Five Asean Nations Ink Pact To Ease Cross Border Payments
The central banks of Singapore, Indonesia, Thailand, Malaysia, and the Philippines would look to “enhance cooperation on payment connectivity to support faster, cheaper, more transparent, and more inclusive cross-border payments”. The Memorandum of Understanding was inked by Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, Bank of Thailand, and Monetary Authority of Singapore (MAS) on the sidelines of the G20 Leaders’ Summit held this week in Bali, Indonesia. The Regional Payment Connectivity pact is touted as an important move to drive economic recovery and inclusive growth across the Asean region, with cross-border payment connectivity key to facilitating cross-border trade, investment, tourism, and other economic activities....