State Bank of Vietnam (SBV) officially joined the Regional Payment Connectivity (RPC) initiative recently at the sidelines of the 10th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) in Jakarta, Indonesia. SBV signed the Supplemental Pages of the MOU RPC. The expansion of the RPC to include other ASEAN members is a mandate from the 9th AFMGM. Further, it is a priority of the ASEAN 2023 Indonesia Chairmanship.
The RPC initiative was established to strengthen and enhance collaboration on payment connectivity through the development of faster, cheaper, more transparent, and more inclusive cross-border payments. The cooperation encompasses several modalities, including QR-code and fast-payment based cross-border payments. The goal of the RPC is to make inter-country payments more seamless, convenient, and affordable, allowing individuals and businesses to conduct transactions across the ASEAN region with ease.
RPC participants, namely Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and Bank of Thailand were present.