Regional payment connectivity needed for ASEAN’s inclusive economic recovery: seminar

Bank Indonesia Governor Perry Warjiyo speaks at the high-level seminar (Photo: Antara)

Jakarta (VNA) - ASEAN countries need toimprove regional payment connectivity in order to script inclusive economicrecovery as well as mitigate any risks that may arise, heard a high-level seminarin Indonesia’s Bali on March 28.

Bank Indonesia (BI) Governor PerryWarjiyo said at the seminar on payment system in the digital era that someASEAN countries — Indonesia, Singapore, Malaysia, Thailand, and the Philippines— are currently pursuing such connectivity by committing to integrating paymentsystems.

The commitment is being pursued through initiativessuch as Quick Response (QR) Code, fast payment, Real Time Gross Settlement(RTGS), and Local Currency Transactions (LCT), he said.

As part of its 2023 ASEAN chairmanship, Indonesia willextend the agreement to all ASEAN member countries so it would not just belimited to the five countries, Warjiyo said.

This is intended to improve digitisation and thecross-border payment system so that it would support ASEAN economic recovery,financial inclusivity, and support the global economy, he said.

The seminar was held as part of the first Meeting ofthe ASEAN Finance Ministers and Central Bank Governors, which is taking placefrom March 28 to 31./.

VNA