BSP Wants Cross-Border Asean Payments

The Bangko Sentral ng Pilipinas (BSP) is advocating for payment connectivity in the region for members of the Association of Southeast Asian Nations (ASEAN).

The Bangko Sentral ng Pilipinas (BSP), Bank of Thailand (BOT), Monetary Authority of Singapore (MAS), and the Bank Negara Malaysia (BNM) have agreed to enhance cooperation and strengthen payment connectivity to support cheaper, faster, more inclusive and transparent cross-border payments.

At the G20 Leaders’ Summit, the ASEAN Central Banks signed a  memorandum of understanding (MOU) regarding Cooperation in Regional Payment Connectivity (RPC).

According to Mamerto Tangonan, BSP Deputy Governor, the MOU strengthens cross-border payments in the region.

“The more we recognize how interdependent our economies are, the more we need to be deliberate in our pursuit of the vision of an interconnected ASEAN region. This MOU concretizes our collaborative and inclusive approach to enhancing cross-border payments in the ASEAN that will translate into efficiency gains and cost savings in various international financial transactions and economic activities,”  mentioned Tangonan.

The RPC MOU is predicted to be a large contributor to growing regional economic recovery and encouraging inclusive growth.

The cross-border payment connectivity seeks to facilitate and support cross-border economic activities, tourism, remittance, financial deepening, investment, trade, and an overall inclusive financial ecosystem in the ASEAN region.

The intended cooperation would comprise QR codes, fast payment, and several modalities. With the G20 setting up its Roadmap for Enhancing Cross-Border Payments, speeding up financial and economic digitalization has become a global initiative.

Source: Philstar