The 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. Accelerating economic and financial digitalisation has become a global initiative with the G20 establishing its Roadmap for Enhancing Cross Border Payments. The cooperation will include a number of modalities, including QR code and fast payment.Ĥ. This is particularly beneficial for micro, small, and medium enterprises as it will facilitate their participation in international markets. 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. The RPC is expected to be a significant contributor to accelerating regional economic recovery and promoting inclusive growth. 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.ģ. During his remarks at the signing ceremony, President Widodo emphasised the importance of concrete joint collaborative action in addressing global challenges. A Memorandum of Understanding (MOU) on Cooperation in Regional Payment Connectivity (RPC) was signed on 14 November 2022 in Bali, Indonesia, on the sidelines of the G20 Leaders’ Summit with keynote address from Indonesia’s President, His Excellency Joko Widodo.Ģ. Bali, 14 November 2022… Bank Indonesia (BI), Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS), and Bank of Thailand (BOT) have agreed to strengthen and enhance cooperation on payment connectivity to support faster, cheaper, more transparent, and more inclusive cross-border payments.
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