State Bank of Vietnam (SBV) joins the Regional Payment Connectivity (RPC) initiative, expanding collaboration among ASEAN central banks for seamless cross-border payments.
Facts
- The RPC initiative was initiated by the central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand in November 2022.
- SBV signed the Supplemental Pages of the MOU RPC at the 10th ASEAN Finance Ministers and Central Bank Governors’ Meeting on August 25, 2023.
- Existing RPC participants include Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore, and Bank of Thailand.
- RPC aims to develop faster, cheaper, and more transparent cross-border payments, including QR-code and fast-payment-based methods.
- The partnership intends to boost post-pandemic economic activities, promote tourism, and benefit small and medium-sized enterprises in the ASEAN region.
- RPC could potentially expand beyond ASEAN to neighboring economies and other countries.
- SBV Deputy Governor Pham Thanh Ha emphasizes the importance of regional cooperation for enhanced payment connectivity in ASEAN.
