MAS inks regional payment connectivity memorandum with 4 SEA countries

The MOU will pave the way for faster and cheaper cross-border payments.

The Monetary Authority of Singapore (MAS) and the central banks of Indonesia, Malaysia, the Philippines, and Thailand have inked a Memorandum of Understanding (MOU) that will allow for faster, cheaper, more transparent, and more inclusive cross-border payments. 

With the implementation of the Regional Payment Connectivity (RPC), the central banks can better facilitate cross-border trade, investment, financial deepening, remittance, tourism, and other economic activities.

“This is particularly beneficial for micro, small, and medium enterprises as it will facilitate their participation in international markets. The cooperation will include several modalities, including QR code and fast payment,” MAS said.

The collaboration also supports the Association of the Southeast Asian Nations' shared aspiration for connected payment systems that will enable fast, seamless and more affordable cross-border payments across the region, added MAS.