ASEAN hastens regional payment connectivity

ASEAN will work on a roadmap to expand its regional payment connectivity to encompass all member states, according to the bloc’s chair Indonesia.

Earlier, the ASEAN-5, including Indonesia, Malaysia, the Philippines, Thailand, and Singapore, inked an agreement on linking their QR code payment systems.

Speaking at a press conference on May 7, Indonesian Minister of Economic Affairs Airlangga Hartarto said ASEAN would discuss the time frame for other member states to join the region-wide payment connectivity.

According to the Bank Indonesia, six Thai banks have connected to Indonesia’s Quick Response Code Indonesian Standard (QRIS), namely Bangkok Bank, Bank of Ayudhya (Krungsri), CIMB Thai, Kasikornbank, Krungthai Bank, and Siam Commercial Bank.

The 22nd ASEAN Economic Community (AEC) Council meeting agreed on a leaders’ declaration on advancing regional payment connectivity and local currency transaction mechanism for ASEAN to be adopted in the upcoming summit in Labuan Bajo.

The ASEAN-5 already have their respective instant payment systems: for instance, Indonesia with the QRIS and the Bank Indonesia Fast Payment. Vietnam is likely to be the next to join the connectivity. Brunei, Laos, and Cambodia would follow later on./

Source: Vietnam News Agency