ASEAN-5 expand QR-code payments to benefit MSMEs, migrant workers
The Jakarta Post, ASEAN, 15 November 2022 – Central banks from five ASEAN member states have inked a memorandum of understanding (MoU) on regional cross-border payments between countries, in a move that will bring multiplier effects to people and businesses within the region.
The agreement, signed in Bali on Monday, involves Bank Indonesia (BI), Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS) and Bank of Thailand (BOT).
The cooperation will allow the use of QR codes to facilitate transactions among five ASEAN countries, an innovation previously only available between Indonesia and Thailand.