SBV Deputy Governor Pham Thanh Ha (third, from right) represents SBV at the signing ceremony. (Photo: VNA)Jakarta (VNA) – The State Bank of Vietnam (SBV), has officially joined the Regional PaymentConnectivity (RPC) initiative.
The recent development is an expansion of the Memorandum ofUnderstanding on Cooperation in Regional Payment Connectivity (MOU RPC) initiated by the central banks of Indonesia, Malaysia, Philippines,Singapore, and Thailand on the sidelines of the G20 Leaders’ Summit on 14November 2022 in Bali.
On the sidelines of the 10th ASEAN Finance Ministers’ andCentral Bank Governors’ Meeting (AFMGM) on August 25 in Jakarta, Vietnam's central bank signed the Supplemental Pages of the MOU RPC.
The RPC initiative was established to strengthen and enhancecollaboration on payment connectivity through the development of faster,cheaper, more transparent, and more inclusive cross-border payments.
According to the MoU, member central banks agreed to promotecross-border payment connectivity based on the application of such payment methods as QR Code, instant payment, and other payment models, as well ascooperation in monitoring and building a sound risk management mechanism inline with the legal framework of member countries. Mechanisms for implementingMoU include dialogue, monitoring, evaluation, and information exchanges.
Within the frameworkof the Working Group on the ASEAN Payments System (WC-PSS), the members highlyappreciated this initiative of the five ASEAN central banks (ASEAN5) andencouraged the participation of ASEAN members.
Appreciating the potential benefits and opportunities fromthe initiative, the SBV coordinated with ASEAN5 central banks to complete theprocedures to officially become the 6th member of the MoU, which demonstrates its commitment to cooperation and integration in the payment field, in linewith the orientation of the Vietnamese Government and central bank as well as thecurrent trend of promoting cross-border payments./.
