ASIATODAY.ID, JAKARTA – Bank Indonesia (BI) announced that Laos and Brunei have officially joined the Regional Payment Connectivity (RPC) collaboration, including the implementation of payment systems using QR Code or QRIS.
The good news came after the Brunei Darussalam Central Bank (BDCB) signed a memorandum of understanding on February 29 2024. Meanwhile, the Bank of the Lao Pdr (BoL) signed an amendment to the Memorandum of Understanding on April 3 2024.
The joining of BDCB and BoL in payment connectivity cooperation in the ASEAN region marks an increase in the number of participants to 8 central banks. Previously, Indonesia together with Malaysia, the Philippines, Singapore and Thailand initiated the RPC in November 2022, and then Vietnam joined in August 2023.
“Cooperation will continue to be expanded to involve all ASEAN member countries and other partner countries outside ASEAN,” wrote BI in its announcement, Saturday, April 20 2024.
This collaboration is an effort to realize faster and cheaper cross-border financial transactions, with safe and smooth payment system infrastructure with quick response code (QR) and fast payment based transactions to support the sustainability of the national and regional economy.
Furthermore, BI explained the benefits of ASEAN RPC cooperation opportunities in economic activities.
First, develop and accelerate cross-border payment connectivity. Cooperation in payment connectivity in the region strengthens the role of central banks in advancing and accelerating cross-border payment connectivity. Payment connectivity in this area includes payments using QR and fast payments.
Second, increasing access for Micro, Small and Medium Enterprises (MSMEs) to international markets. Where, cross-border payment connectivity provides benefits for cross-border economic activities, including increasing access for Micro, Small and Medium Enterprises (MSMEs) in ASEAN and global markets.
Third, make it easier for trade, remittances and tourists to carry out transactions in partner countries. Through ASEAN cross-border payment connectivity, providing the needs of trade, remittances and tourists in carrying out transactions in partner countries is the main goal of ASEAN cross-border payment connectivity.
According to BI, with this connectivity, the need for an efficient and reliable payment system can be met, enabling business actors, money senders and tourists to carry out transactions smoothly and without obstacles in all ASEAN member countries.
Lastly, encouraging a more inclusive regional economic and financial ecosystem. RPC will provide significant benefits, especially in improving cross-border payment connectivity. This collaboration will also be a means to facilitate trade, investment and economic activity in the region, as well as encourage strong cooperation between central banks in the ASEAN region. (AT Network)
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