Five regional central banks have signed a memorendum of understanding (MoU) on cooperation in regional payment connectivity (RPC) to strengthen and enhance cooperation on payment connectivity to support faster, cheaper, more transparent, and more inclusive cross-border payments.
In a statement, Bank Negara Malaysia said the banks are: Bank Indonesia , Bank Negara Malaysia , Bangko Sentral ng Pilipinas , Monetary Authority of Singapore , and Bank of Thailand .
The RPC is expected to be a significant contributor to accelerating regional economic recovery and promoting inclusive growth. BI governor Perry Warjiyo said, “This MOU serves as a significant milestone in paving the road for advancing cross-border payment connectivity. Existing bilateral payment connectivity arrangements will be expanded as part of the region’s efforts to strengthen its economic integration.
"Realising the vision of an Asean regional network of fast and efficient cross-border payment systems will advance our digital ambitions and further deepen financial integration for the benefit of the region’s economic development.”
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