Four More Countries to Join ASEAN Cross-Border Payment Cooperation

VIVA – The ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) has agreed on cross-border payment cooperation using local currencies. Vietnam, Brunei Darussalam, Cambodia, Laos will join this cooperation, according to Bank Indonesia Governor, Perry Warjiyo.

"Previously in the G20 forum; Indonesia, Malaysia, Singapore, Thailand, and the Philippines have worked together to make cross-border payments. This ASEAN Finance Ministers and Central Bank Governors meeting aims to improve regional payment connectivity among ASEAN member countries," Warjiyo stated during a press conference in Nusa Dua, Bali, on Friday.

"Vietnam, Brunei, Cambodia, Laos will join forces to implement regional payment connectivity," he added. However, of these countries, only Vietnam is ready to implement cross-border payments.

"Cambodia, Laos, Brunei, these three countries are developing the instant payment system process, they will join if there is already an instant payment system. This is practically step by step, we move quickly bilaterally and multilaterally through nexus connectivity," he informed.

But, Warjiyo did not explain in detail when the countries would soon implement the cross-border payments.

As information, Cross-border payments are financial transactions where the payer and the recipient are based in separate countries. They cover both wholesale and retail payments, including remittances.

This can be made in several different ways. Bank transfers, credit card payments and alternative payment methods such as e-money wallets and mobile payments are currently the most prevalent ways of transferring funds across borders.

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12 Februari 2025