During the 42nd ASEAN Summit in Labuan Bajo last May, ASEAN leaders said they looked forward to the expansion of the memorandum of understanding (MoU) on Cooperation in Regional Payment Connectivity (RPC) with other ASEAN countries, believing that the RPC ‘s inclusiveness is critical in promoting the region’s recovery.
The MoU on Cooperation in RPC was signed by five central banks of the ASEAN-5 countries, namely Indonesia, Malaysia, Singapore, Thailand and the Philippines, on the sidelines of Group of 20 summit in Bali in November 2022.
The agreement seeks to strengthen and enhance cooperation on payment connectivity to support faster, cheaper, more transparent and more inclusive cross-border payments. The expansion of the Memorandum of Understanding (MoU) on Cooperation in Regional Payment Connectivity (RPC) is essential, not only for the ASEAN region but also for Indonesia. RPC’s inclusiveness to reach all ASEAN member countries can open opportunities for the region to strengthen its economy. In addition, Indonesia, as the initiator of the RPC, will potentially take advantage of the initiative’s expansion.
Source : Thejakartapost
