The 42nd ASEAN Summit in Labuan Bajo, Indonesia, has adopted the Leaders’ Declaration on Advancing Regional Payment Connectivity and Promoting Local Currency Transaction.
Jakarta (VNA) – The 42nd ASEAN Summit in Labuan Bajo, Indonesia, has adoptedthe Leaders’ Declaration on Advancing Regional Payment Connectivity andPromoting Local Currency Transaction.
Leaderscommitted to advancing regional paymentconnectivity by utilising emerging opportunities brought by innovation tofacilitate seamless and secure cross-border payment, encouraging the use of localcurrencies for cross-border transactions in the region, and support theestablishment of a Task Force to explore the development of an ASEAN LocalCurrency Transaction Framework.
The document supported further cooperation on advancing regional paymentconnectivity and facilitating the interoperability of cross-border paymentsystems, improving infrastructure, accelerating digital payment adoption,deepening financial inclusion, developing human resources, strengthening cyber security,and others.
It also expressed supportfor further cooperation on promoting local currency transactions and the roleof financial sector authorities to reduce the region’s vulnerability toexternal volatility, improve financial market infrastructures, and lower thecost of cross-border transactions.
They welcomed the initiative to explore linking theASEAN Local Currency Transaction Framework initiative with the cross-borderpayment initiatives, including Regional Payment Connectivity, and agreed toengage and collaborate with ASEAN’s external partners, internationalorganisations, and the private sectors to build cooperation and partnership inadvancing regional payment connectivity and promoting local currencytransactions./.
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At the event (Photo: VNA) 
