperation will include a number of modalities, including QR code and fast payment,” the statement added. The measure is expected to enhance cross-border trade, investment, financial deepening, remittance, tourism, and other economic activities, as well as a more inclusive financial ecosystem in the region, the joint statement said.Micro, small, and medium enterprises are expected to benefit from the RPC deal as it will facilitate their participation in international markets, it said. BSP Deputy Governor Mamerto Tangonan, who represented BSP Governor Felipe Medalla, also said the deal “will translate into efficiency gains and cost savings in various international financial transactions and economic activities.”Bank of Indonesia Governor Perry Warjiyo who hosted the central bank chiefs said the agreement “serves as a significant milestone in paving the road for advancing cross-border payment connectivity.” “Existing bilateral payment connectivity arrangements will be expanded as part of the region’s efforts to strengthen its economic integration. Such collaboration among central banks is key to accelerating economic recovery. We hope that other countries will follow this good example and leadership in implementing cross-border payment connectivity,” Warjiyo added.<ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/11/11/21/ph-singapore-ink-deal-for-seamless-cross-border-payments'>Philippines, Singapore sign deal for seamless cross-border payments: BSP</a></li>	<li><a href='https://news.abs-cbn.com/business/11/12/21/bsp-eyes-cross-border-payment-pact-with-malaysia-thailand'>After Singapore, BSP eyes cross-border payment pact with Malaysia, Thailand</a></li></ul>RELATED VIDEO<figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=1702763' width='100%'></iframe></figure><div class='iwantbar'>Watch more News on <a href='https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news' target='_blank'>iWantTFC</a></div>

The measure is expected to enhance cross-border trade, investment, financial deepening, remittance, tourism, and other economic activities, as well as a more inclusive financial ecosystem in the region, the joint statement said.Micro, small, and medium enterprises are expected to benefit from the RPC deal as it will facilitate their participation in international markets, it said. BSP Deputy Governor Mamerto Tangonan, who represented BSP Governor Felipe Medalla, also said the deal “will translate into efficiency gains and cost savings in various international financial transactions and economic activities.”Bank of Indonesia Governor Perry Warjiyo who hosted the central bank chiefs said the agreement “serves as a significant milestone in paving the road for advancing cross-border payment connectivity.” “Existing bilateral payment connectivity arrangements will be expanded as part of the region’s efforts to strengthen its economic integration. Such collaboration among central banks is key to accelerating economic recovery. We hope that other countries will follow this good example and leadership in implementing cross-border payment connectivity,” Warjiyo added.<ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/11/11/21/ph-singapore-ink-deal-for-seamless-cross-border-payments'>Philippines, Singapore sign deal for seamless cross-border payments: BSP</a></li>	<li><a href='https://news.abs-cbn.com/business/11/12/21/bsp-eyes-cross-border-payment-pact-with-malaysia-thailand'>After Singapore, BSP eyes cross-border payment pact with Malaysia, Thailand</a></li></ul>RELATED VIDEO<figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=1702763' width='100%'></iframe></figure><div class='iwantbar'>Watch more News on <a href='https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news' target='_blank'>iWantTFC</a></div>

The BSP said it signed a memorandum of understanding on Cooperation in Regional Payment Connectivity (RPC) with Bank Indonesia, Bank Negara Malaysia, Monetary Authority of Singapore, and Bank of Thailand on the sidelines of the G20 Leaders’ Summit in Bali, Indonesia.“The cooperation will include a number of modalities, including QR code and fast payment,” the statement added.

MANILA - Filipinos may soon be able to pay for goods and services in 4 other Southeast Asian countries using QR codes, according to a Bangko Sentral ng Pilipinas statement released Monday.Five central banks of ASEAN countries have just signed a deal to support faster, cheaper, more transparent, and more inclusive cross-border payments, the BSP said in a joint media release with these banks.

Filipinos may soon be able to pay for goods and services in 4 other Southeast Asian countries using QR codes.

PH, Indonesia, Malaysia, Singapore, Thailand central banks agree on payment connectivity | ABS-CBN News

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PH, Indonesia, Malaysia, Singapore, Thailand central banks agree on payment connectivity

PH, Indonesia, Malaysia, Singapore, Thailand central banks agree on payment connectivity