HANOI (Bernama-VNA): The State Bank of Vietnam (SBV), has officially joined the Regional Payment Connectivity (RPC) initiative, reported Vietnam News Agency (VNA).
The recent development is an expansion of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) initiated by the central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand (ASEAN5) on the sidelines of the G20 Leaders’ Summit on Nov 14, 2022, in Bali.
SBV signed the supplemental pages of the MOU RPC on the sidelines of the 10th ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM) in Jakarta on Friday.
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.
According to the MoU, member central banks agreed to promote cross-border payment connectivity based on the application of payment methods such as QR Code and instant payment, as well as cooperation in monitoring and building a sound risk management mechanism in line with the legal framework of member countries.
Mechanisms for implementing the MoU include dialogue, monitoring, evaluation, and information exchanges.
Within the framework of the Working Group on the Asean Payments System (WC-PSS), the members highly appreciated this initiative of the ASEAN5 central banks and encouraged the participation of other Asean members.
Appreciating the potential benefits and opportunities from the initiative, the SBV coordinated with ASEAN5 central banks to complete the procedures to officially become the 6th member of the MoU. - Bernama-VNA
