This regional payment connectivity is expected to be a significant contributor to accelerating regional economic recovery and promoting inclusive growth.
Published: 15th November 2022 10:34 AM | Last Updated: 15th November 2022 10:34 AM | A+A A-
G20 summit in Indonesia (Photo | G20 Indonesia @ Twitter)
BALI: 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.
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.
ALSO READ | World must not slip into another Cold War: Indonesian President Widodo as G20 Summit begins in Bali
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 a QR code and a 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.
O
P
E
N
Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.
The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.
PM Modi likely to have bilateral with Biden, Sunak at G20 Summit
Week before release, Pakistan bans Saim Sadiq’s film ‘Joyland’, its Oscars contender
Nine girls go missing from shelter home in Kottayam, caught in six hours
Andamans gang rape case: Businessman, carrying reward of Rs 1 lakh, held in Haryana
HC cancels appointment of VC of Kerala University of Fisheries and Ocean Studies
Gujarat polls: Congress declares 39 candidates in 5th, 6th lists; fields Jignesh Mevani from Vadgam
Copyright – newindianexpress.com 2022
The Morning Standard | Dinamani | Kannada Prabha | Samakalika Malayalam | Indulgexpress | Edex Live | Cinema Express | Event Xpress
Contact Us | About Us | Careers | Privacy Policy | Search | Terms of Use | Advertise With Us
Home | Nation | World | Cities | Business | Columns | Entertainment | Sport | Magazine | The Sunday Standard