Cambodian press: Vietnam actively joins cross-border payment connectivity effort
Hanoi (VNA) – Cambodia’s newswire sbm.news reported on August 25 that the State Bank of Vietnam (SBV) has signed a Memorandum of Understanding (MoU) on cooperation in regional payment connectivity with the central banks of Indonesia, Malaysia, Philippines, Singapore and Thailand.
This
agreement is part of an initiative aimed at establishing a cross-border payment
mechanism among countries in the region.
The article highlighted Vietnam's collaboration
with the five above ASEAN countries, including the use of QR code scanning
system for retail activities.
Indonesia has already connected its QR code
payment system with Thailand and Malaysia, and plans to establish a connection
with Singapore by the end of this year, it said.
Speaking
at a press conference, Governor of the Bank Indonesia Perry Warjiyo said this
collaboration not only creates favourable conditions for trade and investment
but also enhances the ASEAN countries' resilience against currency exchange
rate fluctuations.
According to the newswire, with a population of over 600 million people,
ASEAN has faced several years of challenges in its efforts towards trade
integration worth 2.3 trillion USD.
In mid-June, senior officials from the National Bank of Cambodia announced that the country will soon sign agreements with the State Bank of Vietnam and the Bank of the Lao PDR (BOL) and other nations in the region, toward using local currency in its economy through technological advancements, thereby creating convenience for its citizens./.