ASEAN Central Banks sign MOU

      At the recent G20 Leaders’ summit in Bali, Indonesia, Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, MAS and Bank of Thailand signed a MOU on Cooperation in Regional Payment Connectivity (RPC), to strengthen and enhance cooperation in RPC.

      This is designed to support faster, cheaper, more transparent and more inclusive cross-border payments. The proposed cooperation will include several modalities, including QR codes and fast payment.

      The RPC 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.

      Supporting fast, seamless & more affordable cross-border payments

      Accelerating economic and financial digitalisation has become a global initiative, with the G20 establishing its Roadmap for Enhancing Cross Border Payments. This MOU and collaboration supports ASEAN countries’ shared aspiration for connected systems that will enable fast, seamless and more affordable cross-border payments across the region.
      Ravi Menon, Managing Director of MAS, stated, “This MOU underscores ASEAN’s commitment to achieve regional payments inter-operability and connectivity by 2025 to enable cheaper, faster, and more transparent cross-border payments. ASEAN’s effort is aligned with the G20’s goal of addressing existing frictions in global cross-border payments, creating new business opportunities and enabling inclusive growth.”

      How Waystone Compliance Solutions can help

      Waystone Compliance Solutions’ team of APAC compliance consultants is experienced in the requirements of licensing PSA firms in Singapore. If you would like to apply for a Payment Services Act (PSA) license, or are seeking additional help in this regulatory space, please reach out to us. We have worked with several clients on license applications and would be pleased to work with you as a trusted business partner in this process.

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