BALI - Bank Indonesia (BI) has just signed an agreement with four central banks in the Southeast Asia region regarding payment connectivity using a QR code.
BI Governor Perry Warjiyo said the MoU involved central banks of Malaysia, the Philippines, Singapore and Thailand.
"Today we are making history by interconnecting payments in ASEAN. We have wanted to make a dream come true to the public for a long time," he said at the signing of the memorandum of understanding (MoU) Regional Payment Connectivity in Nusa Dua, Bali on Monday, November 14.
According to Perry, the ASEAN Five collaboration will make the financial system in the region more efficient, easy and guaranteed security. He also revealed that the public will only need to scan the QR barcode and in each member country.
"This is a big step in the development of the Local Currency Settlement that we have initiated since 2018," he said.
Furthermore, the BI boss also said that this payment connectivity aims to support the development of micro, small and medium enterprises (MSMEs) in Indonesia.
On the same occasion, the Managing Director of the Monetary Authority of Singapore, Ravi Menon, said that the synergy between has the potential to have a significant impact on economic growth among ASEAN countries.
"Obviously we want this cooperation to have a positive impact on the economy in our country," he said.
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