State Bank of Vietnam’s presence strengthens the existing five members of the regional payment connectivity initiative, namely Indonesia, Malaysia, the Philippines, Singapore, and Thailand.
Heaptalk, Jakarta — Vietnam through the State Bank of Vietnam (SBV) agreed to join payment connectivity cooperation in the ASEAN region. SBV’s presence strengthens five existing members of the regional payment connectivity initiative, namely Bank Indonesia (BI), Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS), and Bank of Thailand (BOT).
On behalf of SBV Governor Nguyen Thi Hong, Deputy Governor Pham Thanh Ha attended the signing of the memorandum of understanding (MoU) on the sidelines of the 10th ASEAN Central Bank Governors and Finance Ministers Meeting in Jakarta (08/25).
Pham Thanh Ha is honored that SBV can join as a new participant in the regional payment connectivity cooperation. SBV looks forward to close coordination between all parties to drive faster, cheaper, more transparent, and inclusive cross-border payments.
According to him, this collaboration is a form of solidarity and marks the starting point for strengthening regional economic integration, as well as advancing payment connectivity to make ASEAN a global leader in payment connectivity.
Reinforcing post-pandemic economic recovery
SBV joining in this collaboration is an effort to expand the regional payments connectivity cooperation signed by BI, BNM, BSP, MAS, and BOT at the Leaders Summit on November 14, 2022, in Bali.
The expansion of this cooperation aims to reinforce post-pandemic economic recovery and facilitate the economic activities of the ASEAN community, including in the tourism and other service sectors. Additionally, this initiative is expected to provide benefits for MSMEs as one of the drivers of national economic growth.
Further, strengthening payment system connectivity is supposed to provide incentives to boost trade and remittances in the region. This cooperation will continue to be strengthened and expanded with other strategic partner countries in the region.
