Regional payment connectivity needed for ASEAN’s inclusive economic recovery: seminar
ASEAN countries need to improve regional payment connectivity in order to script inclusive economic recovery as well as mitigate any risks that may arise, heard a high-level seminar in Indonesia’s Bali on March 28.
Bank Indonesia Governor Perry Warjiyo speaks at the high-level seminar (Photo: Antara)Bank Indonesia (BI) Governor Perry Warjiyo said at the seminar on payment system in the digital era that some ASEAN countries — Indonesia, Singapore, Malaysia, Thailand, and the Philippines — are currently pursuing such connectivity by committing to integrating payment systems.
The commitment is being pursued through initiatives such 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 will extend the agreement to all ASEAN member countries so it would not just be limited to the five countries, Warjiyo said.
This is intended to improve digitisation and the cross-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 of the ASEAN Finance Ministers and Central Bank Governors, which is taking place from March 28 to 31./.
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