ASEAN advances regional payment connectivity
Jakarta (VNA) – The 42nd ASEAN Summit in Labuan Bajo, Indonesia, has adopted the Leaders’ Declaration on Advancing Regional Payment Connectivity and Promoting Local Currency Transaction.
Leaders
committed to advancing regional payment
connectivity by utilising emerging opportunities brought by innovation to
facilitate seamless and secure cross-border payment, encouraging the use of local
currencies for cross-border transactions in the region, and support the
establishment of a Task Force to explore the development of an ASEAN Local
Currency Transaction Framework.
The document supported further cooperation on advancing regional payment
connectivity and facilitating the interoperability of cross-border payment
systems, improving infrastructure, accelerating digital payment adoption,
deepening financial inclusion, developing human resources, strengthening cyber security,
and others.
It also expressed support for further cooperation on promoting local currency transactions and the role of financial sector authorities to reduce the region’s vulnerability to external volatility, improve financial market infrastructures, and lower the cost of cross-border transactions.
They welcomed the initiative to explore linking the ASEAN Local Currency Transaction Framework initiative with the cross-border payment initiatives, including Regional Payment Connectivity, and agreed to engage and collaborate with ASEAN’s external partners, international organisations, and the private sectors to build cooperation and partnership in advancing regional payment connectivity and promoting local currency transactions./.