Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and Bank of Thailand have agreed to strengthen and enhance cooperation on more inclusive cross-border payments.
A Memorandum of Understanding (MOU) on Cooperation in Regional Payment Connectivity was signed on Monday in Bali, Indonesia, on the sidelines of the G20 Leaders' Summit, Singaporean central bank Monetary Authority of Singapore said in a statement.
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At the MoU signing ceremony, Indonesia's President Joko Widodo emphasised the importance of concrete joint collaborative action in addressing global challenges.
The President also expressed his highest appreciation to the Governors of the five central banks for their commitment to delivering innovative breakthroughs that will further accelerate regional payment connectivity, the statement added.
This regional payment connectivity is expected to be a significant contributor to accelerating regional economic recovery and promoting inclusive growth.
"The implementation of cross-border payment connectivity serves to support and facilitate cross-border trade, investment, financial deepening, remittance, tourism, and other economic activities, as well as a more inclusive financial ecosystem in the region," it said.
More so particularly beneficial for micro, small, and medium enterprises as it will facilitate their participation in international markets. The cooperation will include a number of modalities, including QR code and fast payment mechanism.
The statement added the payment cooperation initiative is also in line with Indonesia's G20 Presidency priority agenda in the area of digital transformation, including through payment systems in the digital era, manifested by the joint efforts to pursue enhanced cross-border payment connectivity involving Indonesia, Malaysia, Philippines, Singapore, and Thailand.
Going forward, this payment connectivity initiative, the statement said, could be expanded to include other countries in the region and potentially other partner countries outside the region.
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