[THAILAND ECONOMIC NEWS] Good morning everyone I am Rumi Dhar from Kama Group.
Here I have important THAILAND economic news to share with you which is as mentioned
under.

Bank Indonesia (BI), Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), Monetary
Authority of Singapore (MAS), and Bank of Thailand (BOT) have agreed to strengthen and
enhance cooperation on payment connectivity to support faster, cheaper, more transparent,
and more inclusive cross-border payments.

A Memorandum of Understanding (MOU) on Cooperation in Regional Payment Connectivity
(RPC) was signed on 14 November 2022 in Bali, Indonesia, on the sidelines of the G20
Leaders’ Summit with keynote address from Indonesia’s President, His Excellency Joko
Widodo.

Regional Payment Connectivity (RPC)
The RPC is expected to be a significant contributor to accelerating regional economic recovery
and promoting inclusive growth. The implementation of cross-border payment connectivity
serves to support and facilitate cross-border trade, investment, financial deepening,
remittance, tourism, and other economic activities, as well as a more inclusive financial
ecosystem in the region.

QR code and fast payment
This is particularly beneficial for micro, small, and medium enterprises as it will facilitate their
participation in international markets. The cooperation will include a number of modalities,
including QR code and fast payment.

Accelerating economic and financial digitalization has become a global initiative, with the
G20 establishing its Roadmap for Enhancing Cross-Border Payments. The cooperation initiative
also aligns with Indonesia’s G20 Presidency priority agenda in the area of digital
transformation, including through payment systems in the digital era, as evidenced by joint
efforts to pursue enhanced cross-border payment connectivity involving Indonesia, Malaysia,
the Philippines, Singapore, and Thailand.

In the future, this payment connectivity initiative could be expanded to include other
countries in the region as well as potential partner countries outside the region. This
milestone also marks the beginning of Indonesia’s presidency of the Association of Southeast
Asian Nations (ASEAN) in 2023.





Read also Indonesia, Malaysia, Philippines, Singapore and Thailand sign MOU on cross-border payments - Thai News
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