Five ASEAN countries to connect to payment system in 2023

Illustrative image (Photo:  jakartaglobe.id)

Jakarta (VNA) – A cross-border payment system between the five ASEAN countries of Thailand, Singapore, Malaysia, the Philippines, and Indonesia will be fully connected next year, according to Bank Indonesia (BI) Governor Perry Warjiyo.

Perry said on October 5 that Indonesia has linked the payment system with Thailand and will soon link it with Malaysia and Singapore. But he did not provide details about the deal with the Philippines.

In late August, BI and the Monetary Authority of Singapore (MAS) agreed to cooperate on QR code payments between the two countries to encourage payment connectivity in ASEAN.

This initiative marked an important milestone in strengthening financial collaboration between the two nations./.

VNA