SBV Joins ASEAN Regional Payment Connectivity Initiative
(25 August 2023 - Asia) The State Bank of Vietnam (SBV) signed the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) to improve the connectivity of cross-border payments.
Included in the RPC initiative are central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand.
“The expansion of the RPC to include other ASEAN members is a mandate from the 9th AFMGM. Further, it is a priority of the ASEAN 2023 Indonesia Chairmanship,” read the joint media release.
The initiative will ensure faster, more affordable, more transparent, and more inclusive cross-border payments.
This cooperation includes several modalities, including QR-code and fast-payment-based cross-border payments.
“The goal of the RPC is to make inter-country payments more seamless, convenient, and affordable, allowing individuals and businesses to conduct transactions across the ASEAN region with ease,” read the statement.
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