Various (our) existing bilateral cooperations will be expanded through this regional payment connectivity cooperation to strengthen regional economic integration.
Jakarta (ANTARA) - Bank Indonesia (BI), Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS), and Bank of Thailand (BOT) agreed to strengthen their cooperation in regional payment connectivity.

Governor of BI Perry Warjiyo noted in Bali on Monday that the collaboration was a stepping stone to realize a stronger, faster, cheaper, more advanced, transparent, and inclusive cross-border payment connectivity.

"(Our) various existing (forms of) bilateral cooperation will be expanded through this regional payment connectivity cooperation to strengthen regional economic integration," he stated at the inking of the memorandum of understanding (MoU) for Regional Payment Connectivity Cooperation.

Since the collaboration is also crucial to accelerate economic recovery, he expected that other countries can follow his party’s initiatives and leadership in this collaboration and use it as a reference for conducting cross-border payments.

The cooperation is also a momentum to align the initiatives of the G20, which is being chaired by Indonesia in 2022, with the attempts of ASEAN, which will be chaired by Indonesia in 2023, in bolstering cross-border payments, post-pandemic economic recovery, development of new business opportunities, and more inclusive growth.

On the occasion, all other central bank representatives thanked Warjiyo for his leadership to accelerate the implementation of cross-border payment.

Furthermore, Governor of BNM Shamsiah Yunus noted that the cooperation initiative emphasized the importance of central bank's collaboration in supporting the development of more advanced payment connectivity in the future.

The cooperation is also an attempt to realize ASEAN's vision to create a faster and more efficient cross-border payment network that is able to support beneficial financial digitalization and integration.

Managing Director of MAS Ravi Menon assessed that the cooperation reaffirmed ASEAN's commitment to realizing a cheaper, faster, transparent, and inclusive regional payment interoperability and connectivity by 2025.

He noted that the cooperation is a major advancement in implementing payment connectivity between the five ASEAN countries, as currently, people of the countries can send money to each other’s bank accounts or electronic wallet (e-wallet) at a low cost as well as directly and securely.

Deputy Governor of BSP Mamerto Tangonan remarked that implementation of regional payment connectivity would highly benefit players of micro, small, and medium enterprises and the tourism sector.

Meanwhile, Deputy Governor of BOT Ronadol Numnonda noted that through the cooperation, ASEAN has currently become a global hotspot in cross-border payment interconnectivity.

He noted that the agreement also demonstrates the commitment of the five central banks to expedite digital transformation and deepen financial integration among countries.

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Translator: Agatha Victoria, Uyu Liman
Editor: Rahmad Nasution
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