At the MoU signing ceremony (Photo: VNA) Hanoi (VNA) – Cambodia’s newswire sbm.news reported onAugust 25 that the State Bank of Vietnam (SBV) has signed a Memorandum ofUnderstanding (MoU) on cooperation in regional payment connectivity with thecentral banks of Indonesia, Malaysia, Philippines, Singapore and Thailand.
Thisagreement is part of an initiative aimed at establishing a cross-border paymentmechanism among countries in the region.
The article highlighted Vietnam's collaborationwith the five above ASEAN countries, including the use of QR code scanningsystem for retail activities.
Indonesia has already connected its QR codepayment system with Thailand and Malaysia, and plans to establish a connectionwith Singapore by the end of this year, it said.
Speakingat a press conference, Governor of the Bank Indonesia Perry Warjiyo said thiscollaboration not only creates favourable conditions for trade and investmentbut also enhances the ASEAN countries' resilience against currency exchangerate fluctuations.
According to the newswire, with a population of over 600 million people,ASEAN has faced several years of challenges in its efforts towards tradeintegration worth 2.3 trillion USD.
Inmid-June, senior officials from the National Bank of Cambodia announced thatthe country will soon sign agreements with the State Bank of Vietnam and the Bank of the Lao PDR (BOL) and other nations in the region, toward using localcurrency in its economy through technological advancements, thereby creating convenience for its citizens./.
