"Fellow ASEAN members, we compel you to join in the (network of) regional payment connectivity and improve it," he said at a high-level seminar entitled “From ASEAN to The World” in Badung, Bali, on Tuesday.
The seminar discussed the “Payment System in the Digital Era.”
ASEAN can lead other countries by example by establishing cross-border payment connectivity to support financial inclusivity and the regional economy, Warjiyo said.
Some countries in ASEAN — Indonesia, Singapore, Malaysia, Thailand, and the Philippines — are currently pursuing such connectivity by committing to integrating payment systems, he pointed out.
The commitment is being pursued through initiatives such as Quick Response (QR) Code, fast payment, Real Time Gross Settlement (RTGS), and Local Currency Transactions (LCT), he said.
Recently, the Nexus connectivity hub, which connects central banks of Singapore, Malaysia, and Italy, was initiated by the Bank for International Settlements, he noted.
As part of its 2023 ASEAN chairmanship, Indonesia will extend the agreement to all ASEAN member countries so it would not just be limited to the five countries, Warjiyo said.
This is intended to improve digitization and the cross-border payment system so that it would support ASEAN economic recovery, financial inclusivity, and support the global economy, he said.
"So this is why, from five ASEAN countries to all ASEAN countries, then global cross-border connectivity," he added.
The seminar on Tuesday was held as part of the first Meeting of the ASEAN Finance Ministers and Central Bank Governors, which is taking place from March 28 to 31, 2023.
BI and the Finance Ministry are hosting some side events to support the main agenda. It is expected that the events will build understanding on the latest issues impeding ASEAN countries and serve as discussion forums for participants.
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Translator: Agatha Olivia V, Mecca Yumna
Editor: Tia Mutiasari
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