ASEAN Accelerates Cross-border Payment Implementation
ASEAN member countries agreed to fast track the implementation of cross-border payments in ASEAN at the 43rd ASEAN Summit in Jakarta, Indonesia. This paves the way for ASEAN member countries to utilize local currencies when transacting in the region and promote regional payment connectivity. This move encourages the use of local currencies to support cross-border trade and investment in the ASEAN region.
Among GMS member countries, Thailand and Viet Nam agreed to implement a cross-border payment scheme using the Indonesian Standard QR Code (QRIS), alongside Indonesia, Malaysia, Singapore, and the Philippines. Lao PDR and Cambodia are also set to join the cross-border payment system cooperation.
Last Updated: 15 December 2023